REUTERS
In the wake of the framework agreement with Iran announced on Thursday, German business is now counting on multi-billion-dollar contracts with the Islamic Republic, German broadcaster Deutsche Welle has reported.
"The agreement is seen by the German economic system as an encouraging sign," said Felix Neugart, an expert on foreign trade activities of the Federal Association of Chambers of Commerce in Germany (DIHK).
If the sanctions are finally lifted in July, German exports could double over the next five years, Neugart said.
“To put it another way, trade could easily be in the tens of billions” he said.
After the removal of a number of sanctions in 2014, export volumes to the Islamic Republic increased by almost 30%, amounting to EUR 2.4 billion.
According to experts, the Islamic Republic is a region of a big potential, both due to its rich natural resources and its large consumer market.
Products and services with the brand "Made in Germany" have traditionally been in demand there. In particular, according to Neugart, "there is still very high interest in German machinery and equipment."
There are good opportunities for the automotive and chemical industries, pharmaceuticals, medical technology and renewable energy, the expert said.