TEHRAN � Iranian companies and firms provide around $500 million worth of technical and engineering services to Kazakhstan (per annum), IRIB news agency reported on Wednesday.


�The value of trade between Iran and Kazakhstan is about $280 million,� Head of Iran-Kazakhstan Joint Business Council Amir Abedi was quoted as saying.

Considering the $500 million worth of technical and engineering services provided to Kazakhstan, the figure reaches $800 million, he added.

Abedi made the remarks on the sidelines of a business forum between Iran and the CIS countries in Tehran.

Mentioning the presence of 400 Iranian companies in Kazakhstan providing technical and engineering services, the official noted that the prospect of trade between the two countries for the next 5 years is set to reach $5 billion.

Stating that mining, agriculture, engineering and technical services and consumer commodity groups could be potential areas of cooperation between Iran and Kazakhstan, Abedi added, �to increase trade relations between Iran and Kazakhstan some obstacles need to be removed among which banking and visa problems could be mentioned�.

In April 2016, Kazakh and Iranian governmental and private partners signed memoranda of understanding (MOUs), yielding almost $1 billion in bilateral trade.

The contracts are expected to open a new era of cooperation between the two countries, cementing ties in other areas including trade, transportation, technology, industry, banking, shipping, railways, information technology, and energy.

Among Central Asian nations, Iran has the strongest political and economic ties with Kazakhstan, which is the biggest country in the region.

Tehran Times