IRAN – The Bosch Group has revealed that it is set to establish a new regional presence in Tehran, the capital of Iran. Bosch hope that opening the new premises will help the group to tap into one of the most promising growth markets in the Middle East in the years ahead. The group have revealed that all of the business sectors for the supplier of technology and services will operate in Iran. Bosch have also stated that, by the end of the year, they expect to employ around 50 associates there. The company has had a long-standing connection to Iran as Bosch first began selling their products in the country in 1924.

Uwe Raschke, the Bosch board of management member responsible for Europe, Middle East and Africa, was enthusiastic about the announcement, saying “We are delighted to be back in Iran. In our quest to pick up speed quickly, we are benefiting first and foremost from reestablishing contact with former local partners and customers. The country’s potential is tremendous. We expect to see the Iranian economy grow by just under five percent this year. The medium term is also highly promising.”

More than half of the nearly 80 million inhabitants of the country are under 25 years old and also highly educated. Just over 20% of the country’s population lives in the Tehran area, which is now a dynamic economic region with a rapidly developing IT infrastructure. The Iranian government have already announced plans to invest more than 40 billion U.S. dollars in local infrastructure in the years ahead, including projects such as expanding airports, rail networks, and energy supply.

Commenting on this government investment, Raschke said “We can support the country’s modernization process with a wide range of products and solutions, including mechanical engineering applications, solutions for connecting infrastructure and energy and building technology, as well as innovative household appliances and power tools.”