Annual bank loans paid to knowledge-based firms up over 108%

May 27, 2022 - 15:23

TEHRAN – Iranian banking system paid 669.4 trillion rials (about $2.585 billion) of facilities to 1,362 knowledge-based companies in the past Iranian calendar year 1400 (ended on March 20), to register a 108.2 percent rise compared to the preceding year 1399.

As reported by Mehr News Agency, Bank Mellat accounted for the biggest share of the paid facilities with 112.9 trillion rials (about $436 million), followed by Bank Melli with 94.4 trillion rials (about $364.6 million) of offered facilities.

The Islamic Republic has developed plans to support and empower knowledge-based companies as a step forward to materialize the goal of the year which is “Knowledge-based Production and job creation” as the economy is fighting the U.S. sanctions.

Back in April, Iranian Industry, Mining, and Trade Minister Reza Fatemi-Amin said supporting knowledge-based products was one of the country’s new priorities in setting foreign trade policies for the current Iranian calendar year (started on March 21).

“One of our priorities in foreign trade is to export knowledge-based goods instead of raw or semi-raw materials,” Fatemi-Amin said.

“This year, considering the slogan of the year which is “Knowledge-Based Production and Job-Creation”, we are completely revising the criteria for selecting the country’s top exporting companies, so that companies exporting knowledge-based goods are given more importance and would be among the top manufacturers,” the minister said.

The law for promoting and supporting knowledge-based companies was approved by the Majlis (Iranian parliament) in 2010, paving the way for a jumpstart in the march toward scientific progress.

Over the past couple of years, the concept of ‘knowledge-based company’ has changed to ‘knowledge-based society’, meaning that supporting knowledge-based companies will lead to many social and economic advantages for the public.

The number of knowledge-based companies has increased from around 50 in 2013 to more than 5,700 in the previous Iranian calendar year.

Currently, many knowledge-based companies are active in different fields, ranging from information and communication technology to health, agriculture, and energy.

Various knowledge-based companies have made advancements in different fields, however, the level of progress in the fields of health, ICT, agriculture, and energy has been more noticeable. Of course, other sectors such as the automotive industry have removed many bottlenecks so far.

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