Tehran – The Iranian knowledge-based company participated in the 16th edition of the International Uzmetal Mache Expo, held from April 2-4 in Tashkent, Uzbekistan.
Supported by the Innovation and Prosperity Fund, 12 Iranian knowledge-based companies have shown their achievements in the fields of metallurgy, machinery and metal technology.
UzmetalMashexpo is an annual international exhibition focusing on metallurgy, metalworking, machine tool construction and welding technology. The event serves as a key platform for industry experts to showcase innovation, establish business connectivity and explore the Central Asian market.
Notable growth in knowledge-based companies
The significant and fast growth in the number of knowledge-based companies, which has grown by more than 200% over the past year (March 2023 to March 2024), shows a productive atmosphere that has become available in line with the country’s solid foundation in innovation and technology, dynamism, growth, and the goal of boosting domestic production along with public participation.
The current administration emphasizes quantitative and qualitative development of knowledge-based companies. The number of approximately 5,000 companies before the current administration took office in August 2021 now reached 10,000, totaling $2 billion.
Knowledge-based companies seem to be doing well. However, with a continuous increase in support, knowledge-based companies will acquire a brighter future.
Many knowledge-based companies operating in the capital markets have proven that they have grown to their fullest. Currently, there are 108 companies in the capital market, which is expected to grow 100% by the end of this fiscal year.
Iranian knowledge-based companies exported more than $26 million tonnes of products in the previous Iranian calendar year (ends March 19, 2024).
Based on IRICA data, approximately 1.158 million tonnes of goods were also imported into the country by knowledge-based companies from March 21, 2023 to March 19, 2024, worth $5.1441 billion.
Approximately 85% of the goods imported by knowledge-based companies came from China, reported by the United Arab Emirates (UAE), Turkey, Germany and India.
Domestic knowledge-based companies exported their products to China, Iraq, the United Arab Emirates, Türkiye and Russia during this period, Irika said.
During this period, knowledge-based companies accounted for 2.6 and 5% of the country’s total exports in weight and value, respectively.
Advanced materials and products based on chemical technology accounted for around 80% of the export value of these companies.
China was the first buyer of Iranian knowledge-based products during this period.
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