Malaysian Companies Seek To Increase Exports to Iran.

Coming under the umbrella of the Malaysia External Trade Development Corporation (MATRADE), the companies also raked in spot sales worth 953,870 Malaysian Ringgit (270 141.707 U.S. dollars) during the show which ended on Oct 9. "Encouragingly, the Malaysian delegation managed to meet up with more than 450 potential agents and distributors in Iran during the four-day event," said Noraslan Hadi Abdul Kadir, the Dubai-based Malaysian trade commissioner. He said six Malaysian companies were also successful in appointing agents for the Iranian market. The participating firms showcased various products such as heat exchangers, pressure vessels, switchgears, electrical and electronic goods, plastic injection moulds, fingerprint readers, rubber tiles, circuit breakers, playground equipment and other items. Noraslan Hadi said the Malaysian delegation saw significant opportunities in various sectors of the Iranian economy such as infrastructure, construction, agriculture, auto parts, tools and machinery, chemicals and electronics. It was Malaysia`s fourth consecutive participation in the Iranian fair in an effort to boost exports to Iran, a member of the Organisation of the Islamic Conference (OIC) with a population of around 70 million. "The continued Malaysian participation is considered a compulsory exercise, especially with the increasing requests coming from industries in Iran," said Noraslan Hadi. Besides Malaysia, a number of international companies were present at the exhibition, including those from China, India, Turkey and Romania. Bilateral trade between Malaysia and Iran stood at $1.016 billion U.S in 2007. During the first eight months of 2008, exports from Malaysia to Iran were recorded at RM1.606 million (454 828.836 U.S. dollars), an increase of 10.2 percent over the same period in 2007. Malaysia`s major exports to Iran include palm oil, chemicals and chemical products as well as agricultural products. According to the Middle East Economic Digest (MEED), Iran`s economy is expected to grow by over five percent during 2008-2009, mainly as a result of high oil prices. Noraslan Hadi encouraged Malaysian companies to further explore the potential of this growing market. 2008/10/18

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