Germany eyes lifting of sanctions on Iran

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.

Read more