Iranian VP says Tehran welcomes intl. cooperation in innovative finance institutions

In an address to participants at the event titled “Intellectual property financing discourse, expansion of financing horizons and WIPO valuation”, Iranian Vice President for Science, Technology and Knowledge-based Economy Rouhollah Dehghani Firzouzabad said Iran anxiously welcomes expansion of international cooperation in establishing innovative finance institutions, exchanging experience and implementing joint ventures. 

He addressed the importance of financing in the transition to a knowledge-based economy, especially in developing countries with a resource-based economy, saying such nations’ dependence on the export of raw materials such as oil and gas has limited their economic diversity in industrial sectors. 

Dehghani described this problem as an obstacle on the way to transition to a knowledge-based economy. 

On the other hand, according to Dehghani, conventional financial institutions generally do not participate in the financing of technological development and innovation projects because such companies are risk-averse. He underlined that under such circumstances, intervention and support by governments is necessary to improve the financing system of a knowledge-based economy. 

Dehghani added that Iran sought transition to a knowledge-based economy in the 2000s and it passed several policies and laws, including the law to support knowledge-based companies, which led to the formation of the Innovation and Prosperity Fund with an initial capital of three billion dollars as the largest government fund meant to finance technology and innovation. 

In further remarks, the Iranian vice president spoke about the importance of intellectual property. He said an efficient management and intellectual property system serves as a tool to promote the financing of a knowledge-based economy and to provide a safe environment for the growth of innovative companies and the realization of the knowledge-based economy. 

He underscored that in recent years, Iran has also focused on steadily continuing to improve the executive guarantee of this system, while significantly strengthening the intellectual property registration system.