News ID: 134255
Published: 0737 GMT January 03, 2016

DIHK: Germany-Iran trade will ‘kick off strongly’

DIHK: Germany-Iran trade will ‘kick off strongly’

German industry is expecting a double-digit percentage increase in exports to Iran in 2016 as the sanctions over Tehran‘s nuclear program are set to be lifted in the coming weeks.

 

"We are hopeful that things will kick off strongly and that we can easily achieve double-digit export growth in 2016," Volker Treier, chief economist at the German Chambers of Industry and Commerce (DIHK) told DPA.

If sanctions are lifted in January, bilateral trade between Germany and Iran could double to five billion euros in the next three years and reach 10 billion euros over the next five to seven years, Treier said.

Bilateral trade stood at 2.69 billion euros in 2014. The DIHK has stated that the economic sanctions against Iran are hampering German economic growth and hurting especially medium-sized firms which depend heavily on trade with Iran.

   
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