Nils Schmid, the deputy minister-president and minister of finance and economics of Germany’s Baden-Württemberg State, who is currently visiting Iran has told reporters that the volume of trade between Iran and Germany stands at $1 billion.

Based on plans, this will increase by two folds in the near future and by four folds at a later stage, Schmid has been quoted by the media as saying.

He said that German companies are interested in Iran’s water consumption efficiency projects as well as energy efficiency schemes.

But a stronger participation of German companies in Iran’s projects requires steps by the Iranian government to promote the transparency of transactions.

Schmid is heading a major delegation of Baden-Württemberg businesspeople for a multiple-day visit to explore the opportunities to invest in Iran’s energy projects as well as other sectors.

He has so far met several top Iranian officials including Oil Minister Bijan Zangeneh as well as Energy Minister Hamid Chitchian.

Zangeneh told reporters after meeting Schmidt that Iran wants German firms to prepare the grounds for their investments in Iran before the sanctions are lifted as envisaged by the July nuclear breakthrough between Iran and the P5+1.

The German companies need to choose Iranian partners for the new round of their investments in Iran after the removal of the sanctions, he said.
In this round, the German companies should not think about only Iran and should also think about the regional markets, as well, he added.