Iran is Ready to Invest More than $ 200 Million in the Kazakh Economy

Iran is Ready to Invest More than $ 200 Million in the Kazakh Economy

On June 19, 2022, in Tehran, as part of the visit of the Head of State K.K.Tokayev to the Islamic Republic of Iran, a Kazakh-Iranian Business Forum was held in Tehran., an investment business forum was held by KAZAKH INVEST with the participation of the Deputy Prime Minister - Minister of Trade and Integration of the Republic of Kazakhstan Bakyt Sultanov, jointly with the "Iranian Chamber of Commerce, Industries, Mines and Agriculture".

"Investment and trade and economic indicators of bilateral cooperation between Kazakhstan and Iran today have great potential for further development," said Bakhyt Sultanov. It is noted that due to the pandemic and sanctions, the volume of mutual trade has significantly decreased, but the beginning of 2021 there was a positive dynamic. For January-April 2022, trade turnover has already exceeded the indicators of 2020 ($ 238 million against $ 253.2 million), and it is expected to increase further.

During the forum, Iranian entrepreneurs were able to get acquainted with the investment and trade potential of Kazakhstan, as well as to establish business contacts. Iranian companies have expressed interest in working in the agricultural industry, projects in the field of mining, oil and gas and chemical industries. 150 Iranian and Kazakh businessmen used forum for the deepening of bilateral cooperation, signing 12 documents for more than $ 200 million. In particular, they agreed to cooperate in the field of non-ferrous metals and polyethylene products. Signed a memorandum on the transit of Kazakh wheat and other agricultural goods through the territory of Iran.

Speaking at the forum, Ardak Zebeshev, Chairman of the Investment Committee of the Ministry of Foreign Affairs of the Republic of Kazakhstan, presented the benefits of investing in Kazakhstan and noted that Iran is one of the key partners in the region and both sides are very interested in further development.

Since the establishment of diplomatic relations more than 140 mln. US dollars was invested by Iranian side in the economy of Kazakhstan. At the same time, the indicators of 2021 for foreign direct investmen ($ 26.2 million) slightly exceed the "pandemic" 2020 ($ 4.3 million).

"Kazakhstan remains the best place to do business in the Central Asian region, and foreign direct investment continues to fuel and develop our economic, social and cultural ties. The government actively cooperates with major global companies to tap into Kazakhstan's vast natural wealth and develop local potential through advanced technology and extensive experience,"said Ardak Zebeshev.

To support the implementation of joint projects, Kazakhstan is ready to provide sites in free economic and industrial zones to Iranian companies. Also, the new Kazakhstan-Turkmenistan-Iran-Turkey freight train launched on the new route is notable for its new logistical solution. This route is attractive for shippers, primarily due to the delivery time. Compared to the alternative route across the Caspian Sea, the train will cover a distance of more than 6,300 km in just 12 days.

It should also be noted that Kazakhstan will introduce a visa-free regime for Iranian citizens for a period of 14 days.

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