Iran, Venezuela to increase trade relations

Business Materials 24 September 2011 14:28

Azerbaijan, Baku, Sept. 24 /Trend, A.Gurbanova/

Iran seeks to increase industry, mine and trade cooperation with Venezuela, IRNA reported quoting Minister of Industry Mines and Trade Mehdi Ghazanfari as saying.

"Given the good political relations between two countries, the current trade ties are expected to strengthen," he said during Iran-Venezuela joint commission summit .

Iran 's export to Venezuela last solar year (ended on March 20, 2011) totaled $68 million, the Islamic Republic is currently plan to export technical and engineering services to Venezuela in amount of $4 billion.

Iran's President Mahmoud Ahmadinejad is on visit to Venezuela where two countries will sign joint agreements to improve bilateral cooperation.