TEHRAN – Germany’s Minister for Economic Affairs and Energy Sigmar Gabriel says a new chapter has opened in economic ties between Iran and Germany.

“German companies desire sustainable and everlasting economic cooperation with Iran,” Gabriel said in a press conference in Tehran after meeting with Iranian Oil Minister Bijan Namdar Zanganeh on Monday.

German companies will embark on boosting bilateral industrial ties and modernizing Iranian industries after sanctions are lifted against Iran, he added.

German industrial giants along with tens of smaller companies, headed by the German minister, arrived in Tehran on Sunday to discuss economic cooperation following conclusion of Iran’s nuclear talks with the P5+1 group.

Linde, Siemens, Mercedes, BASF, Volkswagen Group, and GIZ are among the big German companies whose representatives accompany the delegation.

*** Automotive, environment, and energy projects prioritized

Germany places the top priority on automotive, renewable energy, petrochemical, and environment protection projects, and are ready to improve cooperation with Iran in these areas, Gabriel said.

More than 2,000 companies have got membership of the Iran-Germany Joint Chamber of Commerce, he added.

There will be no limitations for the two countries to boost economic relations if the sanctions against Iran are lifted, he noted.

Gabriel said there was “great interest on the part of German industry in normalizing and strengthening economic relations with Iran” after the nuclear accord was signed.

****Holding joint committee meeting after 14 years

Iranian Oil Minister Bijan Namdar Zanganeh said for his part that the two countries will hold their 5th joint economic committee meeting after 14 years of delay in late summer or early autumn.

He urged the German side t revive lost investment opportunities in Iran. “German companies have lost opportunities in Iran’s oil and petrochemical sectors in recent years and attempt to revive the opportunities.”

The German Federation of Industries believes exports to Iran could rise to more than 10 billion euros ($10.9 billion) in the medium-term, up from 2.4 billion euros in 2014.

In the years of sanctions against Iran, German exports to the country fell from a high of 4.4 billion euros in 2005 to 1.8 billion euros in 2013.

President of the Association of German Chambers of Industry and Commerce Eric Schweitze told the German news agency DPA the nuclear agreement had been a clear turning point.

German Ambassador to Tehran Michael Freiherr von Ungern-Sternberg has already said that German companies are keen to boost links with Iran and directly invest in the country.  

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.  

*******Highlight*******

Germany places the top priority on automotive, renewable energy, petrochemical, and environment protection projects, and are ready to improve cooperation with Iran in these areas, Gabriel said.