Iran-Germany trade expected to improve in 2020

May 13, 2020 - 14:32

TEHRAN - Iran-Germany Joint Chamber of Commerce predicts that trade between the two countries is going to increase by up to 15 percent in the current year following the establishment of appropriate infrastructure by Iran's financial institutions, IRNA reported.

According to the Federal Statistical Office of Germany (Destatis), economic relations between Iran and Germany are improving despite the U.S. sanctions.

The trade between the two sides reached €394 million in the first quarter of this year, Reuters reported.

Meanwhile, the Iran-Germany Chamber of Commerce also sees a promising outlook for bilateral relations in the remaining months of 2020.

Michael Tockuss, a board member at German-Iranian Chamber of Commerce says that in recent months most of the exchanges between the two countries have been pharmaceuticals and medicine, and it is hoped that other items will be added to the basket by facilitating financing.

According to Tockuss, Iranian banks have had a better performance than their German counterparts in creating infrastructure and financing exports, and now there are enough financial resources to carry out larger projects.

EF/MA

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