News ID: 151894
Published: 0725 GMT May 23, 2016

German trade official calls for facilitating business with Iran

German trade official calls for facilitating business with Iran

Director of the international division at the Hamburg Chamber of Commerce urged European banks and insurance companies to facilitate trade with Iran.

According to IRNA, Corinna Nienstedt pointed out that German banks have started some transactions with Iranian banks and the financing for some German companies' export transactions has been provided.

She noted that the German DZ Bank AG has provided financing for a number of Iranian projects while some local banks are also supporting Iranian projects in cooperation with non-German banks.

EU Commission should talk to the United States to resolve banking problems faced by the European exporters, Nienstedt said.

Referring to the recent agreement between Iran and Italy's SACE insurance company and the decision by the latter to start business in Iran, she said that Germany's Hermes Insurance Company should also take a similar approach.

She said that European countries are competing for presence in Iran, adding that a major trade delegation from Hamburg is expected to visit Iran in November.

According to the polls, the German entrepreneur said German traders have a positive view on working with Iran.

There are good opportunities for German companies in Iran particularly in the fields of machine manufacturing, medical technology and production of petrochemical products.

In 2015, trade exchanges between Iran and Germany stood at €2.4 billion and this figure is expected to reach €5 billion in the short term and €10 billion in the long run.

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