Islamic Republic of Iran, Venezuela expanding economic ties

A Venezuelan official has lauded expanding economic ties between Iran and Venezuela, saying the two nations are working on a number of joint projects.

“Following the coming to power of (Venezuelan) President (Hugo) Chavez we began favoring strategic relationship with other countries and we have increased cooperation with Iran in various fields such as energy, science, agriculture and housing,” said Venezuela’s National Assembly Vice President Saul Ortega.

He referred to several projects, including a corn and milk processing plant and a cement factory, which are being jointly carried out, saying “The housing projects built by the Iranian companies and staffs are no secret.”

One of the projects that has drawn the most attention is the car-manufacturing plant Venirauto. The brand seeks to compete with predominant American, Japanese, and European cars. According to company statistics, about 3,773 cars were produced during 2011, indicating a 43.5 percent increase compared to the car-maker’s 2010 figures.

Another agreement between the two countries is Caracas-Damascus-Tehran flights, provided by Venezuelan state airline Conviasa and Iran Air since 2007. The air route aims to facilitate trade transactions between the three countries.

On Monday, Iran and Venezuela signed two memoranda of understanding (MoU) and a joint statement in line with the declared resolve of both nations to expand bilateral ties in all fields.

Based on the agreements, Tehran and Caracas will expand cooperation in the fields of industry, science and nano-technology, as well as economy.

(Credits: PressTV)