Iranian Minister of Industry, Mines, and Trade Mohammad Reza Nematzadeh, who is in Berlin, said major German automakers have determined to resume their activities and investment in Iran’s market.
Speaking to reporters after his meeting with German Economy Minister Sigmar Gabriel on Monday May 30, Nematzadeh highlighted the presence of German carmakers in Iran, saying that the two countries have had long-term cooperation in production of heavy vehicles, like buses and trucks.
Cooperation between Iranian and German firms has now resumed, he said, adding, “Currently, we are deepening this cooperation in the form of joint investments.”
The Iranian minister went on to say that negotiations are progressing well and that the two sides are expected to sign contracts on joint ventures in the near future.
Iran’s automotive industry is the second largest industry of the country, after its oil and gas, accounting for 10% of the country’s Gross Domestic Product (GDP).
The industry is expected to grow significantly following a nuclear deal [JCPOA] that Iran and six world powers reached on July 14, 2015 and started implementing on January 16.