Iran invests millions in Venezuela

October 6, 2008

TEHRAN – Iranian Industries and Mines Minister Ali-Akbar Mehrabian announced here on Sunday that the country has commissioned hundreds of millions of dollars worth of industrial projects in Venezuela.

Speaking on the sidelines of a meet with Venezuelan Foreign Minister Nicolas Maduro, the Iranian official said that two development projects in the housing and tractor manufacturing fields will soon be inaugurated, the Mehr News Agency reported.
The two sides discussed the status quo of projects underway by Iranian entities in Venezuela as well as enforcing the 17 cooperation agreements inked in the fifth Tehran-Caracas joint economic session.
Nicolas Maduro expressed his satisfaction over the meeting and said, “The progress of the projects is satisfactory.”
“Iran and Venezuela relations are now an example for the third world countries.”
Tractor, automobile, bicycle, and cement production factories will be soon put into action, he said.