FRANKFURT -- Germany's Bosch Group is opening an office in Tehran and plans to hire 50 staff by the end of this year as the group's automotive division sees growing potential in Iran's car market following the lifting of international sanctions.
"We are delighted to be back in Iran. In our quest to pick up speed quickly, we are benefiting first and foremost from re-establishing contact with former local partners and customers," Uwe Raschke, Bosch's management board member responsible for Europe, the Middle East and Africa, said in a statement.
"The country's potential is tremendous. We expect to see the Iranian economy grow by just under 5 percent this year. The medium term is also highly promising."
Bosch expects more than one million vehicles to be produced locally in Iran this year, about 9 percent more than 2015.
A number of foreign carmakers, including Renault, Daimler, PSA Group and Suzuki Motor Corp. have announced plans to re-enter Iran or step up production there since the U.S. and Europe partially lifted sanctions in January, under a deal with Tehran to limit its nuclear program.