$960m paid to support knowledge-based firms

March 12, 2022 - 17:35

TEHRAN – The Innovation and Prosperity Fund has paid a total of 240 trillion rials (nearly $960 million) to support knowledge-based companies over the current [Iranian calendar] year (ending March 20).

The Fund supports the knowledge-based companies for the commercialization of innovations and inventions, the application of knowledge and research achievements, and domestic production and provides financial assistance, facilities, and partnerships, IRNA reported.

In general, the ultimate goal of the Innovation and Prosperity Fund as a development institution is to help the country’s economic prosperity through the fields of knowledge and technology.

A total of 240 trillion rials (nearly $960 million) has been paid to support knowledge-based firms during this year.

In addition to knowledge-based companies, this fund also helps non-knowledge-based technology companies in cooperation with research and technology funds to develop the country's innovation and technology ecosystem.

Technology advancement

Today, the country's knowledge-based ecosystem accounts for more than 3 percent of GDP. And the figure is projected to reach 5 percent, however, the main goal is to step toward a 10 percent share in GDP, Sattari told Fars on February 13.

The share of knowledge-based companies in the country's economy has exceeded 9 quadrillion rials (about $34 billion), and since 2019, it has experienced a growth of more than 450 percent, he stated.

The knowledge-based ecosystem is a newly-emerged ecosystem but has so far been able to solve many of the country's problems.

The Innovation and Prosperity Fund affiliated with the Vice Presidency of Science and Technology has earmarked a sum of 170 trillion rials (nearly $650 million) to support knowledge-based companies over the past 4 years.

There are currently 6,263 knowledge-based companies operating in the country, offering advanced products and services in various fields of technology to domestic and foreign markets, and some of them have entered international markets, Siavash Maleki, deputy head of the Fund, stated.

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

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