Friday, September 30, 2022

No barrier to boost trade relationships with Iran

Malaysian Minister for International Trade and Industry Mustapa Mohamed said his country sees no barrier to expansion of Kuala Lumpur-Tehran ties.

Support from financial sector will be forthcoming to take advantage of the emerging business opportunities created after lifting of the sanctions in January, Malaysian minister said in an interview with IRNA.

‘There may be some initial apprehension from the financial sector but we do not see this as a barrier,’ said he.

‘As Iran enters the global economic community, we expect to see a positive impact on the trade exchange between the two countries,’ he noted.

As he mentioned, Malaysia’s exports to Iran recorded a value of RM 1.95 billion ($488 million) in 2015 compared to RM 1.62 billion ($405 million) in 2006, an increase of over 20% despite the sanctions.

Main exports were identified as palm oil chemical products, rubber products, machinery and equipment and foodstuffs, he said.

According to him, total trade with Iran in 2015 was RM 2.09 billion ($517 million).

He further said the Iranian companies can export to and invest in Malaysia and look at the markets within Association of Southeast Asian Nations (ASEAN) to expand their business.

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