The director of Malaysia External Trade Development Corporation (MATRADE) acknowledged Iran's important role in the region and stated that the two countries had great potential for expanding trade and economic cooperation.
MATRADE Chief Executive Officer Noharuddin Nordin told IRNA news agency on Saturday that Malaysia has good commercial and economic capacities that can be used by Iran to develop ties.
"Due to its strategic location, between Southeast Asia and the Middle East, Iran can play an important role in commercial activities among east and west Asian countries," Nordin said.
He stated that both countries abide by Islamic financial laws and had an Islamic banking system which is another reason for the two countries' cooperation.
The Malaysian official stated that the two countries should not be limited to cooperation in just a few fields and ought to have all out diverse relationship.
Iran and Malaysia have cooperated in a number of large industrial projects, many of them in the energy sector. In December 2007, the two signed a $6 billion deal to cooperate in the development of some of Iran's massive offshore gas fields.
In addition, Iran and Malaysia are working towards an extensive multilateral oil refinery deal with Syria and Venezuela. In 2008, bilateral trade between Iran and Malaysia totaled $1.43 billion, a 45 percent increase from the year before.
In June 2009, the Iran-Malaysia Businessmen Council was established in Kuala Lumpur.