Merkel's Vice Chancellor Planning Iran Visit 'in near Future'

Germany's Vice Chancellor and Economy Minister Sigmar Gabriel plans to visit Iran soon, his ministry said Tuesday, hours after world powers and Tehran reached a historic nuclear deal.

"There is great interest on the part of German industry in normalizing and strengthening economic relations with Iran, all the more so after today's agreement in the nuclear talks," his ministry told AFP in a statement.

"That's why the ministry is considering an Iran trip in the near future," it said.

The German Chambers of Commerce and Industry said its head Eric Schweitzer had been invited along on a trip from Sunday to Tuesday with Gabriel, who is deputy to Chancellor Angela Merkel as well as economy and energy minister.

The agreement finalized in Vienna aims to ensure the Islamic republic does not obtain nuclear weapons and grants relief from crippling international sanctions to the energy-rich country of 78 million people.

The deal reached by the United States, Russia, China, Britain, France and Germany will lead to the lifting of sanctions that have slashed the oil exports of OPEC's fifth-largest producer by a quarter and unblock billions in frozen assets.

German Foreign Minister Frank-Walter Steinmeier called it "a historic day for everyone who wants to see this dispute settled peacefully".

Ulrich Grillo, head of the Federation of German Industries, said that as sanctions are lifted two-way trade between Germany and Iran could surge from 2.4 billion euros ($2.6 billion) last year to over 10 billion euros annually in coming years.

Grillo pointed to pent-up demand in modernizing Iran's industrial infrastructure, especially in the oil industry, which he said offered "big market opportunities" for German engineering companies.

He said German companies now needed ways to finance investments and do business in Iran, calling for the quick resumption in the country of the SWIFT banking network for international cash transfers.

Iran has the world's fourth largest oil reserves and the second in gas, meaning it has the biggest combined energy deposits.

Iran's oil ministry has announced it intends to attract up to $100 billion of foreign investment to modernize the sector, which has been underdeveloped for a decade.