Iran, Kazakhstan to boost bilateral trade

"The most important issue that exists and needs to be resolved is the issue of financial transfer… There are several mechanisms for financial transfer that we are examining, and if the issue is resolved, we will witness a huge leap in the field of bilateral commercial activities.”

 Iranian Minister of Industry, Mine and Trade Reza Fatemi Amin said the above in a meeting with Deputy Prime Minister and Minister of Trade and Integration of Kazakhstan Bakhyt Sultanov, describing joint ventures as a strategic way to deepen economic relations between the two countries, reported Tasnim News Agency.

“Kazakhstan is very rich in mining and has big mining companies. We import two million tons of steel sheets annually, part of which can be imported from Kazakhstan,” Fatemi Amin added.

Sultanov for his part said Iran and Kazakhstan need to establish new forms of cooperation to enhance bilateral trade.

“Iran has good products in various fields including agricultural machinery, chemical fertilizers and other industrial products. Iran has 120 years of experience in oil extraction and also enjoys good knowhow in various fields of technology. We want to exchange experience with Iran not only in oil and gas sector, but also in the field of industry and mining…” said the Kazakh deputy prime minister.

He also referred to Iran’s “high capacity of logistic transit” that can facilitate the implementation of joint projects aimed at deepening bilateral trade ties.

"Iran has several economic zones. We also have 13 free economic zones, in addition to neighboring countries such as Uzbekistan and Kyrgyzstan. We invite Iranian companies to participate and operate in our free economic zones," Sultanov said.

"A key issue for the development of trade relations is that we must provide the best possible conditions for trade companies so that they can conduct their own business directly," he said.

"A number of entrepreneurs and private sector businessmen are with us on this trip. They have already achieved good results in the meetings with their Iranian counterparts. In the first step, they were able to sign a $ 14 million contract. This is not a big amount, but it is effective for expanding cooperation,” said the top Kazakh official.

He also emphasized that his country supports Iran’s membership in the EAEU.