Economy, Domestic Economy
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Germany’s North Rhine-Westphalia Delegation in Tehran

Germany’s North Rhine-Westphalia Delegation in TehranGermany’s North Rhine-Westphalia Delegation in Tehran

A commercial delegation from Germany’s North Rhine-Westphalia, headed by the state’s Minister of Economic Affairs, Energy and Industry Garrelt Duin, arrived in Tehran on Tuesday.A commercial delegation from Germany’s North Rhine-Westphalia, headed by the state’s Minister

The Germans plan to discuss ways of enhancing bilateral cooperation and joint investments with Iranian economic players and business owners, Tehran Chamber of Commerce, Industries, Mines and Agriculture’s news portal reported.

“Representatives of 60 companies and economic firms accompanying the delegation are eager to invest in Iran’s industries. During the visit, they will explore opportunities to finance projects in the country,” Duin said.

He noted that banking issues pose the main obstacle to economic interactions and their removal is being seriously discussed.

Masoud Khansari, head of TCCIMA, said lack of sufficient capital for carrying out projects is a challenge enterprises face in the country and German companies can assist Iranian economic players in this respect.

He added that between 2002 and 2006, close to 32% of all foreign investment in Iran were made by German companies. “Among subjects of mutual interest are joint investments in the fields of automotive, steel, water and sewage, pharmaceuticals, chemicals, renewable energies and tourism,” he said.

Trade between Iran and Germany in 2005 and up to the imposition of western sanctions against Iran over its nuclear program amounted to some €4.4 billion, with NRW, the country’s most populous state, accounting for a quarter of the sum.

Financialtribune.com