In five-year term, about 57 agreements have been entered into by Venezuela and Iran to carry out industrial projects under which joint ventures have been organized and several manufacturing plants have been established, Venezuelan Minister of Trade Richard Canán said at the opening session of the Third Iran-Venezuela Industrial Fair.
The projects include 28 plants manufacturing various products including dairies and corn flour.
Venezuelan Minister of Trade noted, within the framework of these agreements, the manufacture of Venirauto cars which are sold at 200-300 percent below market prices.
"Now, no company will be able to stop food production or distribution, because we already have our own manufacturing plants," Canán added.
The official said that additional major projects are envisaged, such as a compound of plants to process precooked corn flour.
The Minister reported that trade exchange between the two countries in the year 2000 was $1 million, whereas in 2009 it was $78 million, a substantial jump. At the moment there are 32 Iranian companies operating in Venezuela in the fields of food, textiles, metal industry, car, electronics and construction.
The Trade Minister said trade with Iran will continue, announcing that hundreds of Venezuelans have gone to Tehran for training and to learn technology as part of the government's objective of securing technological transfer.
One of the objectives under discussion with Iranian businessmen. he revealed, is to build a master plant to process precooked maize flour.