Speaking at the opening ceremony of the Oil Industry Innovation & Technology Park, Sattari stressed the significant role of knowledge-based companies and startups in indigenizing the knowledge for the production of new equipment and products, saying:
- The government will support research on new equipment and the private sector invests on the mass production of the final products
- The Petroleum Industry Research Institute can be a great platform, but one cannot expect a researcher at this institute to produce a final product
- The condition must be prepared for startups to thrive
- Technology companies provide this opportunity
The Iranian economy is heavily dependent on the lucrative oil & gas sector.
The vagaries of oil markets and Iran’s reliance on a single resource for most of its income have created disincentives to develop a diversified and globally integrated economy.