Date: Thursday 24-Apr-14

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The Malaysia- Iran Business Council opens in KL

Category: Announcements

The Malaysia- Iran Business Council (MIBC), which was officially opened in Kuala Lumpur, yesterday, is expected to further enhance business ties between both countries.

Speaking at the opening of MBIC, Iranian Ambassador Mahdi Khandagh said there were a number of sectors in Malaysia that would be able to draw potential investors, citing the agriculture, fisheries, tourism, education, oil and gas (O&G), nanotechnology and biotechnology related industries.

Being confident that Malaysia is an attractive investment destination for Iranian business community, he expects increase investments inflows from Iran into Malaysia.

Meanwhile, Abadi said Iran and Malaysia had entered into investment projects valued at US$50 billion (RM175 billion) over the last four years. These projects were mainly in the oil industry, property development, transportation and power plant.

Meanwhile, MIBC Chairman, Abbas Zarifian said the association would initially serve the local business community with the aim to extend its services to the countries in the region, including Thailand, Singapore and Indonesia.

With the MIBC, traders and investors could now source for new business opportunities as well as seek joint venture partners in Iran and vice versa, Abbas said.

In terms of trade, bilateral trade between the Islamic Republic of Iran and Malaysia last year was more than RM5 billion, up 45 % from 2007.

Malaysia's exports to Iran comprised manufactured goods such as electronics and electrical appliances, machinery and spare parts and rubber products while imports from Iran included chemical, petroleum including crude and refined, transport equipment, iron and steel and agricultural products.

Adapted from NST Business Times and StarBiz, 5 June 2009


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