TEHRAN - Iranian banking system paid 584.4 trillion rials (about $2.03 billion) of facilities to 1,404 knowledge-based companies in the first six months of the current Iranian calendar year (March 21-September 22), registering a 100.2 percent rise compared to the same period last year.

As IRNA reported, Bank Mellat accounted for the biggest share of the paid facilities with 102.2 trillion rials (about $354 million), followed by Tejarat Bank with 85 trillion rials (about $295 million) of offered facilities.

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.

Accordingly, 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.

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.

EF/MA