Malaysia wants to build stronger economic ties with Iran after generating $670 million in total trade in the first 11 months of 2005, and Iranian President Mahmoud Ahmadinejad seems like a willing partner. On Thursday, Ahmadinejad proposed that Malaysia and Iran establish a jointly owned bank.
"Iran will assist to realise this idea. We will sit side-by-side and work together to tap the global market," he said. "There is no limitation to what we can do. We have many opportunities to multiply our speed of progress in the economy."
Malaysian Foreign Minister Syed Hamid Albar has said Iran's activities are in line with international law and regulations, particularly the NPT. The state-owned oil company also holds investments in Iran's South Pars gas field together with France's Total and Russia's Gazprom.
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