During his Iran visit, Kishida is scheduled to set up a joint committee between the two countries to deal with energy and infrastructure development and other economic issues, Japan Times reported on Friday.

The same day, the Japanese Foreign Ministry said Japan and Iran will begin three-day negotiations from Monday in Tehran to conclude a bilateral investment treaty, a move aimed at tapping into the commercial potential of the Iranian market for Japanese firms.

According to Japanese government officials, Tokyo has devised plans to catch up with Europe in getting the most out of investment opportunities in Iran once the anti-Iran sanctions are terminated under a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Japan is hoping that such measures would make it easier for more Japanese companies to operate in oil-rich Iran, with a population of around 78 million, and eventually lead to increased auto exports and participation in Iranian oil field development, the officials said.

“Iran has natural resources. We would like to take appropriate measures so as not to lag behind other countries,” Chief Cabinet Secretary Yoshihide Suga, Japan’s top government spokesman, said at a news conference.

The idea of sending Kishida to Iran is so he can hold a high-level meeting with his Iranian counterpart Mohammad Javad Zarif in the hope of setting up a joint committee at the director general level to respectively discuss issues including finance, infrastructure-building and development of natural resources and energy, the sources said.

Iran and the six powers on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation; Tasnim reported.