Corinna Nienstedt, director of the international division at the Hamburg Chamber of Commerce urged European banks and insurance companies to facilitate trade with Iran.
She made the remarks in the third Transatlantic Assembly meeting on Iran, Saudi Arabia Conflict and the West.
German banks have started some transactions with Iranian banks and the financing for some German companies export transactions has been provided, Nienstedt said.
She noted that the German DZ Bank AG has provided financing for some Iranian projects and some local banks in the European country as well are supporting Iranian projects in cooperation with non-German banks.
EU commission should talk to the United States to resolve banking problems faced by the European exporters, Nienstedt said.
The official then referred to the recent agreement between Iran and Italys SACE Insurance Company agreement and the decision by the latter to start business in Iran and encouraged Germanys Hermes Insurance Company to make a similar approach adopted by its Italian rival.
She said that European countries are competing for presence in Iran, adding that a big trade delegation from Hamburg is expected to visit Iran in November this year.
According to the polls, the German entrepreneur said, German traders have a positive view of working with Iran.
There are good opportunities for German companies in Iran particularly in the areas of machine manufacturing, medical technology and production of petrochemical products.
In 2015, the volume of trade exchanges between Iran and Germany stood at 2.4 billion euros and it is predicted to reach 5 billion euros in the short term and 10 billion euros in the long run.
Transatlantic Assembly started a three-day meeting to discuss Iran, Saudi Arabia Conflict and the West on Friday in Gummersbach, Germany.
Issues related to Iran, the conflict with Saudi Arabia and opening of Irans gates toward the West were discussed in the event.
University professors, analysts, military and security experts were among the participants of the event.
Source: ISNA - Date: (23 May 2016)