Economy, Business And Markets

Luxembourg Economic Delegation Arrives

Luxembourg Economic Delegation ArrivesLuxembourg Economic Delegation Arrives

Luxembourg’s Economy Minister Etienne Schneider started his three-day visit to Iran on Monday.

He is accompanied by a Chamber of Commerce business delegation comprising 40 representatives from Luxembourg companies, the Luxembourgish daily newspaper Luxemburger Wort reported.

The delegation’s agenda includes meetings with Iranian business leaders active in the field of information and communications technology. In addition, Schneider will meet with, among others, Iran’s Minister of Economic Affairs and Finance Ali Tayyebnia.

At the beginning of the year, economic sanctions against Iran were lifted. Since then, many European companies are trying to gain new ground in the country.

According to Islamic Republic of Iran Customs Administration, Iran- Luxembourg trade stood at $26.5 million in the last Iranian year (March 2015-16), posting a 56% drop over the year before. Iranian imports accounted for almost all of the figure.

The IRICA’s latest data show Iran imported more than 930 tons of goods worth $13 million from the western European country, indicating a 17% rise over the similar period of a year before. Exports to Luxembourg were negligible during the six-month period.

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