The Kazak president made the statement after his private talks with President Mahmoud Ahmadinejad who arrived in Astana on Monday for a two-day official visit.
The two presidents attended a joint press conference after discussing ways to further develop Tehran-Astana relations and cooperation.
Kazakhstan is one of the important countries of Central Asia and is the focus of Iran's foreign policy.
President Nazarbayev said that Iran plays a significant role both in regional and international arenas.
Referring to bilateral relations, the Kazak president said the two capitals enjoyed good neighborly relations and heralded bright prospect for Tehran-Astana ties.
The Kazakh president welcomed recent remarks made by US President Barack Obama on making nuclear weapons free world.
Referring to the issue of establishing a nuclear fuel bank, a proposal backed by the US, Nazarbayev voiced Kazakhstan’s readiness to establish the bank.
“If a nuclear fuel bank is to be established, Kazakhstan has the ability to do so,” Nazarbayev said.