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EghtesadOnline: Iran exported close to €10 million worth of commodities to Denmark in 2017, indicating a 37.7% rise compared with the previous year.

Imports of Iran from the European country last year amounted to €250 million, showing an 11% increase year-on-year, based on the latest Eurostat figures shared with Financial Tribune.

Iran-Denmark trade in 2017 stood at about €260 million, registering an 11.84% rise compared with 2016. This makes Denmark the 11th biggest trade partner of Iran from among the 28 member states of the European Union over the period after Italy, France, Germany, Spain, the Netherlands, Greece, Belgium, Romania, Sweden and Austria.

Denmark’s Danske Bank signed a €500 million finance contract with 10 Iranian banks on Sept. 21 to become the second European lender to sign such an agreement with Iran after Austria’s Oberbank following the removal of nuclear sanctions, according to Financial Tribune.

Denmark’s former foreign minister and deputy prime minister, Kristian Jensen, led an economic delegation to Tehran a few days before the implementation of the nuclear deal in January 2016.

“There can be no doubt that Iran is the ‘next big thing’ and with the lifting of sanctions and the reopening of the Iranian market, there is a big potential for Danish companies that have the capacity to engage in the Iranian market,” Jensen said in a statement.

Denmark’s Novo Nordisk, the world’s biggest producer of insulin, is investing $78 million to establish a factory in Iran for producing insulin and other diabetes-related drugs.

 

Iran Denmark Trade