The National Chamber of Commerce and Industry of Malaysia (NCCIM) has urged the government to send a high-level visit to Iran to enable Malaysian businesses to make inroads into its market.

Its Secretary-General, Datuk Seri Syed Hussien Al Habshee said it was aware that Foreign Minister Datuk Seri Anifah Aman visited Iran in May 2016, followed by a business delegation led by Malaysia External Trade Development Corporation (MATRADE).

"Concerns and fears surrounding Malaysia-Iran bilateral banking risks need to be resolved - and perhaps, the much earlier signed Bilateral Payment Arrangement (ought to) be put back into operations to facilitate trade development," he said in a statement today.

While applauding the government's efforts, NCCIM said Malaysia could still unleash a more coherent strategic thrust in seeking opportunities in Iran.

"Hence, a high-level visit by the government accompanied by captains of industry, will add impetus in the pursuit of economic opportunities, he added.

It is reported that Iran records a healthy and robust annual growth of six per cent, while the World Bank expects it will grow nearly seven per cent in 2017.

"The lifting of trade sanctions on Iran is set to ignite the interest of many countries to embark on a high-level government delegation to tap into the opportunities," Syed Hussien said.

Boasting the world's fourth largest oil reserves and world's second largest stock of gas reserve, he said Iran's oil and gas accounts only ten per cent of its gross domestic product at the moment.

"Even before the actual lifting of sanctions, Iran had been receiving high-level visits from 26 countries, including Russia, China, South Korea, Vietnam, and Pakistan.

"It was reported that Iran-China were in discussions for over US$600 billions of economic deals, covering a timeframe of 10 years and Korea's visit memorandum of understanding has led to deals worth about US$37 billion were signed," he added.