Iran and Uzbekistan Aim for $2 Billion Trade Partnership, Says Envoy

In a recent development highlighting the strengthening ties between Iran and Uzbekistan, Fariddin Nasriev, the Ambassador of Uzbekistan, made significant remarks during a meeting with the governor-general of Zanjan province. This meeting took place on the sidelines of the Economic Cooperation Organization (ECO) summit, emphasizing the rich cultural history and potential for cooperation between the two nations.

Nasriev expressed his enthusiasm for being in Zanjan, describing it as a beautiful region with immense opportunities for collaboration. He acknowledged the warm hospitality extended by the provincial officials and underscored the historical ties between Iran and Uzbekistan.

During the meeting, he noted that a trade delegation from Khorasan Razavi province had recently visited Uzbekistan, leading to productive discussions among business leaders. He added, “An official invitation for an Iranian trade delegation to visit Uzbekistan is also being prepared.”

The governor-general of Zanjan took the opportunity to highlight the province’s unique capabilities across various sectors. He also invited the Uzbek ambassador to explore Zanjan’s industrial factories and scientific centers, aiming to showcase the potential for mutual growth.

In a broader context, senior officials from both Iran and Uzbekistan convened in Tehran in mid-May for the 16th session of the Joint Economic Committee. The primary goal of this meeting was to enhance bilateral relations and increase trade to an ambitious target of $2 billion annually.

Iran’s Minister of Industry, Mining, and Trade, Mohammad Atabak, opened the session by acknowledging that the current trade volume between the nations does not reflect their true potential. He called for a “fundamental transformation” and proposed drafting a practical roadmap to achieve the ambitious $2 billion trade goal.

Key points discussed during this meeting included:

• Enhancing transport and transit infrastructure: Atabak emphasized Iran’s strategic location as a corridor connecting Uzbekistan to international waters.
• Improving banking ties: Establishing direct flights and reducing customs tariffs were highlighted as critical steps to facilitate trade.
• Developing tools to support economic relations: The need for innovative solutions to boost economic collaboration was stressed.

In addition to trade, discussions also covered cooperation in tourism, science, culture, and healthcare. Atabak pointed out the deep cultural ties between the two countries and expressed Iran’s eagerness to take on a more significant role in tourism. He stated that the meeting serves as a platform for comprehensive collaboration and expressed hope for operational planning that would lead to a “significant leap” in bilateral relations.

In response, Uzbekistan’s Minister of Industry acknowledged the favorable conditions for expanding trade between Tehran and Tashkent. He announced that the two sides had signed a list of preferential trade goods, calling it a practical step towards enhancing commercial exchanges.

Moreover, the minister announced the official opening of Uzbekistan’s Trade House in Tehran, which is expected to facilitate trade further. The number of joint Iranian-Uzbek companies has seen a remarkable increase, growing 2.5 times over the past five years to reach 261 companies. These companies are actively engaged in various sectors, including:

1. Construction
2. Petrochemicals
3. Food and Agriculture
4. Building materials

The Uzbek minister reaffirmed his country’s commitment to broadening economic and trade cooperation with Iran across multiple sectors. On April 23, Minister Atabak reiterated that cooperation between the private sectors of both nations will continue at an accelerated pace. During a meeting in Tehran with an Uzbek trade delegation led by the head of the Chamber of Commerce and Industry of Uzbekistan (CCI), he emphasized that the perspectives of private sectors and entrepreneurs from both countries are being reviewed in expert working groups.

Atabak also mentioned that several agreed-upon goods with Uzbekistan have been supplied and dispatched by Iran, affirming that these interactions at the level of the private sector will continue to accelerate. He noted that the economic and production capacities of both countries fully support increasing trade exchanges to higher levels.

In another meeting with Uzbekistan’s Deputy Minister of Industry, Trade, and Investment, Shokhrukh Gulamov, at the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) in Tehran on April 20, ICCIMA Head Samad Hassanzadeh expressed that Iran’s private sector is prepared to pursue joint investments in Uzbekistan. He urged Tashkent to implement a reciprocal visa waiver to facilitate travel and boost tourism between the two nations.

Hassanzadeh highlighted that mutual visa exemptions would ease travel for businesspeople and citizens while supporting tourism development. He also stated that the upcoming preferential trade agreement between Iran and Uzbekistan, expected to be signed next month during the joint economic committee meeting, could significantly enhance bilateral trade cooperation.

He remarked that the current trade volume of nearly $500 million does not reflect the true potential of both countries. “The Iranian Chamber, as the representative of the private sector, is ready to take all necessary steps to boost trade volume,” he stated.

Hassanzadeh emphasized that both Iran’s government and private sectors are committed to expanding relations with all countries, particularly neighbors. He pointed out that historical, religious, and cultural ties can pave the way for broader economic, cultural, and academic cooperation.

He welcomed Uzbekistan’s decision to eliminate a $400 transit fee for trucks, calling it a positive step for enhancing cooperation along the International North–South Transit Corridor (INSTC). Furthermore, he reiterated the call for Uzbekistan to lift visa requirements for Iranian citizens, noting that this would particularly support collaboration in medical tourism, healthcare services, and pharmaceutical production, where Iran has significant capabilities.

Highlighting investment interests, he noted that Iran’s private sector is especially keen to invest in Uzbekistan’s textile and garment industries. “As the private sector’s representative, the Iranian Chamber seeks the necessary support for these investments,” he concluded.

Overall, these discussions and collaborations signal a promising future for Iranian-Uzbek relations, with various sectors poised for growth and enhanced cooperation.