TEHRAN –Attending the 6th Technology Investment Meeting (TIM) of D-8 Technology Transfer and Exchange Network (D-8 TTEN) held in Malaysia, Iranian knowledge-based firms showcased their capabilities.

They also actively participated in technical meetings in innovation and technology fields, IRIB news reported.

D-8 includes major Muslim developing countries namely, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan,  and Turkey.

The main areas of cooperation of the member states include finance, banking, rural development, science and technology, humanitarian development, agriculture, energy, environment and health.

The 6th  TIM meeting was held concurrently with the Malaysia Commercialization Year (MCY) Summit,  on August 12-13, in Kuala Lumpur, Malaysia.

The objectives of the D-8 Organization for Economic Cooperation are to improve developing countries’ positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide a better standard of living.

The 5th Technology Investment Meeting was held in Tehran on February 26-27, 2023, with participants from the group of eight Islamic developing countries.

TIM 2023 aimed at attracting capital to accelerate knowledge-based companies and startups and also attracting investors from D-8 member states.

Some 105 knowledge-based companies, startups, and technology centers from Iran, Turkey, Armenia, Pakistan, Afghanistan, and Kenya, as well as 52 investors and business delegations from Iran, Turkey, Armenia, Bangladesh, Malaysia, Syria, Afghanistan, Kenya, and Guinea,   participated in TIM 2023.

Delegations from Mongolia, China, Ukraine, and Canada attended the event online.

Knowledge-based growth

The significant and fast-paced growth in the number of knowledge-based companies with over 200 percent increase in their number just over the past year (March 2023 – March 2024), shows the solid foundation, dynamism, and growth of the country in innovation and technology and the productive atmosphere which have been made available in line with the goal of boosting domestic production with public participation.

The administration of the late President Ebrahim Raisi underscores the quantitative and qualitative development of knowledge-based companies.

The number of companies, which was around 5,000 before the current administration took office in August 2021, has now reached 10,000 with a total value of two billion dollars.

Iran’s knowledge-based companies exported over 3.6 million tons of products, valued at $2.506 billion, in the previous Iranian calendar year (ended March 19, 2024), according to the Islamic Republic of Iran Customs Administration (IRICA).

Based on the IRICA data, some 1.158 million tons of goods, valued at $5.141 billion were also imported by knowledge-based companies into the country from March 21, 2023, to March 19, 2024.

About 85 percent of the goods imported by the knowledge-based companies came from China, the United Arab Emirates (UAE), Turkey, Germany, and India, IRNA reported.

The domestic knowledge-based companies exported their products to China, Iraq, the UAE, Turkey, and Russia in this period, IRICA said.

MT/MG