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Iran to invest in cultivation of strategic products in Venezuela

Business Materials 5 July 2022 14:43 (UTC +04:00)
Iran to invest in cultivation of strategic products in Venezuela

TEHRAN, Iran, July 5. An Iranian company has made a hefty investment in overseas cultivation of several strategic products in Venezuela, the Head of Cross Country Agriculture Association of Iran Ali Rezvanizadeh told Trend.

"Moghan Agro-Industrial Complex has signed a contract for overseas farming in Venezuela at a 156,000 hectares area," he said.

Rezvanizadeh stressed the role of the Iranian government to accelerate the investment in Venezuela and support the private sector.

The official pointed out that the Iranian investors are focusing on cultivating corn, cotton, and soy in Venezuela since the country has a suitable climate for farming these products.

He went on to say that Iran is facing a challenge for the cotton supply since the cotton export from neighboring countries of Uzbekistan, Kazakstan, and Tajikstan is banned.

The Moghan Agro-Industrial Complex is predicted to fill the shortage by cultivating cotton in Venezuela and returning the product to Iran.

According to the official, the government is responsible for accelerating bank transactions with destination countries for overseas cultivation and requires to boost economic diplomacy.

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