Iran-Venezuela trade volume to hit $11b

I don't know what to make of a newsreport that cites the Venezuelan capital as Karakas, but for what it's worth, Mehr News reports the Iranian deputy minister of industries and mines for economic and international affairs thinks bilateral trade between Iran and Venezuela will hit $11 billion:

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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