Iran set to invest in manufacturing projects in Kazakhstan

Alireza Peyman-Pak, Iran’s Deputy Agriculture Minister in charge of trade and market regulation made the remarks in a meeting with Kazakhstan’s Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin.

Zhumangarin welcomed the decision, saying he would submit all proposals to Kazakh businesses for consideration, Finacial Tribune reported.

The parties also discussed a draft joint roadmap of projects to increase mutual trade to $3 billion, encompassing almost all industries.

The main pool worth about $1 billion consists of projects in the agricultural sector, as the products of the Kazakh agro-industrial complex are in high demand in Iran.

Last year, trade turnover between Kazakhstan and Iran totaled $528 million, a 19.8% increase compared to the previous year. Kazakhstan exported mainly wheat, barley, sunflower oil, flaxseeds, aluminum and ferrous metals, while it imported oil products, fresh vegetables, fruits and building materials.

The meeting between Zhumangarin and Peymanpak followed the Kazakh-Iranian Business Forum held on June 27 in Astana, which brought together over 100 representatives of large and medium-sized businesses from Kazakhstan and Iran.

Entrepreneurs specializing in the supply of agricultural products, food, tourism services and investments held bilateral B2B negotiations.

MNA/PR