German industrial group Siemens has signed deals to work on Iran’s railway infrastructure as it anticipates the lifting of Western economic sanctions against Tehran following a nuclear deal reached last year, economic times reported.
“After the sanctions are lifted, Siemens and Iran intend to engage in talks on improving infrastructure in the rail sector,” a Siemens spokesman said, declining to give further details about a memorandum of understanding (MoU) which was signed.
Any of the agreements will only take effect after the sanctions have been lifted.
For decades, Germany was Iran’s biggest European trading partner.
German exports to Iran were valued at 4.7 billion euros ($5.1 billion) in 2010 but have fallen as the West tightened sanctions imposed over Iran’s nuclear programme.