Venezuela seeks Iranian investments

Iran Materials 10 January 2012 16:07 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 / Trend F.Milad/

Venezuelan Industry Minister Ricardo Menéndez in a meeting with Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari in Caracas on Tuesday called on Iran to boost its investments in Venezuela's industrial and infrastructural projects, IRNA reported.

The two sides emphasized Iranian projects underway in Venezuela and the need to raise two-way trade value through the joint economic committee meeting held in Caracas in September.

Iranian President Mahmoud Ahmadinejad started a four-nation Latin American tour on Sunday. Energy Minister Majid Namjou, who is accompanying Ahmadinejad along with a group of businessmen, said a number of deals will be signed during the tour.

On Sept. 22, Menendez and Ghazanfari inked MOUs in Caracas in agriculture, housing and transportation.

The two sides also discussed issues on constructing a cement factory and a tractor manufacturing line in Venezuela.

Iran exported some 68 million dollars worth of goods to Venezuela last year. Iranian companies have launched several technical and engineering projects in Venezuela worth over 4 billion dollars.