TEHRAN – Uzbek Prime Minister Abdulla Aripov announced on Sunday that Iranian investors operating in Uzbekistan will be exempt from taxes and customs duties, as he highlighted the presence of over 210 joint Iranian-Uzbek factories currently operating in the country.

Speaking at the Iran-Uzbekistan Business Forum held in Tehran, Aripov emphasized the importance of closer economic cooperation between the two nations, citing strong cultural and historical ties and the evolving global landscape as key drivers for deeper engagement.

He said forums like this help both sides identify investment opportunities and expand areas of cooperation, adding that entrepreneurship and private sector collaboration are vital to advancing shared industrial and technological goals.

Although trade between Iran and Uzbekistan has reached a relatively stable level, Aripov noted that the current $500 million annual trade volume does not reflect the full potential of bilateral ties. He projected that Uzbekistan’s GDP will grow to $160 billion within five years and pointed to the $70 billion in foreign investment attracted last year as evidence of a secure investment climate.

Aripov underscored the government's commitment to promoting a free-market economy, enhancing production incentives, and expanding foreign trade.

He said Uzbekistan exported over $2.5 billion in agricultural food products last year and has preferential or free trade agreements with many countries, offering significant opportunities for Iranian businesses.

“We assure Iranian economic actors that if they invest in our industrial zones, they will be exempt from taxes and customs duties. The government will also provide necessary infrastructure and guarantee the repatriation of profits,” he said.

ICCIMA calls for $1b trade target, visa waiver

During the same forum, held concurrently with the Iran-Uzbekistan Joint Economic Committee meetings at Tehran’s Sa’dabad Palace, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), Samad Hassanzadeh, stressed the need to raise bilateral trade to $1.0 billion and called on Uzbekistan to waive visa requirements for Iranian nationals to facilitate travel and business.

Hassanzadeh described the event as a meaningful step toward strengthening ties, noting that the past year witnessed close and serious cooperation between public and private sectors of both countries.

He highlighted the cultural affinity and historical friendship between the two nations and called for swift implementation of a visa waiver, improved flight connectivity, and reduced airfare.

Referring to Iran's advancements despite sanctions—especially in machinery production, food processing, and construction materials—Hassanzadeh said these achievements present unique opportunities for Uzbekistan.

He emphasized the strategic importance of Iran's geographical location through its North-South and East-West transit corridors and invited Uzbek investors to participate in the International North–South Transit Corridor (INSTC) and Makran coastal development projects.

Hassanzadeh also called for expanded cooperation in transport infrastructure and logistics, suggesting the formation of a joint committee to pursue these goals. He highlighted Iran’s readiness to export technical and engineering services and collaborate on Uzbekistan’s major infrastructure projects.

He further noted that significant progress had been made in talks over a preferential trade agreement between the two countries, expressing hope that the accord would soon be implemented to remove discriminatory tariffs and boost trade.

Finally, Hassanzadeh stressed the importance of removing financial barriers and banking restrictions through stronger collaboration between the private sectors. He encouraged joint investment in industrial ventures and the organization of regular trade missions, exhibitions, and seminars to help realize the full potential of bilateral ties.

Senior officials from Iran and Uzbekistan convened in Tehran for the 16th session of the two countries’ Joint Economic Committee, aiming to expand bilateral ties and boost trade to $2 billion annually.

Iran’s Minister of Industry, Mining and Trade Mohammad Atabak opened the meeting by acknowledging that the current trade volume between the two countries falls short of their true potential.

He called for a “fundamental transformation” and proposed drafting a practical roadmap to achieve the $2.0 billion trade target.

Atabak emphasized the need to enhance transport and transit infrastructure, noting Iran’s strategic location as a key corridor connecting Uzbekistan to international waters.

He also stressed the importance of improving banking ties, establishing direct flights, reducing customs tariffs, and developing tools to support economic relations.

Beyond trade, the committee also discussed cooperation in tourism, science, culture, and healthcare.

Atabak pointed to the countries’ deep cultural ties and expressed Iran’s readiness to play a greater role in tourism, stating that the meeting serves as a platform for comprehensive collaboration.

