TEHRAN – Iranian industry, mining, and trade minister said Iran and Kyrgyzstan have agreed to boost their trade turnover to $500 million, ten times more than the current level, in short term.

Reza Rahmani made the remarks after a meeting with Kyrgyzstan’s Economy Minister Sanzhar Mukanbetov in Tehran on December 4, IRIB reported.

“The current volume of trade and economic exchanges between the two countries is not very good considering the existing capacities, but given the two countries' membership in Eurasia, the value of trade between the two countries is projected to reach $500 million in the short run and even more in the long run,” Rahmani said.

The official said, “Facilitating the issuance of visas, in particular for businessmen, facilitating the exchange of trade delegations, holding international exhibitions and establishing direct flights between the two countries were among the areas agreed at today's meeting that would increase trade between the two countries.”

The Kyrgyz minister for his part noted that in the meeting the two sides have determined potential areas for mutual cooperation, saying “during the meeting we have been able to determine many industrial and commercial areas for enhancing relations.

“Although the volume of trade between the two countries has been growing over the past few months, however, we are further working to fix the existing issues and restrictions to facilitate this growth,” he added.

Establishing a joint insurance company

During his visit to Tehran, Mukanbetov also held talks with his Iranian counterpart, Farhad Dejpasand, during which the Iranian minister suggested the two sides establish a joint insurance company to support the activities of their traders in both countries.

In the meeting, Dejpasand mentioned the two countries’ positive political relations and called for the two sides to take necessary measures to boost the trade ties to match the political relations.

Referring to the implementation of the free trade agreement between Iran and the Eurasian Economic Union (EAEU) since late October, he said, "In this context, we must work together to increase the volume of our trade relations with the union, and it should be done through the countries in the region, including the Kyrgyz Republic.”

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Photo: Kyrgyzstan’s Economy Minister Sanzhar Mukanbetov (L) held talks with Iranian Finance and Economic Affairs Minister Farhad Dejpasand in Tehran on December 4.