Siemens signs Iran rail contract as Germany drums up business

Germany’s Siemens signed a contract to upgrade Iran’s railway network on Monday, one of several deals agreed by German firms during a two-day visit to Tehran by Economy Minister Sigmar Gabriel.

Gabriel has flown to Iran with a planeful of 120 managers who are keen to re-establish business relations with the Islamic Republic after it reached a landmark deal with world powers last year to scale back its disputed nuclear program.

But political concerns, and a range of U.S. sanctions still in place, have so far held back a hoped-for business boom. Continue reading