Car parts maker Bosch to open business, hire staff in Iran

Reporting "Asre Khodro", "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," said Uwe Raschke, Bosch's management board member responsible for Europe, the Middle East and Africa.

"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.”

A number of foreign carmakers, including Renault (RENA.PA), Daimler (DAIGn.DE), Peugeot Citroen (PEUP.PA) and Suzuki Motor Corp (7269.T) have announced plans to re-enter Iran or step up production there since the United States and Europe partially lifted sanctions in January, under a deal with Tehran to limit its nuclear program.