Trade between Iran and Denmark during the 11 months to Nov. 30, 2017, stood at over €293 million, registering a 20% rise compared with the similar period of last year, based on the latest Euro stat figures shared with Financial Tribune.

Iran’s exports to the European country experienced a 34% rise year-on-year to reach €8.66 million. Imports from Denmark into Iran amounted to over €284.8 million, showing a 19% increase YOY.

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 the removal of nuclear sanctions following Austria’s Ober bank.

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 thereby 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 Nordic, 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.