"The Spanish government has announced that it will cover export and investment in Iran under the insurance guarantee, regardless of any restrictions, in order to protect the Spanish companies to participate in the Iranian market and investing in various infrastructure sectors; therefore, the Spanish investors will not be concerned about this," Spanish Secretary of State for Trade María Luisa Poncela said in a meeting with Iranian Deputy Industry, Mine and Trade Minister Mojtaba Khosrotaj in Madrid.
Khosrotaj, also head of Iran's Trade Promotion Organization (TPO), is on an official visit to Spain at the head of a 60-member trade delegation.
The first Iran-Spain Joint Economic Commission was held in Madrid at the venue of Ministry of Economy, Industry and Competitiveness.
High-level economic committees of the two countries reviewed the areas of economic development in different sectors, including in oil, gas, petrochemicals, renewable energy, water resources management, science and technology, and banking.
In relevant remarks in May 2016, Iranian Deputy Foreign Minister Hassan Qashqavi and Spanish Undersecretary of Foreign Affairs and Cooperation Cristóbal González-Aller in a meeting in Tehran underlined the need for the broadening of mutual cooperation.
Qashqavi and González-Aller explored avenues for bolstering and reinvigorating consular and judicial relations as well as campaign against terrorism, organized crimes and human trafficking.
"Iran is ready to offer draft protocol for extradition of criminals and judicial assistance in civil and penal affairs," the Iranian deputy foreign minister added.
The Spanish undersecretary, for his part, welcomed Iran's proposal for mutual cooperation and asked for boosting all-out political, economic and cultural relations with Iran.
The two sides also discussed facilitating visa issuance and setting up direct Tehran-Madrid flight.
Iran and Spain have enjoyed amicable ties for centuries based on mutual understanding.
The volume of the trade exchanges between the two countries amounted to 4 billion Euros in 2011, while the figure stood at 3.5 billion Euros in 2009.