Iran Says Its Investments in Venezuela Face No Major Risk

A member of Iran’s parliament says the country is not concerned about the future of its investment projects in Venezuela, saying that any government that comes to power in the South American country should respect its international obligations.

Fada Hossein Maleki said on Sunday that Iran’s investment projects in Venezuela are not extensive, adding that private investors would be able to continue their activities there. Maleki, who is a member of the Iranian Parliament’s National Security and Foreign Policy Committee, said that Iran has reduced its investments in Venezuela in recent years.

“Iran had invested in Venezuela for years, but this trend has not continued in recent years, and what remains, as far as I know, is limited to a factory and a few other things,” he told the ILNA news agency.

The lawmaker said that Iran has not committed to major projects in Venezuela’s oil sector, adding that manufacturing had been the main focus of Iranian investment in the South American country. He said that Iran’s Foreign Ministry would step up efforts aimed at protecting Iranian investors in Venezuela.

The construction arm of Iran’s Islamic Revolutionary Guard Corps (IRGC) said last month that it had withdrawn from a major subway project in Venezuela. Khatam al-Anbiya Headquarters said it had initially agreed to build a subway line in the Venezuelan capital, Caracas, but later pulled out due to new conditions imposed on the project.

The United States carried out an attack on Venezuela in the early hours of Saturday, capturing the country’s president, Nicolas Maduro, and his wife. Under Maduro and his predecessor, Hugo Chávez, Venezuela expanded its economic and political ties with Iran as the two nations sought to counter pressure stemming from US sanctions. Over the years, Iran has assisted Venezuela in efforts to revive its oil industry while also launching joint industrial projects in the country, including automobile manufacturing. - Press TV