President Hassan Rouhani said Tehran and Kuala Lumpur are determined to take their relations to the level before the tightening of anti-Iran nuclear-related sanctions in 2011 and 2012.
"In the next phase, they will quickly expand cooperation twofold," Rouhani said in a joint press conference with Malaysian premier, Najib Razak, in Putrajaya on Friday, President.ir reported.
International sanctions on Iran were lifted under its nuclear pact with world powers that went into effect in January 2016.
While international firms are rushing to tap Iran's lucrative market, Rouhani said Tehran is keen to see Malaysian presence in Iran's economy.
"We welcome Malaysian investments in oil, gas and petrochemicals sectors. The two countries can also work in the halal food domain," he said.
Razak said he discussed obstacles that hinder closer mutual collaboration with Rouhani.
The two countries' central banks should "immediately develop new mechanisms" to pave the way for Iranian and Malaysian businesses that seek to work with each other.
Rouhani embarked on a tour of southeastern Asia on Wednesday, taking him to Vietnam, Malaysia and Thailand. After his two-day stay in Vietnam, Rouhani arrived in Malaysia on Friday.
Thailand will be the last stop on the presidential tour, which will host Rouhani, along with some heads of other Asian states, in the Second Asia Cooperation Dialogue Summit.
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