Iran and Kazakhstan signed a memorandum of understanding (MoU) to set up joint shipping company.

During the signing ceremony, Kazakh delegation voiced their interest to use Iran's unique location for promoting trade with Commonwealth of Independent States through North-South Corridor.

According to KazInform, signed by the head of Kazakh State Transport Company Askar Mamin and Managing Director of Iran Shipping Lines Mohammad Saeedi, the deal stipulates the establishment of joint venture company, development of Inche Boroun Port and port terminal in Bandar Abbas as well as Port of Aktau in Kazakhstan.

Mamin referred to his country's programs for boosting trade with China and regional states, saying that Kazakh State Transport Company is ready to make its equipment available to Iran's shipping lines.

With the establishment of Iran-Kazakhstan joint venture company, exports of Iranian goods to Commonwealth of the Independent States and vice versa will increase.

The two countries' exchanges in the current Iranian year to March 20 stood at $354 million. Iran's exports and imports to the country amounted to $187 million and $167 million respectively.

A major portion of Iranian exports to Kazakhstan included nuts, pistachio, date, cement, petrochemicals, construction materials, fruits, detergents, types of paints and rubber and plastic products while Iranian imports encompass wheat, barley, ironware and steel and oil seeds, IRNA reports.