Around 120 Chinese companies are currently engaged in projects in Iran, the country’s former ambassador to China Fereidoun Verdinejad was quoted as saying in a report.

The bilateral trade between the countries could easily rise up to $50 billion, he added in the Iran Daily report, citing IRNA.

Verdinejad further noted that China views Iran as a mineral-rich country with invaluable transit and strategic status, and also has highly-educated and talented people, said the report.

He said that the cooperation between the two countries could focus on areas such as reviving the Silk Road, collaboration within Shanghai Cooperation Organisation as well as Asia Economic Development Bank.

Verdinejad added that the two countries can boost ties in oil and gas, strategic industries, scientific and cultural cooperation among other fields, added the report.