KUALA LUMPUR: Bilateral trade between Malaysia and Iran jumped 22.7 per cent to RM1.32 billion in the first seven months of the year from RM1.07 billion in the same period last year.
For the same period, exports to Iran rose 22.2 per cent year-on-year (y-o-y) to RM1.19 billion while imports from Iran expanded 27.1 per cent y-o-y to RM127 million, said Malaysia External Trade Development Corporation (MATRADE) Chief Executive Officer Datuk Dzulkifli Mahmud. “The palm oil, petrochemical as well as electrical and electronics sectors were the main contributors to the export growth,” he told a press conference after officiating a seminar themed “Malaysia-Iran Business Opportunities: Challenges and the Way Forward”. The seminar is aimed at sharing insights on trade and investment opportunities in Iran, with a special focus on sectors such as oil and gas, agribusiness, manufacturing, halal products, power generation and tourism as well as supporting services and infrastructure.
Dzulkifli said MATRADE views Iran as a very important market for Malaysian products and services in West Asia due to the country’s strategic location and economic potential. “Moving forward, we hope we can export more products such as cars, auto parts, palm oil and services to Iran,” he said. He said Iran produces 1.5 million vehicles annually, and expressed hope that Malaysian automakers could share a slice of the market there.
He also hoped the two countries could ink free trade agreements in the future and the banking system could further facilitate the businesses of the two nations. He said an Export Acceleration Mission (EAM) comprising 37 Malaysian companies from various sectors to Tehran in May this year also generated combined potential sales of RM361.2 million. “A growing number of Malaysian conglomerates, as well as small and medium enterprises, are showing interest in doing business or resuming operations in Iran,” he said.
Dzulkifli said International Trade and Industry Minister Datuk Seri Mustapa Mohamed will lead a delegation to Tehran, the capital of Iran, from Oct 21 to 24 this year. “The mission aims to enhance bilateral economic and trade relations between Malaysia and Iran, as well as to explore trade and investment opportunities in the country,” he added. Sanctions against Iran were lifted in January 2016, opening up business opportunities in the Iranian market, which is worth about US$406 billion.
