Germany to support investing in Iran
By Aynur Karimova
Foreign companies have lined up to take advantage of cooperation with Iran after the removal of international sanctions imposed on the country over its nuclear energy program.
This comes following the normalization of relations between Iran and the West after the July nuclear deal contributed to the development of cooperation between the Islamic Republic and European countries.
This time, the German government has announced that it will support any investment in Iran.
Speaking at a meeting with Iranian Industry, Mining, and Trade Minister Mohammad-Reza Nematzadeh, German Foreign Minister Frank-Walter Steinmeier said in Tehran on October 18 that the groundwork has been laid for boosting economic cooperation between Iran and Germany.
He also expressed confidence that the lifting of sanctions against Iran will encourage German companies to increase the volume of investment in Iran.
“Banking sanctions and the U.S. are the two major hurdles for us,” the German minister said, adding that trade between the two countries faced obstacles over the past few years due to the U.S.-led sanctions.
Michael Tukas, the head of Iran-Germany Chamber of Commerce, had previously stated that the immediate prospect of sanctions relief would raise Germany-Iran trade to €6 billion in 2016.
According to formal statistics issued by German government, Iran’s imports from Germany in 2014 showed 30 percent growth in comparison to 2013 and the volume of bilateral trade increased 27 percent.
German companies have been exploring opportunities in Iran for months amid expectations that the sanctions would be lifted.
Earlier, Volker Treier, the deputy CEO of the Association of German Chambers of Commerce and Industry, said that Germany would continue to explore business opportunities in Iran regardless of the outcome of Iran’s nuclear talks with global powers.
Despite the fact that the sanctions cut Iran-Germany transactions by half, to $3 billion, Iran and Germany have moved ahead with their economic cooperation.
It is believed that Germany can be a reliable partner for Iran’s saffron, carpet and dried fruits exports to Europe.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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