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Bosch To Resume Operations in Iran
The Bosch Group is setting up a 50-member office in Tehran, Iran, this year to resume operations in the country after a hiatus caused by economic sanctions imposed there by the West.
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The Bosch Group is setting up a 50-member office in Tehran, Iran, this year to resume operations in the country after a hiatus caused by economic sanctions imposed there by the West.
The company’s move mirrors steps by Daimler, Renault, PSA Group and Suzuki to reestablish a local presence in the country. Bosch first marketed products in Iran in 1924 and began manufacturing there in 1971. Its Iranian operations will be coordinated by the company’s regional subsidiary in Turkey.
The country’s vehicle product is likely to expand 9% this year to more than 1 million units. Bosch anticipates especially strong demand in Iran for new commercial vehicles.
Iran’s economy is expected to grow 5% this year. Bosch notes that the country’s population is highly educated, with half its citizens under the age of 25 and 20% living in the Tehran area.
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