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CARACAS (AFP) – The foreign ministers of Venezuela and Iran have met here to discuss bilateral relations in preparation for an upcoming visit to Iran by Venezuelan President Hugo Chavez.

Nicolas Maduro and Manouchehr Mottaki "have achieved sustained progress in integrating joint industrial and financial projects," commented after the meeting Rodolfo Sanz, president of a joint technical Venezuelan-Iranian cooperation commission on Friday.

"We are ready to launch a joint Iranian-Venezuelan bank," he said. "We also plan to create a bilateral investment fund."

Chavez is expected to travel to Iran following an Arab-Latin American summit that will take place in Doha on March 31.

The Venezuelan leader has met with Iranian President Mahmud Ahmadinejad on various occasions. Their latest meeting took place in November 2007 in Tehran.