Jan 5, 2014, 3:34 PM
News Code: 80980861
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German trade official vents over missing out on Iran business deals

Berlin, Jan 5, IRNA -- A German trade official voiced deep frustration over the fact that his country was missing out on lucrative business deals with Iran, the online site of the weekly SPIEGEL news magazine reported Sunday.

Daniel Bernbeck who is the head of the German-Iranian Chamber of Industry and Commerce in Tehran expressed serious concern that Germany was to lose the lucrative Iranian market as other western investors were flocking to Tehran in the wake of the November 24 Geneva nuclear accord.

While German trade competitors from countries like Italy, France

and even the US are trying to enter Iran's profitable energy and automobile sector, German companies stand to lose out on the multi-billion euro business contracts, according to Bernbeck.

Now the planes from Europe are "full of Italians," Bernbeck quips, including managers from Italian energy giant Eni.

He added France was also on the move. In a deal worth billions, the French are about to renew their licensing contract for supplying Peugeot spare parts to Iranian automaker Iran Khodro.

"And the Americans are already here with ExxonMobil, Chevron

Corporation and other US companies," Bernbeck said, adding, "They

are responsible for renovating the old oil production facilities and refinery industry, as well as exploring new oil fields. That's a huge multibillion-euro business."

For many years, Iran was the most important export market for Germany in the Middle East and North Africa.

With the imposition of western sanctions over Tehran's nuclear program, many Asian and European companies have replaced German firms in the Iranian market in recent years.

More than 40,000 German jobs are indirectly affected by German-Iranian trade exchange, according to business insiders.

German exports to Iran are especially vital to mainly small and mid-size German companies that are the backbone of the country's export strength.