TEHRAN – Iran and Uzbekistan have reached new agreements to strengthen trade and investment cooperation, particularly in mining and mineral industries, the Iranian Ministry of Industry, Mine and Trade announced.

During a meeting in Tashkent, Iran’s Minister of Industry, Mining and Trade Seyed Mohammad Atabak held talks with Uzbekistan’s Minister of Mining and Geology and the Minister of Investment, Industry and Trade. Both sides underlined the importance of expanding industrial collaboration and mutual investment.

Atabak said the new agreements “pave the way for a major leap in the level of trade and business relations between the two countries,” adding that despite the upward trend in cooperation, both nations must achieve the ambitious targets set by their presidents.

The Iranian delegation, including senior officials from the trade and mining sectors, traveled to Uzbekistan on November 9 to pursue new tariff arrangements, ease customs procedures, and promote industrial partnerships.

Efforts to reach full trade potential

Iran Trade Promotion Organization (TPO) Head Mohammad-Ali Dehghan Dehnavi, who accompanied Atabak, said Iran and Uzbekistan must overcome existing obstacles to realize the true potential of their bilateral trade.

“Expanding commercial relations requires addressing transportation and customs barriers,” he said, urging both sides to finalize a preferential trade agreement as soon as possible to stimulate growth.

Dehnavi noted that one of the primary goals of the delegation’s visit was to facilitate rail and road freight connections and remove logistical bottlenecks that hinder trade.

The discussions also focused on opportunities for cooperation in mining and mineral industries, given the complementary strengths of both nations.

Atabak highlighted Iran’s experience in exploration, steel production, and mining technology, proposing joint ventures to boost investment and technology exchange in these fields.

Accompanying the minister were senior figures such as the head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), the TPO head, and several members of parliament and major industrial companies.

On the sidelines of the talks, the Iranian delegation visited Uzbekistan’s National Steel Company, the Procab cable and wire manufacturer, and Technopark Tashkent, a large industrial complex producing washing machines, refrigerators, pumps, elevators, and electrical panels.

Atabak and Dehnavi also met with Iranian traders and entrepreneurs based in Uzbekistan to hear their views on challenges facing trade and investment.

Participants emphasized the need for stronger financial guarantees, improved logistics, and customs cooperation to boost private-sector exchanges.

Atabak described Uzbekistan as a strategic link connecting Iran to Central Asia, noting that trade between the two nations has grown by 58 percent this year.

“The recent agreements reflect our shared determination to elevate bilateral cooperation to a new level,” he said. “We are confident that by removing administrative and infrastructure barriers, Iran and Uzbekistan can achieve a balanced and sustainable trade partnership.”

On late October, Uzbekistan’s Ambassador to Iran Fariddin Nasriev met with Mohammad Ali Dehghan Dehnavi, head of Iran’s Trade Promotion Organization (TPO) and deputy minister of industry, mining and trade, to discuss ways to expand bilateral economic relations and develop trade cooperation between the two countries.

According to the TPO, both sides reviewed existing trade capacities and explored mechanisms to facilitate commercial exchanges.

Dehghan Dehnavi stressed the importance of expanding the list of goods under the preferential trade agreement between Iran and Uzbekistan, noting that the two sides have so far agreed on 20 items and are working to include more to boost mutual trade.

He also highlighted the use of barter arrangements as a practical tool to increase trade volume and overcome financial and banking limitations.

Dehghan Dehnavi pointed to the operation of Uzbekistan’s Trade House in Iran and suggested establishing an Iranian Trade House in Tashkent to help connect private sector players and identify reliable business partners.

The TPO head underlined that expanding tourism cooperation would further deepen economic and cultural relations between the two countries.

Both officials also discussed the importance of fostering provincial-level cooperation, improving logistics and cargo transport, and simplifying visa procedures for businesspeople to facilitate trade exchanges.

The meeting concluded with a shared commitment to address logistical bottlenecks, enhance direct private-sector engagement, and lay the groundwork for stronger economic integration between Tehran and Tashkent.

The Uzbek ambassador had stated, on October 22, that trade relations between the two countries reached about $500 million last year, and added: "Considering the agreements between the presidents of the two countries, the goal of increasing this figure to up to $2 billion is being pursued."

Fariddin Nasriev made the remarks on the sidelines of the ECO summit during a meeting with the governor-general of Iran’s Zanjan province, and expressed his pleasure at being in this province, described Zanjan city (the center of the province) as a beautiful region with high cooperation potential, and thanked the provincial officials for their warm hospitality, while also referring to the history of cultural relations between the two countries

He stated that three months ago, a trade delegation from Khorasan Razavi province traveled to Uzbekistan and very good meetings were held between businesspeople of the two countries, adding: "An official invitation for an Iranian trade delegation to visit Uzbekistan is also being prepared."

The governor-general of Zanjan, during this meeting, referred to the province's unique capacities in various fields and invited the ambassador of Uzbekistan to visit Zanjan's industrial factories and scientific centers.

Senior officials from Iran and Uzbekistan convened in Tehran in mid-May 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.

EF/MA