Malaysia’s private and state-owned firms are to increase investment in Iran’s construction and energy sectors, an official said. “The Iranian construction and energy sectors are lucrative businesses that attract Malaysian investors,” said Zulkifli Abdullah, a political and economic advisor at the country’s embassy in Tehran. He added that the total investment by his country in Iran has reached $60 billion, 20 percent of which have been in the construction sector and the rest in energy and other fields, ISNA reported. Iran needs to build 1.5 million new residential units per year and the government has ambitious plans on its agenda. Iran’s Housing Minister Mohammad Saeidikia recently invited domestic and international investors to explore projects in 30 different regions. Trade between Iran and Malaysia has increased substantially since 2002, with Iran becoming Malaysia’s fourth largest trading partner in West Asia after the United Arab Emirates, Saudi Arabia and Turkey. However, the volume is small compared to Malaysia’s overall global trade and there is room for further expansion, according to a statement by the Iranian Embassy in Kuala Lumpur. The maturing relationship between Malaysia and Iran forms the basis of current Iranian penetration into Southeast Asia and Malaysia’s access to the Persian Gulf states.
INCREASED TRADE BETWEEN MALAYSIA AND IRAN
Malaysia’s private and state-owned firms are to increase investment in Iran’s construction and energy sectors, an official said. “The Iranian construction and energy sectors are lucrative businesses that attract Malaysian investors,” said Zulkifli Abdullah, a political and economic advisor at the country’s embassy in Tehran.
