German Economy and Energy Minister Visits Iran to Regulate Ties

Published By : 20 Jul 2015 | Published By : QYRESEARCH

Sigmar Gabriel, German Economy and Energy Minister flew to Iran on Sunday as the first top western official since Tehran and world powers reached a historic nuclear deal. 

Mr. Gabriel ventured the three-day trip with a group of industry officials, a handful of delegation of representatives from companies and the sciences, said his ministry in a company statement. His visit involved talks with Iranian President Hassan Rouhani and many other ministers after the last Tuesday’s landmark nuclear agreement.  

The head of the German Chambers of Commerce and Industry who is also a companion of Mr. Gabriel called the overall trip an encouraging sign for companies prohibited from doing business with the Gulf state due to many western sanctions. Eric also called for German companies to allow legal protection for upcoming investments made in Iran just in case Tehran violated the nuclear deal and imposed traded embargo once again. These criteria would give companies the required legal security to return to Iran. 

By history, Germany and Iran were close trade partners. However, business dropped off due to the sanctions slopping down to €2.4bn last year from a value of €8bn in 2003-2004, according to German figures. Eric also added that bilateral trade could increase four-folds in the coming two to three years and reach around €10bn. 

According to the international agreement clinched in Vienna, the contract aims to ensure Iran does not obtain nuclear weapons. The country will be offered relief from the incapacitating international sanctions in exchange.  
Moreover, German business leaders have pointed to close up the demand in Iran’s industrial infrastructure, especially in the oil sector that caters lucrative opportunities. Many companies such as car parts, engineering, chemical, railway and pharmaceutical are aiming for big contracts. 

Iran has one of largest gas, oil reserves and energy deposits in the world. The oil ministry has plans to attract around $100 bn of foreign investment to develop and improve the sector which has stayed underdeveloped for about a decade.

However, critics say that when Mr. Gabriel signs the agreement, he should think about the regime critics, the condemned, the tortured, and the people sitting in prisons, added Jabbari Fariborz.    
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