Tasnim � The first technology tower funded by the private sector has come into operation in Iran, leading to the formation of a new innovation area connecting academic centers to private sector companies.

Iranian Vice President for Science and Technology Sorena Sattari, Mayor of Tehran Pirooz Hanachi, and a number of other officials attended a ceremony held in Tehran on Monday to inaugurate the BONTECH technology tower.

The project, funded by the private sector, has been implemented in the �Sharif Innovation Area� that is supposed to contribute to urban development and public culture.

In comments at the event, Sattari hailed Sharif Innovation Area as a successful model for other provinces and universities in Iran, saying the new technology tower is an outstanding example of interaction between the academic centers and the private sector.

The vice-president also noted that technology towers would result in the promotion of technology and innovation ecosystem, according to the government�s website.

The society should sense the palpable results of formation of technology ecosystems and see new technological services in the daily life, Sattari added.

Describing Sharif Innovation Area as a model of urban development, the Iranian vice president said such a model could be used for reconstruction of aging urban structures.