Smart products would not be possible without knowledge-based companies which are gaining much deserved attention as they are increasingly viewed as the force behind the next wave of economic growth.
Numerous knowledge-intensive firms are located in special economic zones across the country. Free zones help link businesses with the broader economy and promote the exports of goods and services while offering major benefits such as customs tax exemptions.
Based on figures from the Vice Presidency Office of Science and Technology, there are some 6,000 knowledge-based firms and start-ups across the country worth $28 billion.
The office has projected that exports of smart products will reach pre-sanctions period by the end of this year.
The government has implemented several policies providing incentives and supporting knowledge-based companies including passing a law in 2010 for the promotion of these companies.