TEHRAN (MNA) — Iran’s first consignment of flour processing machines valued at $1 million was exported from Qazvin Province to the Latin American state Venezuela on Sunday afternoon, IRNA reported.

The cargo was exported based on an industrial agreement already signed between the two states.

Flour Machinery Mfg. Company of Qazvin is due to make a $5.5 million investment in Venezuelan capital city of Caracas through operating 10 flour processing units with the capacity of 72 tons.

Deputy minister of industries and mines for international affairs Mohsen Shaterzadeh and the Venezuelan ambassador to Tehran attended the exporting ceremony.

“Iran will invest in many parts of Venezuela’s industrial sector due to signing the $8.5 million agreement as well as 90 memorandums of understanding (MOUs) with the Latin American state,” Shaterzadeh noted.

He added that the machineries of 10 factories will be exported to Venezuela and the related production units will be operated by late September.

The Venezuelan ambassador referred to the volume of the bilateral trade and economic ties, expressing hope on further increase of them in the future.