World Economy

Malaysia Banks Ready to Resume Ties

Malaysia Banks Ready to Resume TiesMalaysia Banks Ready to Resume Ties

The CEO of Malaysia External Trade Development Corporation (MATRADE) Dzulkifli Mahmud said that big Malaysian banks are ready to resume ties with Iranian banks.

Speaking on the sidelines of Iran-Malaysia joint trade meeting on Saturday in the Iran Chamber of Commerce, Mahmud said senior officials from the Central Bank of Malaysia , Maybank and some other big banks which had suspended collaboration with Iran during the sanction era are now keen on resuming relations, IRNA reported.  

He said the volume of trade between Iran and Malaysia increased by 8% during the first 6 months of the current Iranian calendar year to October 21. The value of Iran-Malaysia trade was $532m in 2015 and both countries want to boost it to $1 billion.

MATRADE chairman reiterated that Malaysia is interested to boost cooperation with Iran in different fields, namely oil, gas, auto, Halal food industry, electricity, information technology and communication, renewable energies and automation industry.


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