TASHKENT, Uzbekistan, December 22. Uzbekistan’s
Fergana region and Iran’s Mazandaran province have signed a
Memorandum of Understanding to establish direct business contacts
and expand trade and economic cooperation, Trend reports via the Chamber
of Commerce and Industry.
The agreement was formalized during a meeting between the
Governor (Hokim) of the Fergana region, Khayrullo Bozorov, and a
delegation headed by the Governor of Mazandaran province, Mehdi
Rostami, who was on a working visit to Uzbekistan. The discussions
were also attended by the Ambassador Extraordinary and
Plenipotentiary of the Islamic Republic of Iran to Uzbekistan,
Mohammad Ali Iskandari.
During the meeting, both sides underscored that the expansion of
mutually beneficial partnerships would serve as a key driver of
sustainable economic growth and heightened business activity in the
two regions.
In parallel with the official talks, a business forum was
convened to facilitate deeper economic engagement. The forum
provided a platform for exchanging views on priority areas of
cooperation and for presenting concrete proposals aimed at
establishing practical and results-oriented collaboration in the
near term.
Over the past five years, bilateral trade between Uzbekistan and
Iran has doubled, rising from approximately $250 million to nearly
$500 million. Investment cooperation has likewise gained momentum:
in 2025 alone, around 250 Iranian companies either initiated or
expanded their operations in Uzbekistan, reflecting a growing
interest among Iranian businesses in the Uzbek market. Building on
this positive trajectory, the two sides have set an ambitious
target of increasing annual bilateral trade to $2 billion.
