Labor Ministry allots $18m to support nanotech companies

January 16, 2022 - 16:50

TEHRAN – The Ministry of Labor and Social Welfare allocated 5 trillion rials (nearly $18 million) facilitating the process of creating specialized employment through the support of nanotechnology companies.

A joint cooperation agreement was signed on Sunday between Deputy Labor Minister Mahmoud Karimi Biranvand, and secretary of the Nanotechnology Innovation Council, Saeed Sarkar.

Under the agreement, the two organizations will commit to using each other’s capacities to promote employment in the country through nanotechnology. In addition to the benefit of private nano-sector companies from the facilities provided, the possibility of developing the domestic market as well as the export market of nano-products.

It also contributes to sustainable employment and the path of job creation can be provided towards the use of university graduates and the development of knowledge-based businesses active in the nanotechnology sector. It is also possible to prevent the migration of graduates by creating a suitable business environment in the country.

The agreement seeks to support companies that have the potential to produce nano products.

Identifying, evaluating, and introducing competent technological projects to the Ministry of Labor, implementing empowerment programs for companies to enter the semi-industrial or industrial production stage, assisting the development of the domestic and foreign market, providing incentives to export products, empowering and creating employment for university graduates to reduce elite migration, providing consulting services to qualified applicants, are among the responsibilities of the Nanotechnology Council.

Unemployment hits lowest rate in 25 years

According to the Statistical Center of Iran (SCI), the unemployment rate for people aged 15 and above fell to 8.9 percent this fall (September 23-December 21, 2021), recording the lowest rate in 25 years.

Accordingly, 63.1 million of the country’s population are in the age group of 15 years and older, 40.9 percent of whom, equal to 25.8 million people, have been economically active, i.e. they are in the group of employed or unemployed.

An examination of the changes in the economic participation rate shows a 0.5 percent decline compared to the same period last year.

The SCI said the figure was the lowest on record for Iran’s labor market since 1996 although it insisted that a lower jobless rate did not necessarily mean that Iran had created more jobs over the past year.

“This declining trend does not mean more employment but it is due to the spread of the coronavirus disease which has caused many young adults to leave the labor market after failing to find a proper job,” said the report.

“We are witnessing a reduction in active population and as a result, the jobless rate has been declining,” it added.