Seyyed Ebrahim Raeisi made the remarks in his address to a joint meeting of Iranian and Venezuelan traders in Caracas.

The visiting president added there are numerous untapped capacities for increasing economic exchanges between Iran and Venezuela to $20 billion a year.

He put great emphasis on promoting cooperation between knowledge-based companies, stressing the need for setting up a technology office in Venezuela.

Iranian youths in knowledge-based companies have turned sanctions into opportunities, helping their country weather the storm, Raeisi continued.

The president described Tehran-Caracas relations as constructive and said customs, banking, and tariff obstacles will be removed and bilateral economic exchanges will be facilitated and accelerated by implementing the agreements.

Raeisi on Monday started his tour of Venezuela, Nicaragua, and Cuba.

Accompanying the president, Oil Minister Javad Owji is heading a delegation to cement Iran’s relations with Venezuela, Nicaragua, and Cuba in the upstream and downstream sectors of the energy industry.

Iran and the three Latin American states will hold talks on cooperation in the fields of oil, gas, petrochemical, refinery, technical and engineering services, technology, exports, and human resources and will sign contracts and memorandums of understanding.