OREANDA-NEWS. On 18 August 2008 was announced, that a delegation of business circles of the Islamic Republic of Iran headed by Trade Minister Said Masoud Mirkazemi is staying in Uzbekistan on 29-31 July. The ninth session of the Iran-Uzbekistan Intergovernmental commission for trade and economic cooperation was held in Tashkent on 30 July

The Iranian delegation includes representatives of large Iranian companies working in the sphere of oil and gas, construction, textile, pharmaceutical, food industries, as well as motor-car construction, trade, etc.

The activity of Intergovernmental Commission for Trade and Economic, Scientific and Technical Cooperation plays vital role in the strengthening and development of bilateral relations. The commission's last, eighth, session was held in Teheran in February 2007.

At this year's 9th session the Iranian side was familiarized with the economic development of Uzbekistan, investment climate, as well as the opportunities of expanding investment cooperation in the sphere of chemical industry, pharmaceutics, agricultural products processing.

Iran is among top 10 economic partners of Uzbekistan. Commodity turnover between Uzbekistan and Iran made up USD 565 million in 2007, while Uzbekistan has positive trade balance worth USD 506.2 million (exports comprising USD 535.6 million and imports standing at USD 29.4 million). The main export items are cotton fibre, ferrous and non-ferrous metals, organic fertilizers, silk, etc.

More than 117 joint ventures are operating in Uzbekistan today, including 24 companies with 100% Iranian capital which are engaged in the production of consumer goods, textile and agricultural products, building materials, carpets, and services. 29 representative offices of Iranian firms and companies are registered in the Ministry of Foreign Economic Relations, Investments and Trade of Uzbekistan.

Iranian businesses are very interested in the establishment of mutually beneficial contacts with the Uzbek enterprises, creation of joint ventures, implementation of various investment projects. The visit of the delegation of Iranian business representatives has once again showed the interest in the fixing bilateral business ties with the Uzbek partners.