Baku, Azerbaijan, Oct. 11
By Ali Mustafayev – Trend:
Over the past two decades Uzbekistan has made several attempts to reach the Persian Gulf but the efforts have apparently produced no serious outcomes.
In case the Central Asian country manages to improve its ties with Iran, the way for meeting the long-awaited goal will be paved.
Many consider supplying Uzbekistan’s cotton to international markets though Iran and the Persian Gulf a breakthrough for Tashkent in strengthening its economy.
According to the Central bank of Uzbekistan, the volume of the GDP of Uzbekistan amounts to $67.1 billion.
The level of trade turnover between the two countries hasn’t faced significant changes within the last three years, amounting to $166.3 million for the first half of 2017.
Back in 2015, the countries intended to reach the targeted trade level of $1 billion, however at the time, it was not achieved. Meanwhile, Iran has remained in top 10 trade partners of Uzbekistan.
Presently, there are 116 joint ventures, functioning in Uzbekistan with participation of Iranian investors, 19 of them are provided with 100 percent Iranian capital.
Uzbekistan exports cotton, black and non-ferrous metals, mineral fertilizers, chemical fibers to Iran. Iran, in turn, exports construction materials, food, tea and fruits to Uzbekistan.
Iran and Uzbekistan remain mutually beneficial partners for each other. Previously Iranian President Hassan Rouhani touched upon the trade ties between the countries and said that Iran is the shortest path for Uzbek merchants to reach the Persian Gulf and international waters.
The experts see inevitable improvement of the countries’ trade ties in near future.