The governor of the Central Bank of Iran held talks with a Kazakh delegation in Tehran on Sunday.
Ali Salehabadi referred to the recent improvement in bilateral trade and said closer banking ties is a prerequisite to building mutual economic ties, the CBI website reported.
Bakhyt Sultanov, Kazakhstan's deputy prime minister who doubles as the minister of trade and integration, said he was in Tehran to explore new opportunities to expand two-way cooperation, especially in the banking sector.
Sultanov said Kazakhstan's President Kassym-Jomart Tokayev will travel to Iran in June.
"Private companies of the two countries have signed major contracts in the past months. That resulted in a 50% jump in bilateral trade to $200 million," he was quoted as saying.
"The growth was 85% last year."
According to official, the two sides are to establish a joint chamber of commerce to help foster cooperation between the private sectors.
"Regular direct flight are planned between cities in Iran and Kazakhstan," Sultanov added.
Earlier in February, the two neighbors reaffirmed willingness to boost tow-way trade. This was announced during a meeting between Sultanov and Iran’s First Vice President Mohammad Reza Mokhber Dezfouli in Tehran.
Kazakhstan is the biggest Central Asian country with which Iran has common borders via the Caspian Sea.
The geographical proximity gives Iran advantage as it can conduct trade via land and sea with a relatively large market.
Trade, which reached $440.1 million in 2021, is expected to increase to $3 billion in the coming years.
Iran exported 360,300 tons of goods worth $132.6 million to Kazakhstan in the first nine months of the last calendar year (March 21-Dec. 21, 2021) – up 6.7% in volume but down 21% in value on the same period last year.
Iran imported 117,600 tons of goods worth $37.9 million from the neighbor during the same period to register a 30.7% and 1.3% growth in volume and value, respectively, on the corresponding period last year.
