German flavors and fragrances manufacturer Symrise has established its own site in Tehran, Iran, as of Apr. 14, 2016, strengthening its presence in the Middle East. The company will establish sales offices and application-specific laboratories at the site, known as Symrise Parsian.

Symrise said it wanted to use the knowledge gained on site to develop tailored products for the Persian Gulf region, notably for local and international customers in the food and beverage industry, as well as for manufacturers of perfumes, body care and household care products.

With a population of around 80 million, of which 50% is under the age of 30, there is a lot of demand for products such as high-quality perfumes, cosmetics and foods, said Mohammad Faieghi, managing director of Symrise Parsian, adding that the total market potential is estimated to be more than €100 million.

Symrise has had business relationships in the country for more than 40 years. It said Iran’s location between Europe, Russia and the Persian Gulf States makes it an important hub, opening a variety of trading opportunities for the future, including with Asia.

Iran has the fourth-largest oil reserves in the world and already ranks among the 20 largest economies. The World Bank forecasts that Iran’s GDP will grow by 5.8% in 2016 and by 6.7% in 2017. This compares with growth of 1.9% in 2015.