German economy minister in Iran next week

A large German delegation headed by Economy Minister Sigmar Gabriel will be visiting Tehran next week to discuss expansion of political and economic cooperation, a senior Iranian energy official has said. 

The 60-strong delegation will include representatives of big German industrial companies such as Linde and Siemens, Amir-Hossein Zamaninia, Iran's deputy oil minister for commerce and international affairs, said.

The delegation, visiting on the invitation of Iranian Minister of Petroleum Bijan Zangeneh, will discuss the mode of cooperation between the two countries after the removal of sanctions. 

Gabriel, who is also Germany’s vice chancellor, will meet with President Hassan Rouhani and Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh, Energy Minister Hamid Chitchian, Central Bank Governor Valiollah Seif as well as members of the chamber of commerce. 

Zangeneh visited Berlin on May 7 and met with representatives of VW Group and Linde. He also held talks with small and medium-size enterprises and energy experts and reckoned with Energy Minister Gabriel what opportunities lie ahead in the construction of Iran's energy sector.

Meanwhile, several German delegations, including industry owners and investors, have visited Tehran recently. 

Before the tightening of sanctions four years ago, German exports to Iran amounted to four billion euros a year.

Germany's Federal Ministry of Economics estimates trade volume to grow significantly higher when the sanctions are removed, the weekly Spiegel news magazine said in May. It reckons that Iran would need $100 billion of investment each year.

Germany has long been Iran’s key trade partner in Europe but relations have nosedived in recent years. In 2013, bilateral transactions plunged below 2 billion euros.

Last year, German exports to Iran surged 30% to reach 2.4 billion euros as a result of partial lifting of the Western sanctions. According to the 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 the sanctions are voided.