TEHRAN - Iran’s Minister of Industry, Mining and Trade Abbas Aliabadi and his accompanying delegation, during a visit to the Uzbek capital of Tashkent, held talks with senior Uzbek officials to broaden bilateral ties in trade, economic and energy fields, IRNA report.

During the visit, the Iranian delegation met and held talks with the minister of industry and investment, the minister of energy, the minister of mines and geology, and finally the prime minister of Uzbekistan, Mohammad-Sadegh Ghanadzadeh, Trade Promotion Organization (TPO)’s deputy head for International Business Promotion, said on Monday.

The agreement of the central banks of the two countries to activate a banking exchange mechanism and the introduction of commercial banks to advance technical negotiations, the acceptance of the Most Favored Nation (MFN) principle by the Uzbek government after several years of negotiations, and the signing of the executive document for the preferential trade agreement between the two countries are among the agreements reached between the two sides during the industry minister’s visit to Tashkent, according to Ghanadzadeh.

The two sides also agreed on the cooperation and participation of Iran in the overhaul of Uzbekistan’s gas turbines, the establishment of a regional service center for repairs and overhaul of oil, refinery, and power plant equipment in Uzbekistan, and the establishment of gas pressure boosting stations for the country, the official said.

“Iran is also going to participate and invest in the construction of thermal power plants in Uzbekistan, and the Uzbek government has agreed to hand over large areas of metal mines, including iron ore, copper, gold, etc., to Iranian contractors for executive operations from extraction to production,” he added.

Preliminary agreements on the formation of a joint logistics company and the supply of freight wagons by Iran for the development of transportation between the two countries, preliminary agreement on the presence of large Iranian contractors in Uzbekistan's infrastructure projects and facilitation regarding guarantees, preliminary agreement on facilitating the registration of Iranian drugs and medical equipment in Uzbekistan and equipping medical centers with medical equipment based on Iranian knowledge were also part of the achievements of this trip.

Iran, Uzbekistan can boost annual trade to $1b

Before he visited Uzbekistan, Aliabadi had met with Uzbekistan’s Ambassador to Tehran Fariddin Nasriyev, in which he stressed the need to increase the two countries’ trade exchanges to one billion dollars per year.

“Currently, the value of trade between the two countries is around 500 million dollars, so achieving the one-billion-dollar goal is not a high expectation and can be reached,” Aliabadi said.

The minister expressed hope that the cooperation between Iran and Uzbekistan can become an example for the future cooperation between Iran and Eurasia, adding: “Important areas such as agriculture, electricity, and energy can create broad fields of cooperation.”

Nasriyev also stated in this meeting that “our country is fully prepared for the development of trade relations, and as you mentioned, 500 million dollars is not appropriate for the level of relations between the two countries.”

In mid-June, 2023, Iran and Uzbekistan signed several memorandums of understanding in various fields including transportation, transit, investment, and insurance for expanding economic ties.

Iranian Transport Minister Mehrdad Bazrpash and his Uzbek counterpart signed a document on comprehensive transportation and transit cooperation.

Iranian Finance and Economic Affairs Minister Ehsan Khandouzi also signed two MOUs with the Minister of Investments, Industry, and Trade of the Republic of Uzbekistan Laziz Kudratov for establishing joint free zones and expanding cooperation in investment and insurance sectors.

Also, the ministers discussed the establishment of an investment company to transfer Iran's technical know-how to Uzbekistan.

It should be noted that the mentioned agreements and MOUs have been signed as part of the President of Uzbekistan Shavkat Mirziyoyev’s official visit to Iran on top of a high-ranking politico-economic delegation.

Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) also hosted an Iran-Uzbekistan business forum concurrent with the visit of Uzbekistan’s president to Tehran.

The forum was attended by high-ranking officials from both countries including Kudratov and Iranian Industry, Mining and Trade Minister Abbas Ali-Abadi, and ICCIMA former Head Gholam-Hossein Shafeie.

Representatives from 50 different Uzbek companies also participated in the event.

The Uzbek companies attending the forum were active in different areas including agriculture, sweets, chemicals, cosmetics and drugs, construction materials, digital technologies, mining and geology, irrigation systems, plastic and textile industries, electronic equipment, leather, jewelry, and auto industries, energy, and transportation.

Also on September 22, 2023, Iran and Uzbekistan signed a memorandum of understanding (MOU) to expand cooperation in petrochemical industry.

The MOU was signed between Iran’s National Petrochemical Company (NPC) and Uzbekistan’s Uzkimyosanoat, on the sidelines of Iran’s 17th International Exhibition of Plastic, Rubber, Machinery, and Equipment (Iran Plast 2023).

Morteza Shah-Mirzaei, the NPC managing director, and Korzhikov Evgeniy Aleksandrovich, the deputy chairman of the board for Investments and innovations of Uzkimyosanoat, inked the mentioned MOU.

The document was signed following the agreement of the presidents of the two countries, and finalizing the fields of joint cooperation, and reviewing the cooperation method are among its provisions.

EF/MA