“German firms are studying the prospects of investing in Iran on a large scale in coming years,” Soltani told Tasnim on Monday.

Stressing that Iran cannot rely on China and South Korea alone in order to restructure its domestic industry, he said that Germany, as one of the world’s industrial powers, can play a major role in modernizing the country’s industrial and manufacturing systems.

Soltani added that Germany is eyeing to invest in Iran’s petrochemical, chemical products, household, oil, and car industries.

According to figures released by the Customs Administration of Iran, the Islamic Republic imported $1.27 billion worth of goods from Germany in seven months, starting 21 March 2016 – the start of the current Iranian calendar year of 1395.

Germany is now the fifth main exporter to Iran and the leading European country with a significant level of trade activities with the Islamic Republic.

The top four exporters to Iran – as figures relating to the same seven-month period showed – are China ($5.71 billion), the UAE ($4.98 billion), South Korea ($1.88 billion) and Turkey ($1.55 billion), figures released by the Customs Administration of Iran showed.

The top importers of Iranian non-oil commodities and services over the same period have been China ($4.43 billion), the UAE ($3.88 billion), Iraq ($3.50 billion), Turkey ($2.50 billion) and South Korea ($1.95 billion).

A majority of Iran’s exported items are downstream products such as condensate, liquefied petroleum gas, gas oil, propane and others.

Key items imported during the period have been cattle feedstock, soy, rice, auto spare parts and vehicles.

Figures released by Iran’s Customs Administration last month showed that the country’s non-oil exports to Europe for a period of five months starting March 21, 2016 had increased by 21 percent. Top importers were accordingly identified as Italy, Spain and Germany.