Bolivian President Evo Morales is due to arrive in the Iranian capital of Tehran on Sunday afternoon for a three-day visit aimed at further expanding ties between La Paz and Tehran.
The Bolivian president intends to encourage more investments and greater presence of Iran in his country and will sign multiple cooperation agreements with Tehran which will include the transfer of Iranian technology to the South American nation, IRNA reported, quoting Latin American media outlets.
"We are traveling to Iran to expand ties, promote investments and further enhance cooperation." Morales said before departing his country for Tehran.
Today's planned visit to Iran will be Morales's second in the past two years during which he will hold talks with his Iranian counterpart Mahmoud Ahmadinejad and other high-ranking officials of the country.
Morales also stated before his departure that Iran and Bolivia "enjoy deep friendly relations" and said both countries are eager "to expand ties in various fields, including agriculture, trade and industry."
Moreover, the two countries plan to discuss details of a planned $287 million Iranian investment in Bolivia.
Tehran and La Paz are also expected to sign cooperation pacts in the fields of minerals, industrial machinery, cement production and food industries.
In 2007, President Ahmadinejad became the first Iranian chief executive to visit Bolivia, during which the two sides signed a five-year $1.1 billion pact for joint projects.