He made the remarks in a meeting with Iran's Minister of Industries, Mines, and Trade Mohammad-Reza Nematzadeh.
There are good grounds for development of cooperation between Iran and Germany and Berlin supports investment in Iran, Steinmeier added.
He noted that removal of sanctions can help boost bilateral ties because the embargos were a big obstacle in the way of expansion of ties between the two states.
Steinmeier urged cooperation between Iranian and German companies including Volkswagen automobile company as well as Siemens and Busch coporations.
Steinmeier arrived in Tehran early Saturday to attend the preliminary meeting of the Munich Security Conference slated to be held in the Iranian capital.
Steinmeier held meetings with the senior Iranian officials on recent developments in the Middle East, Syria in particular.
The preliminary meeting of Munich Security Summit hosted by the Iranian Foreign Ministry's Institute for International and Political Studies (IIPS) opened in Tehran on Saturday.
The summit was held in the presence of German and Lebanese top diplomats and high-ranking officials from 60 world states.
The 52nd Munich Security Conference is due to be held on February 12-14, 2016.
The 51st Munich Security Conference took place from 6 to 8 February 2015. Over 400 renowned decision-makers in international politics, including about twenty heads of states and governments and more than sixty foreign and defense ministers, came together to discuss the current and future issues in foreign and security policy.
By IRNA
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