The announcement came in a joint press conference attended by Raeisi and his Venezuelan counterpart, Nicolas Maduro, in Caracas on Monday, after the two heads of state held bilateral talks.
"We have decided to increase the cooperation between the two countries," Raeisi said.
Saying, "The goal we have for [boosting our countries'] commercial and economic cooperation [in] the first step is to take the level of cooperation to $10 billion," Iran's president added, "In the next step, we want to take it to $20 billion."
The press conference was preceded by an official ceremony during which the two countries’ ministers and other top officials signed a total of 19 cooperation agreements and memorandums of understanding.
The agreements are aimed at expanding cooperation between Tehran and Caracas in petrochemicals with a view to carrying out joint projects as an expansion of their overall cooperation in the oil sector.
The documents will also boost the two countries’ cooperation in such areas as information and communication technology, energy, insurance, marine transportation, higher education, agriculture, medicine, culture and mines.
Raeisi arrived at Simon Bolivar International Airport in Caracas earlier on Monday, leading a high-ranking delegation, at the formal invitation of his Venezuelan counterpart.
Upon arrival, the Iranian president was welcomed by Venezuela’s Foreign Minister Alberto van Klaveren as well as other senior officials from the Latin American country.
Within hours, Raeisi was officially welcomed by his Venezuelan counterpart Maduro at the Miraflores Presidential Palace in Caracas, after which the two heads of state sat for bilateral negotiations. The two countries' high-ranking delegations also engaged in negotiations on issues of interest to both sides.
A high-ranking delegation comprised of ministers of foreign affairs, oil, defense, and health is accompanying Raeisi on the five-day tour, which will also take him to Nicaragua and Cuba.
During Raeisi’s regional tour, Iran will sign various cooperation agreements and memorandums of understanding with the three Latin American countries.
Iran has close ties with many Latin American states in different fields and seeks to further deepen those relations.
Iranian Foreign Minister Hossein Amir-Abdollahian paid an official visit to Nicaragua and Venezuela in February.
Last June, Iran and Venezuela signed a 20-year partnership agreement aimed at bolstering bilateral cooperation in various fields during Maduro’s visit to Tehran.
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