Iranian Deputy Industry, Mine and Trade Minister Valiollah Afkhami Rad welcomed granting a credit line to Venezuela.
Welcoming the proposal by Venezuelan Ambassador to Tehran Amenhotep Zambrano, Afkhami Rad said Iran is ready to fund joint investments with Venezuela in launching industrial units, especially in the field of plastics.
"Launching a credit line provides the benefit of both countries and helps improve supplies of goods necessary for the Venezuelan people," Afkhami Rad underlined.
Amenhotep Zambrano pointed to the study of plastic manufacturing units in Iran and acknowledged Iran's high potential in plastic industry.
He expressed hope that the production line will start up in the plastics industry in Venezuela with the help of the Iranian side.
He stressed that all issues that have been problematic in the expansion of trade between the two countries are being solved through negotiation.
"We have applied all prerequisites to start cooperation with Iran to accelerate the implementation of the project," Zambrano said, stressing that the project which was expected to be completed within 6 months, now is under implementation.