President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) has underlined the need for forming an industrial committee with Uzbekistan to prioritize projects for investment.

Speaking at an Iran-Uzbekistan Trade Forum in Tehran on Saturday, Gholam Hossein Shafei said that making use of potential capacities can ensure long-term relations between the two countries.

He said that Iran’s primary goal is to increase the current $400 million trade with Uzbekistan to $1 billion by yearend.

Shafei noted that Iran’s relations with Uzbekistan have been hindered by some problems including transportation problems, especially the lack of proper rail transportation.  

The Iran Chamber of Commerce president also said that the Iranian private sector welcomes joint investments in the areas of oil and gas, petrochemicals, renewable energies, water projects, power plant industry, transportation, agriculture, automaking and tourism.

Speaking in the meantime, Minister of Investment, Industry and Trade of Uzbekistan Laziz Kudratov noted that the volume of trade between Iran and Uzbekistan has tripled over the past three years.

He, however, said that the annual trade exchanges between the two countries can grow to $1 billion.

The minister underlined the significance of signing a preferential trade agreement between Tehran and Tashkent.   

Kudratov called on Iranian pharmaceutical, agricultural and mining companies to make investments in his country.

Iran’s Minister of Industry, Mine and Trade Abbas Aliabadi, who was also present at the meeting, underlined the need for both Iran and Uzbekistan to prepare a list of items for preferential trade between the two nations.

Aliabadi voiced Iran’s readiness to engage in trade with Uzbekistan in different areas including, pharmaceuticals, agriculture, high-tech industries, mining and tourism.