TEHRAN- 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 Wednesday, on the sidelines of Iran’s 17th International Exhibition of Plastic, Rubber, Machinery, and Equipment (Iran Plast 2023) at the Tehran Permanent International Fairground.

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.

In mid-June, 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 on Saturday 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.

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Photo: Morteza Shah-Mirzaei (R), NPC managing director, and Korzhikov Evgeniy Aleksandrovich, deputy chairman of board for Investments and innovations of Uzkimyosanoat, ink petchem co-op MOU.