Banking, transportation are main challenges in Iran-Malaysia trade

Malaysian Ambassador to Iran Datuk Rustam Yahaya said banking relations and transportation are the main challenges facing Iran and Malaysia in the way of boosting economic relations, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

The official made the remarks in a meeting with ICCIMA Deputy Head for International Affairs Mohammadreza Karbasi and Head of Alborz Chamber of Commerce Rahim Banamolaie on Wednesday.

The ambassador also pointed to the significant increases in the shipping companies’ insurance costs in the past few months, and called for mutual cooperation between the two countries to circumvent the U.S. sanctions.

Yahaya further announced the Malaysian prime minister’s upcoming visit to Iran in October, suggesting that a business forum be held during the PM visit.
The official also informed about the next Iran-Malaysia joint economic committee meeting which is due to be held in Kuala Lumpur.

In the meeting, Banamolaie for his part, mentioned Alborz province’s factories and industrial zones including pharmaceutical plants as great opportunities for Malaysian investors and businesses for expansion of trade with Iran.

He also proposed to establish a joint financial and marketing organization in order to solve the financial and banking problems.
Joint investment and production without transferring money, supply of goods, exchange of tourists, and strengthening cooperation between Malaysian Chamber of Commerce and its

designated chamber in Iran [which is the Alborz chamber] were among other issues that were discussed in the meeting.

source: Tehran Times