Malaysian traders seek to strengthen ties with Iran

According to media reports, Malaysian businessmen seek to strengthen ties and develop trade cooperation with Iran. In a meeting held by MICCI (Malaysian International Chamber of Commerce and Industry) and hosted by Malaysia External Trade Development Corporation in collaboration with Iran ASEAN Business Council, Malaysian businessmen were invited to make investments in Iran to improve relations between the two countries.

Mohammad Hafez Hokmi, the Secretary of the first exhibition and investment opportunities in Malaysia, said Iran’s GDP has been improving for two years, and its strategic location as well as its free trade zones in the north and south make the country a great opportunity for Malaysian investors. Accordingly, a Memorandum of Understanding (MoU) was signed between Malaysian International Chamber of Commerce and Industry (MICCI) and Iran ASEAN Business Council.

In 2015, trade turnover between Malaysia and Iran stood at $532 million. Both countries are eager to increase this number to $1 billion in the short term.