Malaysia sees Iran as gateway to financial presence in West Asia
Azerbaijan, Baku, Nov. 25 / Trend A. Yusifzade /
Malaysia plans to create eleven major trading networks under the name 1MDS worth $600 million in the next five years, Press TV agency quotes Dato' Seri Jamil Bidin, director general of the Halal Industry Development Corporation (HDC).
"The main goal in expanding the trading network is the introduction and spread of Malaysian products not only in Iran, but also in West Asia," Jamil Bidin.
The first trading network 1MDS for sale of food and beverages, cosmetics and clothing will open in Tehran in July 2011.
In October, export of Malaysian goods to Iran totaled $350 million, IRNA quotes the head of Iran's Chamber of Commerce Mohammad Nahavandian, as reporting.
Last year, export of Malaysian goods to Iran amounted to $800 million.
"Malaysia is interested in increasing trade turnover and sees Iran as a gateway for its financial presence in West Asia," Nahavandian said.