Tehran, Astana to sign $500 mln worth of agreements

©Turar Kazangapov

Kazakhstan and Iran are to sign agreements worth half a billion dollars, Tengrinews reports citing the press service of the Ministry of Investment and Development.

The press release distributed during the Kazakhstan-Iran Business Forum that took place in Astana on September 9 states that the fields of cooperation are geology, metallurgy, agriculture, transport, logistics, tourism and manufacturing of building materials.

In particular, agreements have been signed for construction of a hydrometallurgical plant, on cooperation in development of a copper mine, on building a grain terminal in Golestan province of Iran, on cooperation in a ceramic factory in South Kazakhstan Oblast and a memorandum of understanding on production of travertine.

During the period from 2005 to the 1st quarter of 2014 the gross inflow of direct investments from Iran to Kazakhstan amounted to $123.7 million. Over the same period the gross outflow of direct investments from Kazakhstan to Iran amounted to $10.4 million.

According to the Ministry of Investment and Development the volume of bilateral trade in 2013 made $620 million, while in 2012 this figure was higher, at $678 million.

During President Nazarbayev’s meeting with his Iranian counterpart Hassan Rouhani yesterday September 9, the Kazakh leader mentioned the declining volumes of trade between the two countries but expressed his confidence that this would not last long.

President Nazarbayev said that the trade turnover between Kazakhstan and Iran may reach about $1 billion by the end of 2014. Next year, taking into account the launching of a new railway to Iran, the turnover might increase twofold and reach $2 billion. The President believes even this number can be topped.

Kazakhstan and Iran are to sign agreements worth half a billion dollars, Tengrinews reports citing the press service of the Ministry of Investment and Development.

The press release distributed during the Kazakhstan-Iran Business Forum that took place in Astana on September 9 states that the fields of cooperation are geology, metallurgy, agriculture, transport, logistics, tourism and manufacturing of building materials.

In particular, agreements have been signed for construction of a hydrometallurgical plant, on cooperation in development of a copper mine, on building a grain terminal in Golestan province of Iran, on cooperation in a ceramic factory in South Kazakhstan Oblast and a memorandum of understanding on production of travertine.

During the period from 2005 to the 1st quarter of 2014 the gross inflow of direct investments from Iran to Kazakhstan amounted to $123.7 million. Over the same period the gross outflow of direct investments from Kazakhstan to Iran amounted to $10.4 million.

According to the Ministry of Investment and Development the volume of bilateral trade in 2013 made $620 million, while in 2012 this figure was higher, at $678 million.

During President Nazarbayev’s meeting with his Iranian counterpart Hassan Rouhani yesterday September 9, the Kazakh leader mentioned the declining volumes of trade between the two countries but expressed his confidence that this would not last long.

President Nazarbayev said that the trade turnover between Kazakhstan and Iran may reach about $1 billion by the end of 2014. Next year, taking into account the launching of a new railway to Iran, the turnover might increase twofold and reach $2 billion. The President believes even this number can be topped.

By Dinara Urazova

trade CIS cooperation development investment Iran Kazakh Kazakhstan Middle East & Africa news Central Asia