Official Calls for Expansion of Iran-Uzbekistan Economic and Trade Relations
TEHRAN (Iran News) Rahmatollah Khormali referred to Uzbekistan as the most populous country in Central Asia and noted that Iran’s exports to Uzbekistan grew by 10% in the first three months of this year. He mentioned that Uzbekistan ranks fifth among CIS countries in terms of Iranian export destinations.
While the trade volume between the two countries exceeded $500 million last year, Khormali outlined the main products exported from Iran to Uzbekistan, including chemical industries (caustic soda, monoethylene glycol, polystyrene), agricultural products, apples, fish feed, pistachios, oranges, various polymer products (linear polyethylene and various polymer compounds), machinery, building materials, and steel.
Khormali announced the target of $1 billion in Iranian exports to Uzbekistan and added that one of the key programs for both countries is finalizing the items of the Preferential Trade Agreement, which is hoped to be completed soon, leading to increased foreign trade growth.
He also mentioned the formation of the first joint transport committee between the deputy ministers of Roads and Urban Development and Uzbekistan’s Ministry of Transport, stating that a roadmap has been developed for this purpose. With the formation of the new cabinet in Iran’s 14th government, the groundwork for the finalization of this document will be prioritized. Additionally, the expansion of cooperation between the two countries in establishing joint transport companies in Iran’s southern ports will play an important role in facilitating the movement of goods between the two nations.
Regarding Uzbekistan’s advantages for Iran, Khormali stated that Uzbekistan’s capacities can be considered complementary to Iran’s economy. Uzbekistan is one of the top five gold-producing countries in the world, and its potential can be better utilized in completing the textile and agricultural product chains. Moreover, special collaboration can be established in the mining and industrial sectors.
He emphasized Uzbekistan’s strong position in mining, especially in products such as copper, molybdenum, and rare metals, and stated that Iran and Uzbekistan could define joint investments in the mining sector.
Khormali also mentioned Uzbekistan’s seven-year strategy to increase its gross domestic product to $160 billion by 2030. Uzbekistan has defined special strategies in various sectors, including energy, automotive, road construction, mining, agriculture, and chemical industries. Given Iran’s strong capabilities in these areas, Iranian companies can participate through joint investments and multi-faceted partnerships with various Uzbek and foreign companies, thereby increasing their presence in this market.
He stressed that Iranian companies are primarily focused on simple import-export activities, whereas competitors have changed their approach. Since Uzbekistan’s mindset has shifted in the past eight years with the arrival of its new president, the country is now focused on attracting investments.
Uzbekistan has established the Ministry of Investment and Trade Industry since around 2018, prioritizing investment attraction. If Iran can also focus part of its efforts on investment in Uzbekistan through foreign partners, the position of Iran in Uzbekistan’s foreign trade profile will undoubtedly improve.
