Kazakhstan, Iran to increase trade to $2 billion

ASTANA. Dec 11 (Interfax) - Astana and Tehran have agreed to increase trade to $2 billion, the presidential press service said.

"We've agreed to significantly increase trade between our countries to bring it to $1 billion at the first stage and to $2 billion at the next one. We possess the potential required for that," the press service quoted President Kassym-Jomart Tokayev as saying at a Kazakh-Iranian business forum on Thursday.

Last year, trade between Kazakhstan and Iran exceeded $340 million, Tokayev said. "This year it is projected to increase many times," he said.

Tokayev also mentioned strengthening investment ties between the two countries. Iran invested over $226 million in the Kazakh economy over the past 20 years, and over 350 entities opened by the Iranian business community successfully operate in Kazakhstan now, he said.