Iran says Germany is preparing to implement an action plan to invest €3 billion in different industries of the Islamic Republic. 

Ali Majedi, Iran’s ambassador to Germany, said the investments will be made through a consortium comprising six German banks.

Majedi emphasized that the related agreements for this will be signed during the visit to Tehran by the German Vice Chancellor and Economy Minister Sigmar Gabriel.

He added that Iran and Germany have over the past months devised fast track economic cooperation plans and that those plans include the development of power plants and generation of electricity.

A recent agreement that Germany’s Siemens signed with Iran’s MAPNA Group to transfer the technology of gas-powered turbines is an example of such plans, the Iranian envoy said.

Others, he added, concern producing electric and diesel locomotives as well as train cars and providing the signaling systems for Tehran-Isfahan - and probably Tehran-Mashhad – tracks.

Majedi further emphasized that Germany’s Volkswagen plans to transfer the technology to Iran to produce two of its models – what he said will be part of the same fast track plans devised by the two countries.

Gabriel is expected to arrive in Tehran on Sunday evening heading a major business delegation.

He has already announced that a German-Iranian business commission will meet for the first time in 15 years during his stay in the country, emphasizing that concrete business deals will also be announced.

The German minister was one of the first high-ranking foreign officials to visit Iran immediately after a series of economic sanctions against the country were lifted in January.

He canceled a scheduled trip to Iran to attend a meeting of Iran-Germany Economic Commission for the first time in 15 years early May, citing poor health.

By Press TV