Uzbekistan–Iran Business Forum рeld in Tehran

On 11 May, the capital of the Islamic Republic of Iran, Tehran, hosted the Uzbekistan–Iran Business Forum, where prospects for further expansion of bilateral trade and economic cooperation were discussed.

The forum opened with keynote addresses by the Prime Minister of the Republic of Uzbekistan, Abdulla Aripov, and the First Vice President of Iran, Mohammad Reza Aref.

In their remarks, the speakers emphasized that such business forums serve as effective platforms for boosting business ties, expanding mutually beneficial partnerships between the business communities, and exploring new areas of cooperation. It was noted that trade relations between the two countries have shown steady growth, with bilateral trade reaching US$500 million and the number of joint ventures exceeding 210.

During the forum, participants conducted an in-depth analysis of untapped potential and identified new areas for growth. As a result of the discussions, a portfolio of promising projects and trade and economic agreements worth around US$1 billion was formed.

In his speech, the Prime Minister of Uzbekistan drew attention to the large-scale reforms being carried out under the leadership of President Shavkat Mirziyoyev, aimed at fundamentally improving the business climate and creating favorable conditions for foreign investors. He noted that Uzbekistan’s gross domestic product has doubled in recent years and, according to the International Monetary Fund, surpassed the US$100 billion mark for the first time. The goal is to increase this figure to US$160 billion within the next five years. In the first quarter of 2025 alone, the country’s economy grew by 6.8%.

More than US$70 billion in foreign direct investment has been attracted into the Uzbek economy in recent years, with around US$14 billion allocated to social and infrastructure development projects in cooperation with international financial institutions.

Special attention is being paid to sustainable development. By 2030, the country plans to increase the share of renewable energy sources to over 50% of its total energy mix.

Uzbekistan is also rich in mineral resources, including rare earth metals, offering broad prospects for deepening industrial cooperation.

To support entrepreneurship, the government has implemented extensive institutional and tax reforms. More than 200 licenses and permits have been abolished, the number of taxes has been reduced from 13 to 9, and several tax rates have been significantly lowered. The foreign exchange market has been fully liberalized, with all restrictions on the repatriation of profits lifted.

The VAT rate has been reduced from 15% to 12%, and corporate income tax now ranges from 5% to 15% depending on the type of activity. The agricultural and social sectors are fully exempt from income tax.

Uzbekistan annually produces about 25 million tons of high-quality fruits and vegetables, with agricultural and food exports amounting to around US$2.5 billion per year.

It was also noted that the country has a broad network of preferential trade agreements with various states, and Iranian entrepreneurs were encouraged to make greater use of the benefits offered by the industrial zones in the Khorezm and Samarkand regions.

The event brought together over 100 representatives of Uzbek businesses, ministries, and government agencies. Participants presented innovative projects and proposals for expanding cooperation and held B2B meetings to foster business partnerships.