The mentioned companies have been selected by the Iran Industrial Management Company (IMI) in the 23rd edition of the company’s ranking conference (IMI-100) which is held annually, reported Tehrantimes.

As reported, the event was attended by representatives of the selected companies as well as senior officials from the Industry Ministry including Deputy Industry Minister Saeed Zarandi.

Speaking in the event, Zarandi pointed to the development of large-scale companies as a major strategy of the Industry Ministry, saying that “it will lead to the growth of the country's economy.”

According to the official, the Industry Ministry’s comprehensive model for the country’s industrial development is focused on the development of large companies.

“Today 11 companies affiliated to this ministry have a total value of over 11 trillion rials (about $260 million), which is equivalent to a quarter of the country’s stock market value,” he said.

He further urged the top companies to invest in the country’s production sector, including the production of 200 major commodity items which account for the largest volume of imports.

Regarding the facilities that are going to be awarded to the 100 top companies, Zarandi said: "We have proposed to the government to allow these companies to be able to offer their shares at the stock market without the need for a guarantor.”

According to Zarandi, Iran’s top 319 companies have accounted for over 20 percent of the country’s production over the last 10 months.

He pointed to innovation, employment, and productivity improvement as the results of the development of large companies and added: "Although the employment rate is higher in small and medium-sized enterprises (SMEs), the employment stability in large-scale companies is higher."

At the end of the mentioned ceremony, the country’s five major firms were also selected and honored.