Malaysia's Minister of International Trade and Industry, Datuk Mustapha Mohammad called on expansion of trade and industrial ties between his country and Iran.
"We seek to boost the volume of trade between the two countries," IRNA news agency quoted the Malaysian minister as saying on Tuesday.
According to him, oil and its by-products are the major items exported from Iran to Malaysia while electronic products and palm oil are the major imported items.
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, according to the Mehr news agency.
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.