A high-ranking trade delegation from Germany, led by the country’s economy and energy minister Sigmar Gabriel, will travel to Iran next week.
The German delegation will visit Iran at the invitation of Iranian Oil Minister Bijan Namdar Zanganeh, the IRNA news agency reported on Friday.
Representatives from renowned German companies, such as Siemens and Linde, will accompany the delegation.
The delegation is scheduled to hold meetings with Iran’s Industry, Mining, and Trade Minister Mohammad Reza Ne’matzadeh, Energy Minister Hamid Chitchian, Oil Minister Bijan Namdar Zanganeh, and Central Bank Governor Valiollah Seif on ways to boost bilateral cooperation once sanctions on the Islamic Republic are lifted.
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.
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.