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Wednesday, November 29, 2006

Iran-Venezuela joint car factory inaugurated

LONDON, November 29 (IranMania) - Venezuelan President Hugo Chavez, together with Iran's minister for industry, inaugurated a joint venture car factory in central Venezuela, RTT News reported.

The car factory is expected to produce around 20,000 cars every year. Many of the cars produced in the factory will be exported to other South American countries. The joint venture with Iran is intended to produce low cost cars that will be within reach for most Venezuelans.

Though rich in oil, Venezuela depends heavily on imports from the United States for its industrial requirements. President Chavez, an outspoken critic of US President George Bush, is trying to reduce Venezuela's dependence on US imports by setting up a large number of industrial projects in Venezuela in partnerships with other countries such as China, Iran and Russia. He wants Venezuela to manufacture cars, tractors, computers and other high-tech products for its internal use and exports.
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