TEHRAN – Iranian automakers have inked a memorandum of Understanding (MOU) with Venezuela’s Transport Ministry to collaborate in the development of the South American country’s auto industry, IRIB reported.

The MOU was signed on Thursday, during a meeting between Venezuelan Minister of Transport Ramón Velásquez and representatives of major Iranian automakers.

Speaking in this meeting, Velásquez referred to the successful experience of an Iranian car sales festival on the sidelines of the Iran-Venezuela technology exhibition, saying that Iranian products have been welcomed by the people of his country.

He suggested that each Iranian carmaker exports 1,000 vehicles to Venezuela in the next month to explore the country’s market.

He stated that the Venezuelan market can be a center for the export of Iranian products to the markets of the countries around Venezuela. The official further called for the acceleration of the establishment of the joint venture auto company between the two sides called “Veniran Auto Company”.

Velásquez also called for the establishment of Iranian component manufacturing companies in order to develop the automotive industry in that country.

“Cooperation in various fields including after-sales services, producing spare parts, training personnel, and providing appropriate services are serious requests of Venezuela,” he said.

Earlier this month, Iran’s SAIPA Car Manufacturing Company and the Bolivarian Republic of Venezuela signed a cooperation agreement with the aim of producing Iranian cars in this country.

The cooperation agreement was inked between Head of SAIPA Automotive Group Mohammad Ali Teimouri and Ramón Velásquez at the venue of SAIPA Company in Tehran in order to produce Iranian cars in this country as a joint venture.

According to the cooperation agreement made, SAIPA Company will send its products to Venezuela in the form of Completely Built Up (CBU) in the first step, he said, adding that the company will send 2,000 of its products to this country by the end of the current Iranian calendar year in 1401 (to end March 20, 2023).

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