German companies have been hoping to win billions of euros from contracts after the Iranian nuclear agreement was reached.
"German businesses see the agreement as an encouraging sign. If economic sanctions are lifted by mid-year, business with Iran can pick up markedly in the second half of 2015”, Felix Neugart, a foreign trade expert at Germany's DIHK Chambers of Commerce and Industry, said. Experts suppose that exports may double by 2020.
Last year, the value of German shipments to Iran rose by almost 30% to 2.4 billion euros after some sanctions had been suspended. "In the long-term, trade could definitely be in the double-digit billions," Neugart said. Germany has a potential interest in Iran due to its rich natural resources and large consumer market.
Moreover, German products and services are still much in demand in Iran. Neugart noted that interest in German machines and facilities remained high. Prospects are also good for the motor, chemical, pharmaceutical industries, as well as medical devices and renewable energy.
