Tuesday December 23, 2008
PM wants closer banking ties with Iran
By TEH ENG HOCK
TEHERAN: The banking and financial sectors of Malaysia and Iran should work more closely together to facilitate trade between the two countries.
Prime Minister Datuk Seri Abdullah Ahmad Badawi said Malaysian and Iranian banks should explore the potential and enhance cooperation in Islamic banking and finance.
Citing the interest of Iran’s Mellat Bank to open an offshore branch in Labuan, he said the presence of the bank in Malaysia would support the development of various economic activities between Iran and Malaysia.
“When this project becomes a reality, it will be another milestone in the area of financial cooperation between our two countries.
“On the issue of financing, I am aware that a Malaysian company involved in certain construction projects in Iran has encountered some difficulties in obtaining the services of the Exim Bank of Malaysia,” he said, adding that the problem was being addressed.
Cordial ties: Ahmadinejad greeting Abdullah upon the latter’s arrival at his presidential office in Teheran Monday. Abdullah is on a four-day official visit to Iran. — TEH ENG HOCK / The Star Abdullah was speaking at a delegation meeting at the office of Iranian President Mahmoud Ahmad- inejad yesterday.
Among the Malaysian delegates are Foreign Minister Datuk Seri Rais Yatim, Home Minister Datuk Seri Syed Hamid Albar, Works Minister Datuk Mohd Zin Mohamed and Deputy Science, Technology and Innovation Minister Fadhilah Yusof.
Abdullah said investments between both countries had increased, with Malaysian companies Petronas and SKS Ventures being given the opportunity to participate in the oil and gas sector.
In return, he said, the National Iranian Oil Company had agreed to supply crude oil and condensate to two refineries in Malaysia.
“Iran is now Malaysia’s third largest trading partner in the Middle East. In 2007, our bilateral trade amounted to US$1.042bil (RM3.63bil) as compared to US$1.022bil (RM3.56bil) in 2006,” he said.
Abdullah, accompanied by Ahmadinejad, had earlier inspected the guard-of-honour upon arrival at the presidential office.
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