Iranian Private Sector Ready for Joint Investment in Uzbekistan

TEHRAN (Iran News) Speaking during a high-level meeting with Shakhrukh Ghulamov, Uzbekistan’s Deputy Minister of Industry, Trade, and Investment, Hassanzadeh emphasized the need for stronger cooperation and outlined key steps to expand bilateral trade.

The meeting coincides with growing economic exchanges between the two countries, and ahead of the upcoming Iran-Uzbekistan Joint Economic Commission set to convene next month. A Preferential Trade Agreement is expected to be signed on the sidelines of the commission, which could significantly elevate trade relations.

“The current trade volume of approximately $500 million does not reflect the real potential of our two nations,” Hassanzadeh stated. “Iran’s private sector, represented by the Chamber of Commerce, is fully prepared to take every necessary step to boost this figure.”

Highlighting Iran’s economic strengths, Hassanzadeh invited Uzbek participation in the Iran Expo, scheduled to begin April 28. He cited Iran’s extensive capabilities in engineering services, petrochemicals, oil, food industries, and automobile manufacturing as attractive areas for collaboration.

He further noted that both Iran’s government and private sector are keen to foster ties with neighboring and regional nations. “Our shared historical, religious, and cultural bonds provide a strong foundation for broader cooperation—not just economically, but also in education and cultural exchanges,” he said.

Praising Uzbekistan’s decision to remove a $400 transit fee on Iranian trucks, Hassanzadeh said the move would enhance cooperation along the North-South Corridor, a strategic trade route linking Central Asia with the Persian Gulf.

In a significant policy suggestion, Hassanzadeh urged the Uzbek government to waive visa requirements for Iranian citizens on a reciprocal basis. “Facilitating travel will not only support business interactions but also promote tourism. Iran has strong capabilities in medical tourism, healthcare services, and pharmaceutical production, all of which offer promising grounds for cooperation.”

He reiterated Iran’s interest in joint ventures in Uzbekistan and called for supportive policies from the Uzbek government to facilitate private sector investment. “With closer cooperation between our chambers of commerce, I am confident that bilateral trade could reach one billion dollars,” he concluded.

Abdollah Mohajer Darabi, a member of the Iran Chamber’s board, echoed these sentiments. He pointed out the long-standing commercial ties between the two countries and emphasized the need for institutional support to reach the $1 billion trade target.

“The opening of Iran’s commercial office in Tashkent, planned for late May, will be a key step forward,” Mohajer announced. However, he warned that without a well-defined joint financial and banking framework, further trade expansion would be difficult.

Shakhrukh Ghulamov, leading a delegation of over 100 Uzbek companies, praised the strong national network of Iran’s chambers of commerce and emphasized Uzbekistan’s readiness to engage in all sectors proposed by Iran.

“Our two nations share deep-rooted ties that can be the basis for joint ventures and enhanced cooperation,” he stated. Ghulamov emphasized the significance of Uzbekistan’s presence at the upcoming Iran Expo, noting that it reflects Iran’s importance to Tashkent.

He warmly welcomed Iranian private sector investment in Uzbekistan and set a bold target for future trade. “Given our capacities, there is no reason we cannot push our trade volume to five billion dollars. The potential is there—now is the time to act,” he concluded.