Iran, Venezuela to expand economic cooperation

Venezuela and Iran agreed Friday to expand economic, financial, industrial and technological cooperation by inking six new agreements and opening a 500-million-U.S.-dollar credit line from Tehran to Caracas.

In a ceremony at the presidential palace, Venezuelan President Nicolas Maduro said that both countries should raise economic cooperation to a higher level and ensure that all signed agreements are complied with.

"Iran and Venezuela are an example of an alliance between two brother nations. These are six agreements of major importance for the economy of our countries," he said.

Among the deals there was a memorandum to transfer political expertise and methodologies to address what the Venezuelan government called an "economic war."

Moreover, both parties signed a health accord to develop a joint program in nanoscience and nanotechnology. The accord also stipulated the sale of drugs, medical and surgical equipment from Iran to Venezuela.

"Today we have mutual trust in our relations and we work together with results. Working with Iran has gone well and our cooperation has been a great success since (former President) Hugo Chavez began a strategic alliance and brotherhood with Iran," Maduro said.

Maduro also said that with the signing of the commercial and technical agreements, the credit line of 500 million dollars that he had agreed on with Iranian President Hassan Rouhani during his visit to Tehran in January was realized.

The two countries have cooperated in housing construction and to date, more than 3,000 housing units have been built, while this year 700 more are expected to be completed.