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Iran-Venezuela trade volume to hit $11B


TEHRAN, Mar. 6 (Mehr News Agency) - Mohsen Shaterzadeh, deputy minister of industries and mines for economic and international affairs on Monday told the Mehr News Agency Iran and Venezuela have recently signed eleven memorandum of understandings (MOUs) and agreements on different industrial sectors.

He added that the MOUs and agreements were signed in Karakas during the recent trip of Iran's Majlis Speaker Golam-Ali Haddad-Adel to the Latin American states of Cuba and Venezuela.

The two countries made agreements on the establishment of the joint Forex fund, an assembly line for Iranian passenger cars of Samand and Pride, and construction of the used engine oil purification factory, he explained.

Construction of two dairy factories and a box-making company, an agricultural MOU, and the contract on cooperation of Iran-Venezuela Chamber of Commerce are other issues agreed by the two parts, he further explained.

Tehran and Venezuela also inked MOUs on building the plastic parts of automobiles, and establishment of the production line of home appliances, he noted. At the first phase of producing home appliances, 100,000 refrigerators will be produced, followed by other appliances such as washing machines at the next stages, he added.

Shaterzadeh put the current volume of bilateral contracts at $7 billion, stating, "The figure is predicted to be increased to $11 billion by signing the new agreements

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