On Friday, Iran and Kazakhstan agreed to sign bilateral agreements aimed at speeding up joint industrial projects and easing financial challenges for contractors, as both countries seek to strengthen bilateral trade.

Iranian Minister of Industry, Mine and Trade Seyyed Mohammad Atabak and Kazakh Minister of Industry and Construction Qanat Sharlapaev agreed during their meeting to put in place bilateral memorandums of understanding between responsible agencies, in order to provide a framework for cooperation and accelerate defined projects, according to Iran's industry ministry, The Caspian Post reports, citing Nournews.

The two sides also agreed to create mechanisms facilitating the issuance of bank guarantees to secure joint project implementation and support active companies in relevant sectors, addressing a key financial challenge for contractors and industrialists.

Sharlapaev welcomed the proposals and voiced Kazakhstan's readiness to provide legal and executive frameworks for a more active presence of Iranian companies in Kazakh industrial projects.

The meeting, described as an important step in strengthening economic relations in the Eurasian region, concluded with an emphasis on continued expert consultations to finalize the MoUs.