Iran and Kazakhstan are working to expand their bilateral trade to over $3 billion, but unresolved banking and transportation issues remain key obstacles, President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) said on Saturday.
Sammad Hassanzadeh emphasized the need for improved financial transactions and logistics infrastructure during a meeting with Kazakhstan’s Minister of Trade, Arman Shakkaliyev.
Iran's diverse production capabilities allow for increased exports to Kazakhstan, particularly in food industries, petrochemicals, engineering services, construction, and medical equipment, Hassanzadeh said. He noted that joint projects in energy, textiles, and mining could further strengthen economic ties.
Despite multiple cooperation agreements signed between the two nations, Hassanzadeh lamented that many remain unimplemented. He also urged greater tourism and trade delegation exchanges, especially following the mutual visa exemption agreement.
Shakkaliyev acknowledged Iran's strong potential in technical and engineering services and expressed interest in expanding trade in building materials, medical devices, machinery, and food industries. "We can increase annual trade in technical services alone to $500 million," he said.
However, the Kazakh minister stressed that banking issues must be resolved to facilitate trade. "Without solving financial transaction barriers, increasing trade volume will be difficult. We have proposed solutions and are hopeful for progress," he said.
On logistics, Shakkaliyev pointed to the importance of the International North-South Transport Corridor (INSTC) as a means to enhance connectivity between the two countries.