Iran’s Ministry of Industry introduces new support package for knowledge-based companies

(MENAFN) The Iranian Ministry of Industry, Mining, and Trade has introduced a new support package aimed at boosting the export of knowledge-based and innovative products, as reported by Mehr News Agency on Tuesday. This initiative is designed to significantly enhance the export of high-tech and technological products by providing various forms of support to businesses in these sectors.

The support package includes several key measures to facilitate export growth. These measures encompass discounts on import and export tariffs for relevant products, prioritization of imports for raw materials and equipment essential to supported companies, and streamlining legal and administrative processes associated with export and import activities. Additionally, the package offers consulting and specialized services to assist companies in navigating export and import challenges.

The foundation for such support was established by the law on supporting knowledge-based companies and commercializing innovations, which was enacted by the Iranian parliament in 2010-2011. This legislation aimed to promote a knowledge-based economy by fostering growth in sectors focused on innovation and technological advancements.

In recent years, particularly under the previous administration, efforts to support knowledge-based companies have intensified. During the early period of former President Ebrahim Raisi’s administration, the number of knowledge-based companies in Iran increased dramatically from approximately 6,474 to 9,215 within less than two years. This substantial growth underscores the government's commitment to enhancing local production in the knowledge-based and private sectors. Furthermore, the expansion of these companies has led to an impressive 8.4-fold increase in employment within the sector, with over 420,000 individuals now engaged in knowledge-based jobs.

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