ISOICO billion dollar agreement with Venezuela

Iran Shipbuilding & Offshore Industries Complex Co. (ISOICO) has managed to conclude an agreement worth $5 billion on the development of marine industries and shipbuilding with Venezuela. In addition, Iran, Venezuela and Bolivia have signed a trilateral memorandum of understanding (MOU) on the expansion of the shipbuilding industries according to the Mehr News Agency.

“Despite the $1 billion investment in the shipbuilding industries we have been able to employ only 30% of the potentials of the industry,” maintained a deputy minister who was speaking at a seminar held on the issue in the Iranian Caspian Sea resort of Mahmudabad.