Abdulla Aripov. Photo: Press Service of the Government of Uzbekistan
Uzbekistan and Iran signed agreements worth $1 billion—including trade contracts and investment project proposals—during a business forum held on May 11 in Tehran. The event took place as part of a visit by Uzbekistan’s Prime Minister Abdulla Aripov to the Islamic Republic, according to Zamin.uz.
The forum highlighted the growing trade and economic ties between the two countries. Current bilateral trade exceeds $500 million, and more than 210 joint ventures are active in Uzbekistan. However, officials noted the potential to quadruple trade volume to $2 billion.
In his address, Aripov drew attention to the market-oriented reforms being implemented in Uzbekistan, emphasizing the broad opportunities now available to entrepreneurs and investors. He also pointed out that, according to the International Monetary Fund, Uzbekistan’s GDP has surpassed $100 billion for the first time in its history.
Foreign investment continues to grow, with total inflows exceeding $70 billion in recent years. International businesses are increasingly attracted to Uzbekistan’s wealth of natural resources and rare minerals. The liberalized currency market and the absence of restrictions on the repatriation of profits further enhance the country’s appeal to investors.
More than 100 entrepreneurs, along with representatives from relevant ministries and agencies, took part in the forum. The event aimed to elevate economic cooperation and lay the groundwork for stronger bilateral ties in the coming years. As part of this effort, the two sides approved a roadmap and signed a protocol listing goods covered under a free trade agreement. They also signed memorandums of understanding on cooperation in halal product regulation, quarantine measures, and plant protection.
The Uzbek delegation also proposed that Iranian partners take advantage of industrial zones in the Khorezm and Samarkand regions.
