Iran's President Mahmoud Ahmadinejad said Wednesday that the Islamic Republic is interested in dialogue with the West based on justice and mutual respect, official IRNA news agency reported.

Ahmadinejad said that he is ready to talk with U.S. President Barack Obama as he was ready to negotiate with former U.S. President George W. Bush.

Ahmadinejad said Monday that he is ready to hold face-to-face talks with Obama on global developments at the upcoming UN General Assembly, according to IRNA.

Ahmadinejad also denounced on Wednesday the U.S. colonial attitude towards the Iranian nation over its nuclear program.

On July 1, Obama signed a new Iran sanction bill into law, which was described by him as "striking at the heart" of Iranian government's nuclear ability.

The Islamic Republic does not welcome sanctions, Ahmadinejad made the remarks addressing a crowd in Iran's Western city of Hamedan.

However, the Iranian nation does not pay attention to such policies of the West since the Iranian people want to construct their own country themselves and will do so.

Western countries have accused Iran of pursuing a military objective in its nuclear program. Iran denies the allegations, saying it has the right to peaceful nuclear technology as a signatory to the nuclear Non-Proliferation Treaty.