ISTT Launches its Second S&T Park

ISTT Launches its Second S&T Park
Dec. 11, 2018

Isfahan Science and Technology Town launches its second Technology Park, a specialized park dedicated to the support and development of companies working on topics related to Oil, Gas and Petrochemicals. Abu Reyhan Science and Technology Park has been operational for less than a year and since then has managed to attract many start-ups to settle within its perimeter.

Iran’s oil and gas (O&G) industries date back to the early twentieth century, making them the oldest in West Asia. Iran is ranked first and fourth respectively in the sense of the natural gas and oil reserves and thus its relative industries account for much of its economy. In 2015, the O&G sector accounted for around 20 percent of Iran’s GDP. With such a substantial stake in the economy the promotion of collaborative learning in the O&G innovation system combined with strategies for building local capabilities is crucial.

It is hoped that with the establishment of this park, due importance is given to the role of engaging actively with recent advancements in technology and promoting technological learning for technological catch-up for this vital part of the economy.

Innovation in the O&G sectors requires not only R&D, but also the cultivation of engineering and design capabilities, in particular. There is also a need for collaboration both among domestic actors and foreign firms, all of which are hoped to be addressed at Abu-Reyhan Technology Park.

At present ISTT has more than 500 companies taking advantage of the services offered by its two parks, Sheikh Bahai and Abu-Reyhan and its many technology incubators. This science and technology town is mandated to promote the knowledge economy and lessen Iran’s dependency on natural resources in the raw form.

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