Iranian auto giant Iran Khodro Company (IKCO) has submitted a plan to the Venezuelan government for building a car manufacturing plant worth $101 million in the Latin American country, Press TV reported.
Mir Javad Soleimani, IKCO's deputy CEO for quality and product development, made the appeal in a meeting with Venezuelan Ambassador to Tehran David Velasquez Caraballo on Sunday.
In case the plan receives approval from the Venezuelan government, IKCO will begin construction of the factory within a month, projecting its completion within two years, Moj news agency quoted Soleimani as saying.
Soleimani said the plant will be able to produce 100,000 automobiles a year.
Venirauto, an Iran-Venezuela joint factory, started assembling IKCO's Samand sedans in Venezuela in 2006.
Iran has a 51% stake in the factory while Venezuela holds 49 percent of the shares.
The IKCO, the Middle East's largest automaker, exports its products to a number of countries, including Belarus, Russia, Syria, Tajikistan and Venezuela.