Iran president eyes trade boost during Malaysia visit

Hassan Rouhani on 2-day trip to Malaysia to boost trade relations following lifting of United Nations sanctions 

Iran president eyes trade boost during Malaysia visit

World Bulletin / News Desk

Iran's president has arrived in Malaysia's capital Kuala Lumpur for the second leg of tri-nation tour of Southeast Asia in which he aims to boost trade relations following the lifting of United Nations sanctions.

Hassan Rouhani's two-day working visit is his first to Malaysia since assuming the presidency in 2013. He is accompanied by Foreign Affairs Minister Mohamad Javad Zarif, senior cabinet ministers and senior government officials. 

The Malaysian Foreign Ministry said in a statement Friday that a bilateral meet with Prime Minister Najib Razak in administrative capital Putrajaya is expected to see both leaders witness a signing ceremony for an Extradition Treaty between Malaysia and Iran.

"Both sides are expected to take stock, as well as expand the scope and substance of bilateral relations in various fields such as trade, investment, oil, energy, education, capacity building and tourism," it added.

It said that following the lifting of sanctions, Malaysian companies have refocused attention on Iran, with greater interest in exporting goods and services to the nation.

In January, most sanctions were lifted against Iran after a United Nations watchdog reported it had complied with a nuclear weapons deal. 

Iran, which has an estimated market worth $406 billion, is an important trading partner for Malaysia among West Asian countries.

Total trade between the two stood at 1.03 billion Ringgit ($247 million) between January and June this year, an increase of 11.7 percent if compared to the corresponding period last year.

Malaysia's major exports to Iran in 2015 were palm oil, chemicals and chemical products and crude natural rubber, while major imports from Iran were agricultural products, petroleum products and crude fertilizers and minerals.

Güncelleme Tarihi: 07 Ekim 2016, 15:09