German Ambassador to Tehran Michael Freiherr von Ungern-Sternberg says German companies are keen to boost links with Iran and directly invest in the country.
During a meeting with members of the Tehran Chamber of Commerce, Industries, Mines, and Agriculture, the German official called for removing obstacles on bilateral trade between the two countries and paving the way for making joint investments, the IRNA news agency reporte don Tuesday.
Masoud Khansari, the chairman of the Tehran Chamber of Commerce, Industries, Mines, and Agriculture, expressed hope that once sanctions on Iran are lifted, the bilateral trade would be boosted through holding exhibitions and dispatching delegations.
After almost a decade of United Nations-backed sanctions imposed on Iran over its nuclear program, Iran's economy is in urgently needs foreign investment. Especially the country's all-important oil, gas and petrochemicals industry needs a revamp - and so do smaller sectors such textiles, pharmaceuticals and car manufacturing.
As the Iran embargo looks likely to be lifted after negotiations between Western countries and Tehran on Iran's nuclear program seem set to achieve a settlement, German firms, in particular, are eager to breathe new life into their traditional business ties with the country.
Currently, German exports to Iran amount to about 2.4 billion euros ($2.6 billion) - less than half what they were ten years ago, when sanctions were imposed. According to the German Chambers of Industry and Commerce (DIHK), that figure could easily multiply to a sum in the double-digit billions once sanctions will be lifted.
Germany was the 14th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.
Iran exported $354.17 million of non-oil goods to Germany and imported $2.33 billion of non-oil goods from the country.