BAKU, Azerbaijan, June 30. Iran and Kazakhstan are planning to develop a joint roadmap for projects aimed at increasing bilateral trade to $3 billion, Trend reports.
According to the Ministry of Trade and Integration of Kazakhstan, this was stated during a meeting between Alireza Peyman-Pak, Deputy Minister of Agriculture for Trade and Market Regulation of Iran and Serik Zhumangarin, Deputy Prime Minister and Minister of Trade and Integration of Kazakhstan.
As noted, the mentioned projects encompass almost all sectors, with the agricultural industry accounting for the main portion, approximately $1 billion, since Kazakh agricultural products are highly popular among Iranian consumers.
Kazakh companies regularly export their goods to the Iranian market. The main export items to Iran include wheat, barley, sunflower oil, flax seeds, aluminum, and ferrous metals. The imports predominantly consist of petroleum products, fresh vegetables and fruits, and construction materials.
In addition, Peyman-Pak said that Iran is ready to invest in processing projects in Kazakhstan. According to him, Iranian investors and manufacturers are prepared to invest in the production of pharmaceuticals, the construction of a dairy products plant, agricultural product processing, and other sectors. Zhumangarin welcomed the decision of his Iranian counterparts and announced that he will forward all proposals to the Kazakh business community for consideration.
The meeting between Serik Zhumangarin and Alireza Peyman-Pak took place following the Kazakhstan-Iran Business Forum held on June 27, 2023, in Astana. The event brought together over 100 representatives from large and medium-sized companies from Kazakhstan and Iran.
In 2022, the trade turnover between Kazakhstan and Iran amounted to $528 million, representing a 19.8 percent increase compared to the previous year.