Trade value of Iran and Kazakhstan can reach one billion U.S. dollars annually as both countries have the potentials to enhance their cooperation thanks to amicable relations, Iran's deputy Minister of Industry, Mines and Commerce Valiollah Afkhamirad said on Sunday.
Good diplomatic ties, common views and stances on major international issues, regular joint business sessions in Tehran and Astana and high-ranking officials' trips to one another's capitals have paved the way for raising the trade exchange, Afkhamirad said at a meeting of Iran-Kazakhstan Business Council in Tehran.
To achieve this goal, establishing legal infrastructures, signing MoUs on industrial and agricultural cooperation, solving banking problems and opening bank branches in both countries are a necessity, Afkhamirad said a day before the arrival of Kazakh President Nursultan Nazarbayev in Tehran, official IRNA news agency reported.
Also, signing a preferential trade agreement between Iran and Kazakhstan will result in decreasing tariff level in the two countries, which is a key factor in boosting trade ties, he added.
Afkhamirad said that Iran's technical and engineering companies have potentials in several fields including in constructing trade complexes, roads, dams, power houses, bridges and refinery units, which could serve as the proper ground for cooperation with Kazakhstan.
Nazarbayev will visit Tehran at the invitation of Iranian President Hassan Rouhani on Monday. Both presidents will discuss the implementation of previous agreements between two countries and will exchange views about strengthening bilateral cooperation in trade, economic, investment, agriculture and transport sectors, according to Press TV.
Regional and international security issues will also be on the agenda of Nazarbayev's and Rouhani's meeting in Tehran.
The Iranian president visited Astana on Sept. 8-9, 2014 at the head of a high-ranking politico-economic delegation and held talks with the country's senior officials including Nazarbayev. The two sides inked a number of agreements to boost cooperation in various fields, particularly in the economic sphere.
Trade turnover between the two countries has increased in the past years. In 2014, the value of trade exchange between the two countries reached 354 million U.S. dollars with Iran's exports and imports amounting to 187 and 167 million U.S. dollars respectively.
Iran imports grain, oil products and metals from Kazakhstan. Iran is a partner in joint oil and gas projects including construction of a pipeline connecting Kazakhstan, Turkmenistan and Iran.
Kazakhstan has special interests in Iranian investments in mechanical engineering, infrastructure, transport and telecommunications.