Iran and Venezuela pledged to reach agreements during Maduro’s trip that would “expand trade and investment, export of technical and engineering services and collaboration in pharmaceuticals.”
“Venezuela can be a suitable base for the export of Iran’s goods and services to Latin American countries,” said Rouhani, who is seeking to reduce Iran’s reliance on oil sales by boosting non-oil exports.
Venezuela has the world’s largest proven oil reserves but its economy — 96 percent of the government’s foreign currency comes from crude — has been gutted by inflation and basic goods shortages.
In late December, recession-hit Venezuela reported that inflation for the 12 months to November topped 63 percent — one of the highest rates in the world.
Maduro travelled to China this week in search of investment and said he secured $20 billion.
“Iran can cooperate to remove Venezuela’s needs in housing, road construction, food products and medicine,” Rouhani added Saturday.
Two oil-rich totalitarian regimes in separate hemispheres – one of which we know actively funds terrorist organizations around the globe – building ties is not good for world stability. Perhaps the best thing for it is for oil prices to remain low enough to bankrupt them both.