Managing Director of Malaysia External Trade Development Corporation (MATRADE) Dzulkifli Mahmud stressed the need for expansion of economic ties with Iran in post-sanctions era, saying that he is to visit Tehran along with an economic delegation next month.
He made the remarks in a seminar on 'Iran New Commercial Opportunities in presence of Malaysian economic activists and Iran's Ambassador to the country, Marzieh Afkham.
He referred to numerous commercial opportunities in Iran, saying that his country is keen on expansion of mutual trade ties with Iran.
He said that Malaysia has longstanding trade relations with Iran, and that Iran was one of the biggest commercial partners of the country prior to the sanctions.
A large number of Malaysian firms such as oil and gas companies were engaged in the Iran in the past, but the sanctions highly affected the relations, he said.
Mahmud further noted that Iran-Malaysia trade stood at 487 million dollars in 2015, down by 12 percent due to a sharp decline in oil prices.
Malaysia's imports from Iran last year also fell by 25.6 percent to 34 million dollars from 46 million dollars the year earlier, he said.
Malaysian imports from Iran include date, dried fruits, grapes and petrochemicals.
'We are trying to promote trade ties with Iran in the coming years,' he said.