Economy, Domestic Economy

Malaysia Guidelines on Doing Business With Iran

Malaysia Guidelines on Doing Business With Iran Malaysia Guidelines on Doing Business With Iran

Malaysia’s Ministry of International Trade and Industry uploaded the “Guidelines on Doing Business with Iran” on Malaysia External Trade Development Corporation’s website on Saturday.

“The lifting of economic and financial sanctions on Iran in January of 2016 has opened up Iran’s economy for businesses to reengage with the country (Malaysia),” the announcement reads.

“The sanctions lifted on the January 16, the Implementation Day of the Joint Comprehensive Plan of Action, include sectors such as financial, banking and insurance; oil, gas and petrochemical; shipping, shipbuilding and transport; gold, other precious metals, banknotes and coinage; and software. Malaysian companies can now take advantage of this latest development to establish business linkages with Iran,” it continued.

According to the guideline, potential products that Malaysian companies could offer the Iranian market are oil and gas, raw material and semi manufactured products, industrial supplies and equipment, automotive and automotive parts, chemicals and chemical products, building materials, medical devices, rubber products and foodstuff.

Also, the services they could offer are those related to the oil and gas sector; consultancy on machinery and improvement processes technologies; maintenance, repair and operations for aerospace and maritime; and all services related to airports, rails and infrastructures.