BAKU, Azerbaijan, October 30. The joint investment fund will be established between Iran and Uzbekistan in the near future, Akbar Godari, head of the Central Asia, Caucasus, and Russia office of the Iran Trade Development Organization, told local media, Trend reports.
According to him, in this regard, within the framework of the visit of Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov to Iran, details of establishing a joint investment fund were discussed.
Godari added that besides, negotiations on a preferential trade agreement between Iran and Uzbekistan have been ongoing for more than six months. During the Uzbek minister's visit to Tehran, the problems facing it were studied and solved. At present, preliminary agreements on signing this agreement have been reached.
“The goods that will be subject to preferential trade between Iran and Uzbekistan have been determined. The Trade Development Organization of Iran intends to increase the number of goods subject to preferential trade in a short time. The local legislation of the two countries has led to a delay in the process of signing the preferential trade agreement,” he said.
The official noted that the current trade turnover between the two countries is about $500 million. If there is trade in machinery, railcars, turbines, steel, sponge iron, valves, and petrochemical products, there will be an increase in trade turnover between the two countries.
He stressed that the 16th session of the joint commission of the two countries will be held in Tehran in February-March next year in order to increase trade turnover between Iran and Uzbekistan.
Under the agreement reached between Iran and Uzbekistan, the trade turnover will reach $1 billion by the end of 2024 and is expected to increase from $1 billion in the coming years.
To note, Uzbek Minister of Investment, Industry, and Trade Laziz Kudratov visited Tehran on October 24.