A Bosch Service sign is reflected in a car door while a product expert for diagnostics equipment of German auto parts supplier Robert Bosch analyses a car in a workout garage in Plochingen near Stuttgart April 15, 2013. REUTERS/Michaela Rehle

FRANKFURT (Reuters) - German auto parts supplier Robert Bosch is opening an office in Tehran and plans to hire 50 staff by the end of this year because it sees growing potential for 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,” 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.