Venezuela and Iran have signed 11 memorandum of understandings (MOUs) as well as other agreements covering various industries, including appliance production. The first step in appliance production will be refrigerators, with 100,000 units to be manufactured, although it is unclear where the units will be made. Further stages of production will include washing machines and other appliances.
Mohsen Shaterzadeh, a deputy minister of industries and mines in Iran, estimated the current value on all the agreements at U.S. $7 billion, but foresees the value rising to $11 billion soon.
to Daily News