Large German Business Delegation Visits Tehran

A large German business delegation led by Sigmar Gabriel, the country's Minister of Economy, will travel to Tehran on Sunday, July 19, just five days after the announcement of the nuclear agreement between Iran and the P5+1 group. According to the Associated Press, this delegation will discuss the return of German companies to the Iranian market during its three-day visit. Reports indicate that the German Minister of Economy is scheduled to meet with the President and the Ministers of Oil, Industry and Trade, Economy, Foreign Affairs, as well as the Governor of the Central Bank of Iran. This is the first European economic delegation to visit Tehran following the nuclear agreement. According to IRIB news agency, several executives from companies such as Daimler, Mercedes-Benz, Volkswagen, Siemens, and the Federation of German Industries are among the members of this delegation. Based on the annual report of Iran's Customs, Germany had over $335 million in imports and approximately $2.5 billion in exports to Iran in 2013. Additionally, according to the latest monthly report from Iran's Customs, Germany's imports from Iran in the first quarter of this year exceeded $65 million, while its exports to Iran during the same period exceeded $441 million. However, the Federation of German Industries has expressed hope that Germany's exports to Iran will increase to over €10 billion in the next three to four years. In May, Iran officially offered German companies the opportunity to invest in the development phases of South Pars and the transfer of its gas to Europe. Following the announcement of the nuclear agreement between Iran and the P5+1 group, European companies, especially German, French, Italian, Spanish, and British, have announced plans to send economic delegations to assess the situation and prepare for their return after the lifting of sanctions. Meanwhile, Sebastian Kurz, Austria's Foreign Minister, announced on Saturday that the President of Austria will visit Tehran in September this year.