..."According to
the German Deutsche Welle radio website, citing members of the German
chamber of commerce, trade volume between Iran and Germany could rise to
12 billion euros if sanctions are removed..."
Mon May 18, 2015 5:42AM
Der Spiegel says the federal government expects a strong increase in German exports to Iran if sanctions are lifted.
The
federal government expects a strong increase in German exports to Iran
if sanctions against Tehran are removed after an anticipated completion
of nuclear negotiations at the end of June, Der Spiegel says.
The
German Federal Ministry of Economics estimates that Iran needs $100
billion of investment each year, the weekly news magazine said.
“Iran must not only renew its infrastructure, it also needs modern cars, machinery and pharmaceuticals,” it said.
Before
the tightening of sanctions four years ago, German exports to Iran
amounted to four billion euros a year. The Federal Ministry of Economics
estimates trade volume to grow significantly higher if sanctions are
lifted, Spiegel said.
The paper touched on a visit by Iran’s
Minister of Petroleum Bijan Zangeneh to Berlin on May 7 to promote
investment attractions in his country.
“He had breakfast with
representatives of VW Group and Linde, held talks with small and
medium-sized enterprises and energy experts and reckoned with German
Economy Minister Sigmar Gabriel what huge opportunities lie ahead in the
construction of Iran's energy sector,” it said. German Economy Minister Sigmar Gabriel, left, receives Iran’s Minister of Petroleum Bijan Zangeneh in Berlin on May 7.He
reportedly told Spiegel that his country could open up markets in the
region, including in Iraq, Turkmenistan, the Central Asia and Azerbaijan
to foreign companies.
Several German delegations, including industry owners and investors, have visited Iran in recent weeks.
Germany
has long been Iran’s key trade partner in Europe but relations have
nosedived in recent days. In 2013, bilateral transactions plunged below 2
billion euros.
Iran and the P5+1 group of countries, of which
Germany is a member, are working on a nuclear agreement under which
sanctions on the Islamic Republic would be lifted.
According to
the German Deutsche Welle radio website, citing members of the German
chamber of commerce, trade volume between Iran and Germany could rise to
12 billion euros if sanctions are removed.
HB/HB
