President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei proposed forming a joint committee with Kazakhstan to facilitate transit between the two countries.
Speaking during an Iran-Kazakhstan Joint Business Forum in Tehran on Tuesday, Shafei said that Kazakhstan is a top priority of the Iranian private sector for expansion of trade ties.
The forum was participated by a top-ranking Kazakhstani delegation led by the country’s Deputy Minister of Trade and Integration Kairat Torebayev.
Shafei said that oil and gas, shipping in the Caspian Sea, petrochemicals, agriculture, mining, construction, human and animal medicine, as well as techno-engineering services are among the main areas for expansion of cooperation between the two countries.
He expressed dissatisfaction with an annual $300 million volume of trade between Iran and Kazakhstan which he said is not compatible with the existing potentials.
The Iran Chamber of Commerce president said that Kazakhstan’s presence in the Eurasian Economic Union (EAEU) and the Shanghai Cooperation Organization provides a chance for further enhancement of trade with Tehran.
Shafei also highlighted the significance of a strategically significant INSTC corridor passing through Iran, noting that the corridor links Kazakhstan and other Central Asian countries to the Persian Gulf and South East Asia.
“The activation of this corridor will greatly help the commercial development of the countries along the route.”
Kairat Torebayev, who headed the Kazakhstani delegation, also addressed the business forum and said that as much as 511 Iranian companies are active in Kazakhstan in different areas, including processing industries, construction, and techno-engineering.
He regretted that trade between Iran and Kazakhstan has witnessed a 43% fall in the early months of the current year (2023) which he said is mainly caused by Iran’s reluctance to buy wheat from Kazakhstan.
The official noted that the Kazakhstani companies are ready to export over 100 items worth $162 million to Iran.
Torebayev said that his country would do its best to help fulfill a $3 billion target trade with Iran.