TEHRAN- Iranian industry, mining and trade minister said that the cooperation between the private sectors of Iran and Uzbekistan will continue at an accelerated pace.

Mohammad Atabak made the remarks in a recent meeting, at the place of the ministry in Tehran on April 23, with an Uzbek trade delegation led by the head of Chamber of Commerce and Industry of Uzbekistan (CCI).

During the meeting, the minister emphasized that the perspectives of the private sectors and entrepreneurs of both countries are being reviewed in expert working groups.

He added that several agreed-upon goods with Uzbekistan have been supplied and dispatched by Iran.

The minister further stated that these exchanges and interactions at the level of the private sector in both countries will continue at an accelerated pace. The economic and production capacities of Iran and Uzbekistan fully enable increasing the current level of trade exchanges between the two nations to higher levels.

Also, in a meeting with Uzbekistan’s Deputy Minister of Industry, Trade and Investment Shokhrukh Gulamov, at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in Tehran on April 20, ICCIMA Head Samad Hassanzadeh said his country’s private sector is ready to pursue joint investments in Uzbekistan and called on Tashkent to implement a reciprocal visa waiver to ease travel and boost tourism bet ween the two countries.

He said that the mutual visa exemption would facilitate travel for businesspeople and citizens while supporting the development of tourism.

Hassanzadeh further stated that the upcoming preferential trade agreement between Iran and Uzbekistan, expected to be signed next month during the joint economic committee meeting, could raise the level of bilateral trade cooperation.

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

He emphasized that Iran’s government and private sector are committed to expanding relations with all countries, particularly neighbors. “Historical, religious, and cultural ties can pave the way for broader economic, cultural, and academic cooperation,” he said.

Hassanzadeh welcomed Uzbekistan’s move to scrap a $400 transit fee for trucks, calling it a positive step for expanding cooperation along the International North–South Transit Corridor (INSTC).

The ICCIMA head further reiterated the call for Uzbekistan to lift visa requirements for Iranian citizens, noting this would particularly support collaboration in medical tourism, healthcare services, and pharmaceutical production, where Iran has strong capacities.

Highlighting investment interests, he said 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 said.

Hassanzadeh concluded by expressing hope that closer cooperation between the two chambers of commerce would push bilateral trade volume to $1.0 billion.

Abdollah Mohajer Darabi, a member of the Iranian Chamber’s board of directors, also addressed the meeting, noting the long-standing trade ties between Iran and Uzbekistan. He said both countries are eager to expand cooperation and emphasized the need to eliminate existing gaps in the trade relationship.

He announced that Iran’s trade office in Tashkent would open by late May, adding that advancing trade ties without a dedicated joint financial and banking mechanism would not be possible.

Uzbek Deputy Minister Shokhrukh Gulamov praised the history of the Iranian Chamber and its nationwide network, noting the shared roots between the two nations. He voiced readiness for cooperation across all sectors identified by the Iranian side.

Gulamov said over 100 Uzbek companies, led by the country’s chamber of commerce president, would participate in the Iran Expo — a reflection of Iran’s significance for Uzbekistan.

He welcomed Iranian private sector investment and stressed the need to raise bilateral trade volume to $5.0 billion, citing the ample capacities available for cooperation between the two countries.

In mid-February, the head of the Iran-Uzbekistan Joint Chamber of Commerce announced the establishment of a permanent sales office for Iranian food industry products in Tashkent, Uzbekistan, while citing FATF-related restrictions as the biggest obstacle to trade between the two countries.

Mousa Aghaei said that the sales office was launched in cooperation with the Mazandaran Chamber of Commerce and the Iran-Uzbekistan Joint Chamber.

He noted that the initiative would significantly enhance bilateral cooperation.

Aghaei stated that the current $500 million trade volume between Iran and Uzbekistan is unsatisfactory.

He emphasized that while Uzbek citizens and government officials are eager to collaborate with Iranian businesses, challenges such as FATF-related restrictions, transportation issues, and high tariffs have hindered trade expansion.

Highlighting Iran’s advantages in engineering services, construction materials, industrial production, agricultural equipment, and knowledge-based products, Aghaei noted that a recent meeting with Uzbekistan’s ambassador to Iran included discussions on Iran’s entry into Uzbekistan’s knowledge-based market. He said the ambassador welcomed the proposal enthusiastically.

Meanwhile, a senior Uzbek delegation welcomed Iran's proposal to establish a joint investment fund during a high-level meeting with the National Development Fund of Iran, as both countries explore broader economic cooperation spanning energy, infrastructure, and mining.

On April 20, Shokhrukh Gulomov, Uzbekistan’s Deputy Minister of Investment, Industry and Trade, met with Mostafa Seyed Hashemi, Deputy Chairman of Iran’s National Development Fund (NDF), and Reza Abbaspour, Deputy for International Affairs, in Tehran. The two sides discussed avenues to expand bilateral trade and finance collaborative projects.

Seyed Hashemi emphasized the cultural and geographic proximity between the two nations and noted that bilateral trade in the past year reached approximately $450 million, with Iran exporting $368 million worth of goods and importing $81 million. He said the positive trade balance of $287 million points to strong potential for further growth.

Highlighting that Iran currently holds less than a one percent share in Uzbekistan’s $36 billion import market, Hashemi proposed a roadmap to increase exports and foster integrated supply chains. He underscored the NDF’s experience in financing major infrastructure, energy, and transportation projects and formally proposed the creation of a bilateral investment fund to finance industrial, export-oriented, and tech-based ventures.

The proposal was well received by the Uzbek side, and the two delegations discussed cooperation on a petrochemical project under review in Uzbekistan. Hashemi also called for the formation of a joint economic commission to coordinate follow-up on proposed initiatives.

In a separate meeting, Mohammad Aghajani, Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), described the mining sector as a promising frontier for Iran-Uzbekistan cooperation. He pointed to Iran’s export of technical and engineering services and its expertise in producing steel, copper, and gold.

Aghajani emphasized that Iranian companies have developed significant capabilities in direct reduction iron (DRI) technology, which has already been exported abroad, and suggested this could form the basis of joint projects with Uzbekistan.

He noted Iran's position as the top steel producer in the Middle East and the tenth globally, and expressed readiness to expand joint ventures in mining and downstream industries.

Aghajani affirmed that Iranian companies are ready to undertake mining projects in Uzbekistan under various established contract models. In response, Gulomov said Uzbekistan is seeking strategic cooperation with Iran across the entire mining value chain—from exploration to finished products.

He also highlighted plans to establish joint ventures in mining and beyond, adding that bilateral cooperation will extend into oil and gas, petrochemicals, and power generation. Cultural commonalities, Gulomov said, further strengthen the foundation for deeper economic engagement.

MA