Iranian delegation to market technological products in Venezuela

January 11, 2021 - 17:2

TEHRAN – An Iranian trade and technology delegation will travel to Venezuela on February 20 with the aim of marketing homegrown knowledge-based products.

Headed by Vice President for Science and Technology, Sourena Sattari, the delegation will hold bilateral meetings and set up a special exhibition of knowledge-based products, ISNA reported on Monday.

Planned by the Center for International Interaction of the Vice Presidency for Science and Technology, the event will discuss the conditions for the development of scientific and technological relations between the two countries.

Technology development in Iran

Despite sanctions putting pressure on the country, a unique opportunity was provided for business development and the activity of knowledge-based companies in the country.

Currently, some 5,000 knowledge-based companies are active in the country, manufacturing diverse products to meet the needs of the domestic market while saving large amounts of foreign currency.

The fields of aircraft maintenance, steel, pharmaceuticals, and medical equipment, oil and gas are among the sectors that researchers in technology companies have engaged in, leading to import reduction.

In recent years, the vice presidency for science and technology has been supporting knowledge-based companies active in the production of sanctioned items.

Earlier in October 2020, Sattari told the Tehran Times that “U.S. sanctions caused exports of knowledge-based companies to decline three years ago, however, it has returned to growth and is projected to reach the pre-sanctions level of more than $1 billion by the end of the current [Iranian calendar] year (March 20, 2021).

Fortunately, last year, companies achieved a record sale of 1.2 quadrillion rials (nearly $28.5 billion at the official rate of 42,000 rials), which is expected to increase by 40 percent this year.”

To date, 42 knowledge-based companies with a total value of 2.8 quadrillion rials (nearly $66.6 billion) have been listed on the stock exchange and they will soon turn into the biggest businesses in the county, Sattari said.


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