Head of the Tehran Chamber of Commerce Masood Khansari says Iranian companies are ready to launch joint investment with German companies in auto manufacturing, oil and gas industries, pharmaceuticals and new energies.

Khansari told Bavarian State Minister of Economic Affairs and Media, Energy and Technology, Ilse Aigner, that after lifting of sanctions, Iranian and German private sector officials exchanged visits and their discussions partly resulted in conclusion of contracts.

He said the volume of exchanges has now increased by about 25 percent.

He added that Iran-Germany trade value was about four billion dollars before severance of sanctions and the figure is expected to reach 10 billion dollars.

"As a country having age-old relations with Iran, Germany can have extensive trade with us but one of the big obstacles on the way of the trade is banking problems."

The official said three Iranian banks of Sina, Middle East and Parsian will open up branches in the Bavaria state.