The Industrial Scientific and Technological Expofair in Caracas marked another milestone in the Venezuela-Iran 20-year cooperation strategy, as President Nicolas Maduro announced that four Iranian cars will be manufactured in his country of Venezuela. 

He added that “these are vehicles that will allow economic savings for the population, vehicles with 7 liters of fuel per 100 kilometers and will be sold between 12 and 16 dollars," which, according to the Europa Press news agency, will be assembled through the company Veniranuto.

Elsewhere in his remarks, he said that “medical equipment for hemodialysis developed with 100% Iranian technology will arrive in Venezuela in the coming months.”

Since 2020, the two countries have worked on expanding cooperation, especially in energy projects and oil trade amid the draconian US sanctions that they have been repeatedly subject to. This has helped both countries ease the effects of the sanctions on their economies.

In light of the cooperation plan between both countries, Maduro praised Iran's brave decision to send fuel tankers to his country, saying Tehran's delivery of oil to Caracas was a huge help to the Venezuelan people. Iran sent fuel to Venezuela despite US sanctions and threats, Maduro stressed.

Iran and Venezuela have managed to withstand economic pressure from the United States and have closely cooperated to offset the impact of illegal sanctions, particularly those targeting their energy sectors.

Read more: Khamenei to Maduro: Resistance only way to counter US pressures 

In response to US pressures on Venezuela's transportation and commerce services, Iran has supplied gasoline supplies and equipment required in oil refineries. Venezuela has also received significant shipments of condensate, a heavy oil diluent, from Iran.

Iranian President Ebrahim Raisi referenced the strategy upon its signature in June, stating that "Iran has always sought to have ties with independent countries," hailing "Venezuela’s resistance against imperialism and enemies," which he described as "exemplary".

The tech and science expo fair was initiated this Thursday and will be open to the public until Monday, September 19, whereby different roundtables will be held for Iranian and Venezuelan companies to conduct business and talks, all with the intention of expanding trade relations between Venezuela and Iran.