Post the decision to lift economic sanctions against Iran, leading figures in the business community were quick to speak on the potential that the region has.
In a LinkedIn blog post, WPP’s Chief Executive Sir Martin Sorrell pointed out the youthful, literate and technology-hungry consumers awaiting the arrival of Western products and brands.
“Doing business in states once considered pariahs, or on a journey back to acceptance by the international community, or with interests that conflict with those of Western powers, will always attract a degree of controversy. This will not deter companies from investing,” Mr Sorell said.
True to his word, WPP has inked a pact, through its data investment management arm, Kantar, with Rahbar Bazaar Market Research Institute in Iran, giving the global insights network a foothold in the Iranian market.
Rahbar Bazaar was set up as a market research agency in 2003 by Afshin Vafadar and Azam Alibabaei, who both have backgrounds in market research. Rahbar Bazaar’s clients include MCI, Henkel, Unilever, Hayat, & BAT Pars.
“There’s been a very high level of interest in Iran among our clients since the easing of the sanctions. With a population of over 80 million people, Iran presents a significant growth opportunity for many of our global clients,” commented Stephen Hillebrand, CEO MENAP, Kantar Insights.
The affiliation is expected to help develop new business opportunities in this important growth market.
“Rahbar Bazaar is excited about affiliating with Kantar in order to address the needs of our local clients and to attract new multinational clients. We believe that access to Kantar’s global network of market research experts, its proprietary consumer insight and technology tools and its market research ‘best practices’, together with our dedication, local insights and expertise, along with our young motivated team will make a compelling service offering.” said Mr Vafadar.
In the Middle East and Africa, WPP companies including associates generate revenues of over US$1 billion and employ around 37,000 people.
