Azernews.Az

By Gunay Hasanova

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.

German companies are studying the possibility of large-scale investment in the industrial sector of Iran, Deputy Head of the Chamber of Tehran Pedram Soltani was quoted as saying by Tasnim news agency reported.

He noted that a country such as Germany can play a big role in the reconstruction of the industrial facilities of Iran.

"In the upcoming years, Iran can face serious problems in the sphere of employment. Foreign investments can help in addressing this issue since the local investments are not sufficient for creating enough job places,” said Soltani.

Moreover, he stressed that German companies pay special attention to the study of the Iranian market in the chemical, petrochemical, petroleum production equipment, power plant construction and automotive industries.

Iran is the Middle East’s second-largest economy and is reported to be the largest to re-enter global markets since the Soviet Union in 1991.

The international sanctions that had crippled Iran's economy were lifted following a January implementation of a deal between Iran and world powers called the Joint Comprehensive Plan of Action (JCPOA).

Iran’s Customs Administration's statistics show that Germany exported $1.43 billion worth of goods to Iran and imported $248 million from this country during 10 months of current Iranian fiscal year, which started on March 21, 2015.

German exports to Iran were valued at 4.7 billion Euros ($5.1 billion) in 2010 but have fallen as the West tightened sanctions imposed over Iran’s nuclear program.

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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova

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