Iran Set to Invest in Kazakh Manufacturing Projects

Iranian investors and manufacturers are ready to invest in the production of medicines, the construction of a dairy plant and the processing of agricultural products in Kazakhstan, said Alireza Peymanpak, Iran’s Deputy Agriculture Minister in charge of trade and market regulation, at a June 28 meeting with Kazakhstan’s Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin, the Kazakh prime minister’s press service reported.
Zhumangarin welcomed the decision, saying he would submit all proposals to Kazakh businesses for consideration.
The parties also discussed a draft joint roadmap of projects to increase mutual trade to $3 billion, encompassing almost all industries, The Astana Times reported.
The main pool worth about $1 billion consists of projects in the agricultural sector, as the products of the Kazakh agro-industrial complex are in high demand in Iran.
Last year, trade turnover between Kazakhstan and Iran totaled $528 million, a 19.8% increase compared to the previous year. Kazakhstan exported mainly wheat, barley, sunflower oil, flaxseeds, aluminum and ferrous metals, while it imported oil products, fresh vegetables, fruits and building materials.
The meeting between Zhumangarin and Peymanpak followed the Kazakh-Iranian Business Forum held on June 27 in Astana, which brought together over 100 representatives of large and medium-sized businesses from Kazakhstan and Iran.
Entrepreneurs specializing in the supply of agricultural products, food, tourism services and investments held bilateral B2B negotiations.