Tehran Tashkent eye joint investment fund to boost economic ties
Tehran, Tashkent eye joint investment fund to boost economic ties
TEHRAN – 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.
Mining the future: strategic collaboration in resources
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.
Iranian firms poised for joint projects in Uzbekistan
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
source: tehrantimes.com