Thursday May 03, 201201:52 PM GMT
Germany keen on Iran trade ties
Mon Sep 27, 2010 5:10PM
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Managing director of the German-Iranian Chamber of Commerce says German firms are still doing business with Iran despite a host of sanctions against the country.

"The business shifted from large corporations to medium-sized businesses (SMEs)," Michael Tockuss told Der Tagesspiegel on Friday.

Financial reports suggest that despite the withdrawal of several large corporations from Iran in line with UN Security Council and unilateral sanctions imposed on the country, trade with the energy rich country continues to grow.

German companies have sold goods worth 1.85 billion euros in the first six months of 2010, 14 percent more than the same period last year, the Berlin-based newspaper added.

Earlier, the business daily Handelsblatt said that German companies have been the target of 'massive blackmailing' to end their business contacts with Iran.

The newspaper said Thyssen-Krupp, Siemens, Daimler, and other business giants have hinted at being under pressure from Washington. The blackmailing tactic is simple: any company that pursues further business with Iran puts US orders of its products at serious jeopardy.

However, official figures show that exports from Germany to Iran reached €3.7 billion last year.

Iranian officials have repeatedly dismissed the sanctions as ineffective, criticizing the UN Security Council, the US and the EU for imposing sanctions over "unfounded" accusations that Tehran is following a military nuclear program.

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