He voiced hope that operational planning would lead to a “significant leap” in bilateral relations.

In response, Uzbekistan’s minister of industry highlighted the favorable conditions for expanding trade between Tehran and Tashkent.

He said the two sides had signed a list of preferential trade goods, calling it a “practical step” toward boosting commercial exchange.

He also announced the official opening of Uzbekistan’s Trade House in Tehran, which he said would facilitate trade. The number of joint Iranian-Uzbek companies has grown 2.5 times in the past five years, reaching 261. These companies are active in sectors such as construction, petrochemicals, food, agriculture, and building materials.

The Uzbek minister concluded by reaffirming his country’s commitment to broadening economic and trade cooperation with Iran across multiple sectors.

On April 23, Iranian industry, mining and trade minister said that the cooperation between the private sectors of Iran and Uzbekistan will continue at an accelerated pace.

Mohammad Atabak made the remarks in a meeting, at the place of the ministry in Tehran, with an Uzbek trade delegation led by the head of Chamber of Commerce and Industry of Uzbekistan (CCI).

During the meeting, the minister emphasized that the perspectives of the private sectors and entrepreneurs of both countries are being reviewed in expert working groups.

He added that several agreed-upon goods with Uzbekistan have been supplied and dispatched by Iran.

The minister further stated that these exchanges and interactions at the level of the private sector in both countries will continue at an accelerated pace. The economic and production capacities of Iran and Uzbekistan fully enable increasing the current level of trade exchanges between the two nations to higher levels.

Also, in a meeting with Uzbekistan’s Deputy Minister of Industry, Trade and Investment Shokhrukh Gulamov, at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in Tehran on April 20, ICCIMA Head Samad Hassanzadeh said his country’s private sector is ready to pursue joint investments in Uzbekistan and called on Tashkent to implement a reciprocal visa waiver to ease travel and boost tourism bet ween the two countries.

He said that the mutual visa exemption would facilitate travel for businesspeople and citizens while supporting the development of tourism.

Hassanzadeh further stated that the upcoming preferential trade agreement between Iran and Uzbekistan, expected to be signed next month during the joint economic committee meeting, could raise the level of bilateral trade cooperation.

He added that the current trade volume—nearly $500 million—does not reflect the true potential of the two countries. “The Iranian Chamber, as the representative of the private sector, is ready to take all necessary steps to boost trade volume,” he said.

He emphasized that Iran’s government and private sector are committed to expanding relations with all countries, particularly neighbors. “Historical, religious, and cultural ties can pave the way for broader economic, cultural, and academic cooperation,” he said.

Hassanzadeh welcomed Uzbekistan’s move to scrap a $400 transit fee for trucks, calling it a positive step for expanding cooperation along the International North–South Transit Corridor (INSTC).

The ICCIMA head further reiterated the call for Uzbekistan to lift visa requirements for Iranian citizens, noting this would particularly support collaboration in medical tourism, healthcare services, and pharmaceutical production, where Iran has strong capacities.

Highlighting investment interests, he said Iran’s private sector is especially keen to invest in Uzbekistan’s textile and garment industries. “As the private sector’s representative, the Iranian Chamber seeks the necessary support for these investments,” he said.

Hassanzadeh concluded by expressing hope that closer cooperation between the two chambers of commerce would push bilateral trade volume to $1.0 billion.

Abdollah Mohajer Darabi, a member of the Iranian Chamber’s board of directors, also addressed the meeting, noting the long-standing trade ties between Iran and Uzbekistan. He said both countries are eager to expand cooperation and emphasized the need to eliminate existing gaps in the trade relationship.

He announced that Iran’s trade office in Tashkent would open by late May, adding that advancing trade ties without a dedicated joint financial and banking mechanism would not be possible.

Uzbek Deputy Minister Shokhrukh Gulamov praised the history of the Iranian Chamber and its nationwide network, noting the shared roots between the two nations. He voiced readiness for cooperation across all sectors identified by the Iranian side.

