Didier Reynders said Friday that Belgium and Turkey have agreed to cooperate for construction of natural gas power plants and renewable energy projects in Iran in the wake of the removal of anti-Tehran sanctions.

“With the lifting of the embargos on Iran, there will be many changes in the energy sector and we will see new investments in the country,” Reynders said as quoted by Anadolu Agency.

“Turkish and Belgian companies are already cooperating in a number of projects,” he added.

There has been growing international interest in trade ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Iran’s nuclear program and implemented it on January 16.

The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.

China’s National Transportation Equipment & Engineering Co Ltd (CTC) is about to finalize an agreement on the $3 billion rail project to link Tehran with the northeastern holy city of Mashhad, a Chinese source told Reuters earlier.

China’s Export and Import Bank (EXIM) is likely to fund 85 percent of the cost for the 930-km (580 mile) high-speed rail project, the source added.

Dalian Shipbuilding Industry Co has likewise been in talks on building container ships and oil tankers for Iran, according to the report.

It added that Iran would need $8-12 billion to modernize its fleet of container, cargo and oil tanker ships by around 2022.

There has been growing international interest in trade ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.

The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.

The country’s Department of Foreign Affairs and Trade in a special bulletin highlighted the potentials for trade with Iran after the removal of the sanctions.

“Sectors identified for good early prospects for Australian exporters include agriculture and food; water sustainability and management; education and skills training; and the health care and well-being sectors,” it wrote in its Business Envoy.

“In the medium term there are also likely to be opportunities for Australian companies in mining and oil and gas-related areas.”

Accordingly, Australia’s Minister for Trade and Investment Steven Ciobo in the same bulletin has emphasized that the removal of sanctions against Iran “opens up the real possibilities for trade and investment with the second biggest country in the Middle East”.

“There are some unique challenges to doing business in Iran and international competition will be stiff, so it is imperative businesses prepare carefully on the basis of sound advice,” Ciobo emphasized.

Meanwhile, Australia’s Ambassador to Tehran Paul Foley has also emphasized in the bulletin that the lifting of the nuclear sanctions has already provided increased opportunities for Australian businesses to approach the vast Iranian market.

Ambassador Foley has written that there will be strong international competition for business in Iran but stressed that a number of key factors could assist Australian businesses in approaching the Iranian market.

“These include a long-standing presence by Australia in the market, a familiarity and respect between the business communities of both countries, the strong reputation for the quality of our products and a positive view of Australia and Australians by many in Iran,” he wrote in his article in the Business Envoy.

“There is good potential for increasing exports to Iran. But this will require a hard-headed focus by business on areas of Australian competitive advantage.”