Tehran Times reported that Venezuelan minister of industry Mr Ricardo Menendez in a meeting with Iranian industry, mine and trade minister Mr Mehdi Ghazanfari in Caracas called Iran to boost its investments in Venezuela's industrial and infrastructural projects.

As per report, the two sides emphasized on completing the underway projects by Iranian companies in Venezuela as soon as possible and raising the two way trade value through implementing approvals of the joint economic committee meeting which was held in Caracas in September 2011.

Iranian President Mr Mahmoud Ahmadinejad started a four nation Latin American tour on January 8th 2012. Energy minister Mr Majid Namjou, who is accompanying Mr Ahmadinejad along with a group of businessmen, said that a number of deals will be signed during the current tour, including plans to build the hydroelectric plant in Ecuador.

It may be recalled that on September 22nd 2011, Mr Menendez and Mr Ghazanfari inked a number of MoUs in Caracas in the fields of agriculture, housing and transportation. The two sides also discussed issues on constructing a cement factory and a tractor manufacturing line in Venezuela.

Iran exported some USD 68 million worth of goods to Venezuela in 2011. Iranian companies have launched several technical and engineering projects in Venezuela worth over USD 4 billion.

(Sourced from www.tehrantimes.com)