Proposal for a Joint Technology Park Among Caspian Sea Countries

TEHRAN (Iran News) Seyed Mohammad Atabak made this proposal on Monday during the economic session of the Caspian Sea Summit, held at the Parsian Azadi Hotel in Tehran. The meeting was attended by representatives from Iran, Turkmenistan, Russia, Azerbaijan, and Kazakhstan.

Atabak emphasized the need to consolidate efforts to establish a regional technology park where member countries could collaborate on advancements in pharmaceuticals, industrial innovations, and artificial intelligence.

“This initiative will allow us to share industrial knowledge, leading to technological advancements among Caspian Sea nations,” he stated.

Regarding financial transactions, Atabak highlighted that Iran and Russia have already established trade mechanisms using their national currencies. He noted that both countries can now conduct transactions in their local currencies, with banking operations, including card payments, being seamlessly executed.

The minister also proposed a barter trade system with other Caspian states to further facilitate industrial, commercial, and technological exchanges. He stressed that such mechanisms would enhance trade and cooperation among member nations.

Atabak pointed out the region’s significant industrial potential and called for the formation of specialized working groups to harness and expand these capabilities. “By establishing these groups, we can enhance industrial technology and increase economic exchanges among member states,” he said.

He further underscored the need for boosting trade among Caspian Sea nations, stating that the current trade volume is relatively low compared to the region’s potential. He suggested organizing business meetings among entrepreneurs from these countries, with their findings being presented to their respective governments.

“This approach will maximize the commercial exchange capacity of tradable goods among our countries through private sector involvement,” Atabak concluded.

Meanwhile at the meeting on the economic, customs, banking, and investment outlook for Caspian Sea littoral states, participants emphasized the importance of the Caspian Sea and the opportunities for joint trade cooperation.

During the meeting, Iran’s Deputy Minister and Head of the Organization for Investment, Economic, and Technical Assistance highlighted the Caspian Sea’s economic significance. He stated that the Caspian Sea, a valuable water border among the five participating countries with a history spanning over two million years, possesses unique characteristics that necessitate a shared strategic approach by all neighboring states.

Abolfazl Koudei emphasized the necessity of cooperation among the Caspian littoral states to maximize the benefits of this shared resource. He stressed the importance of collaboration in customs, banking, investment, free trade zones, and leveraging private sector capacities. These issues were key topics at the third Caspian Economic Forum.

He also underscored the need for harmonizing customs regulations through standardized procedures, reducing trade barriers, implementing simplified trade agreements, and establishing joint trade corridors and logistics centers using modern customs technology.

Reza Masroor, Secretary of the Supreme Council of Free Trade Zones, highlighted the readiness of Iran’s free trade zones to enhance commercial cooperation with the Caspian littoral states, particularly Azerbaijan and Turkmenistan, which share land borders with Iran.

He pointed out that these shared free zones could play a significant role in advancing the digital economy and new technologies. Additionally, he stressed the necessity of forming a Caspian Sea Cooperation Council to expand regional trade ties.

Ali Akbar Shamani, Acting Head of Iran’s Customs Affairs, discussed the importance of customs agreements and the digitalization of all customs processes to ensure the swiftest possible transactions. He highlighted that these advancements could be expanded to facilitate regional trade.

Dr. Asgari, a representative from Iran’s Chamber of Commerce, highlighted the region’s vast trade potential. He emphasized that reducing tariff barriers, facilitating trade, and developing shared infrastructure are essential measures to maximize these opportunities.

He proposed establishing a union of banking institutions and insurance companies among the Caspian Sea littoral states with participation from both private and public sectors.

These discussions reflect the growing need for increased economic convergence and cooperation among Caspian Sea nations to capitalize on shared resources and opportunities.