Iran Gov’t Support for Startups in Automotive Sector

Knowledge-based companies and startups active in the automotive sector will get a boost following an agreement signed between the Vice Presidential Office for Science and Technology, and local carmaker Iran Khodro.

According to the agreement by IKCO boss Hashem Yekezare and Vice President Sorena Sattari, the two sides will invest in, and support, startup accelerators and innovation centers in the gradually growing sector, reported.

“IKCO has always tried to forge closer ties with universities and tech firms,” Yekezare said. “This agreement is hoped to contribute to our R&D efforts.”

“With the veep’s help, we’ll be able to enhance relations with knowledge-based companies and researchers. This also will help contribute to improve the domestic auto industries,” he added.

As per the agreement, the vice president’s office will  offer financial aid to knowledge-based firms, startup accelerators, and innovation centers in the automotive sector.

Furthermore, such firms will be eligible for free working areas. The government has said it is committed to curbing  bureaucracy for such companies and help pave the way for their expansion.

IKCO has agreed to forge long-term contracts with the  knowledge-based companies.