Economy, Domestic Economy

Malaysian Private Sector Delegation in Iran

Malaysian Private Sector Delegation in IranMalaysian Private Sector Delegation in Iran

A 36-strong trade delegation comprising representatives of the Malaysian private sector arrived in Tehran on Monday to discuss approaches for enhancing interactions with their Iranian counterparts. The visiting delegation was to join Dzulkifli Mahmud, chief executive officer of Malaysia External Trade Development Corporation, also known as MATRADE, who arrived in Iran on Thursday, IRNA reported. “We plan to sign a memorandum of understanding with the Iranian side on preferential trade to promote commercial ties between the two countries,” said the Malaysian official. Malaysian companies are active in a wide range of fields, including oil and gas equipment, control and maintenance systems, machinery spare parts, air pumps, detergents, medical and hospital equipment and services, plastic and aluminum products, glass doors and windows, flooring, lighting products, electricity cables, disposable medical products, spices, juice, chocolate, ice-cream and margarine oil. Representatives of these companies are part of the delegation visiting Iran. An official with MATRADE announced that Malaysia is planning to use Iran as a corridor for trade with other regional countries and is ready to establish a representative office in Anzali Free Trade Zone in the northern Mazandaran Province. On Saturday, Dzulkifli toured Anzali and took stock of the Caspian port’s strategic location along the International North-South Transport Corridor as well as the array of incentives offered to investors owing to its free trade zone status, including tax exemption and liberal import and export regulations. Tehran-Kuala Lumpur trade stood at around $500 million last year, indicating more than a 10% decrease compared to the preceding year. Palm oil accounts for about half of Malaysia’s exports to Iran.