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New structures must be created for knowledge-based economy in the field of capital, bank and insurance.

According to the information center of National Elites Foundation Sorena Sattari, the vice president for science and technology affairs, stated in the 10th international exhibition of stock change, bank and insurance: knowledge-based companies and new businesses have brought new structures in the field of economy and financial system of the country, development of which will significantly transform the traditional structures of financial market.

According to Sattari, involvement of more than 5 million students creates the foundations for this type of development in the form of new technological businesses. He continued: development of new businesses is mostly faster than the pace of policy-making in this regard. Therefore, if these structures are not in line with the speed of new businesses, no success will be observed.

The vice president for science and technology affairs pointed out the inefficiency of reliance on resource-based economy as an employment solution and industry development, expressing: relying on resource-based economy has no place in the current economic structures of developed countries since this type of economy leaves no space for capable human resources and requires to academia.

Sattari mentioned the growth of 3000 knowledge-based companies on the culture bed and in entrepreneurship ecosystem. He added: today, only five domestic startups have been able to create incomes more than 500$ million USD, with a total of 7$ billion USD. This issue has led to the replacement of old companies that only relied on physical assets with technology companies.

The vice president for science and technology affairs regarded distinction between basic and market-oriented research as a solution for development of research- and science-based economy.

Pointing out the presentation of a bill to the parliament about supporting knowledge-based companies and paying attention to capital markets, Sattari asserted: fortunately, there will be new structures in the fields of capital, banks and insurance in line with knowledge-based economy.


The “Finex” exhibition of stock exchange, banks and insurance is currently being held until April 18th at Tehran international exhibition & convention center, supported by the Vice-Presidency for science and technology affairs. 

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