Gulamov said over 100 Uzbek companies, led by the country’s chamber of commerce president, would participate in the Iran Expo — a reflection of Iran’s significance for Uzbekistan.

He welcomed Iranian private sector investment and stressed the need to raise bilateral trade volume to $5.0 billion, citing the ample capacities available for cooperation between the two countries.

In mid-February, the head of the Iran-Uzbekistan Joint Chamber of Commerce announced the establishment of a permanent sales office for Iranian food industry products in Tashkent, Uzbekistan, while citing FATF-related restrictions as the biggest obstacle to trade between the two countries.

Mousa Aghaei said that the sales office was launched in cooperation with the Mazandaran Chamber of Commerce and the Iran-Uzbekistan Joint Chamber.

He noted that the initiative would significantly enhance bilateral cooperation.

Aghaei stated that the current $500 million trade volume between Iran and Uzbekistan is unsatisfactory.

He emphasized that while Uzbek citizens and government officials are eager to collaborate with Iranian businesses, challenges such as FATF-related restrictions, transportation issues, and high tariffs have hindered trade expansion.

Highlighting Iran’s advantages in engineering services, construction materials, industrial production, agricultural equipment, and knowledge-based products, Aghaei noted that a recent meeting with Uzbekistan’s ambassador to Iran included discussions on Iran’s entry into Uzbekistan’s knowledge-based market. He said the ambassador welcomed the proposal enthusiastically.

Meanwhile, a senior Uzbek delegation welcomed Iran's proposal to establish a joint investment fund during a high-level meeting with the National Development Fund of Iran, as both countries explore broader economic cooperation spanning energy, infrastructure, and mining.

On April 20, Shokhrukh Gulomov, Uzbekistan’s Deputy Minister of Investment, Industry and Trade, met with Mostafa Seyed Hashemi, Deputy Chairman of Iran’s National Development Fund (NDF), and Reza Abbaspour, Deputy for International Affairs, in Tehran. The two sides discussed avenues to expand bilateral trade and finance collaborative projects.

Seyed Hashemi emphasized the cultural and geographic proximity between the two nations and noted that bilateral trade in the past year reached approximately $450 million, with Iran exporting $368 million worth of goods and importing $81 million. He said the positive trade balance of $287 million points to strong potential for further growth.

Highlighting that Iran currently holds less than a one percent share in Uzbekistan’s $36 billion import market, Hashemi proposed a roadmap to increase exports and foster integrated supply chains. He underscored the NDF’s experience in financing major infrastructure, energy, and transportation projects and formally proposed the creation of a bilateral investment fund to finance industrial, export-oriented, and tech-based ventures.

The proposal was well received by the Uzbek side, and the two delegations discussed cooperation on a petrochemical project under review in Uzbekistan. Hashemi also called for the formation of a joint economic commission to coordinate follow-up on proposed initiatives.

In a separate meeting, Mohammad Aghajani, Head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), described the mining sector as a promising frontier for Iran-Uzbekistan cooperation. He pointed to Iran’s export of technical and engineering services and its expertise in producing steel, copper, and gold.

Aghajani emphasized that Iranian companies have developed significant capabilities in direct reduction iron (DRI) technology, which has already been exported abroad, and suggested this could form the basis of joint projects with Uzbekistan.

He noted Iran's position as the top steel producer in the Middle East and the tenth globally, and expressed readiness to expand joint ventures in mining and downstream industries.

Aghajani affirmed that Iranian companies are ready to undertake mining projects in Uzbekistan under various established contract models. In response, Gulomov said Uzbekistan is seeking strategic cooperation with Iran across the entire mining value chain—from exploration to finished products.

He also highlighted plans to establish joint ventures in mining and beyond, adding that bilateral cooperation will extend into oil and gas, petrochemicals, and power generation. Cultural commonalities, Gulomov said, further strengthen the foundation for deeper economic engagement.

EF/MA

Photo: Uzbek Prime Minister Abdulla Aripov speaks at an Iran-Uzbekistan business forum in Tehran on Sunday May 11.