In a recent meeting between Iranian and Kazakh officials, it was announced that Iran is prepared to invest in various manufacturing projects in Kazakhstan. Alireza Peyman-Pak, Iran's Deputy Agriculture Minister responsible for trade and market regulation, revealed that Iranian investors and manufacturers are keen on investing in the production of medicines, the establishment of a dairy plant, and the processing of agricultural products.
The meeting, which took place on June 28, involved Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin, who expressed his support for the decision. Zhumangarin stated that he would present all the proposals to Kazakh businesses for their consideration. Additionally, the parties discussed a joint roadmap of projects aimed at increasing bilateral trade between Iran and Kazakhstan to $3bn, encompassing various industries.
The agricultural sector appears to be a focal point of the investment plans, as the products from Kazakhstan's agro-industrial complex are highly sought after in Iran. Approximately $1bn of the proposed investment pool is allocated to projects in the agricultural sector.
In 2022, trade turnover between Kazakhstan and Iran reached $528mn, marking a 19.8% increase compared to the preceding year. Kazakhstan primarily exported commodities such as wheat, barley, sunflower oil, flax seeds, aluminum, and ferrous metals, while importing oil products, fresh vegetables, fruits, and building materials from Iran.
The meeting between Zhumangarin and Peyman-Pak followed the Kazakh-Iranian Business Forum held on June 27 in Astana, which brought together more than 100 representatives from large and medium-sized businesses in both countries. The forum facilitated bilateral business-to-business (B2B) negotiations, specifically focusing on entrepreneurs specializing in the supply of agricultural products, food, tourism services, and investments.
The commitment shown by Iranian investors and manufacturers to invest in manufacturing projects in Kazakhstan reflects the growing economic ties and potential for collaboration between the two nations. As both countries seek to enhance their trade relations and explore new avenues for economic cooperation, these investments hold the promise of mutual benefits and a further strengthening of their bilateral trade and investment ties.
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