(MENAFN) Venezuela's government announced signing agreements with Chinese firms to boost the former's electric energy sector which was hit since 2010, Xinhua reported.
Energy officials and various companies signed accords to create joint ventures to produce LED bulbs and maintain public lighting. The agreements were signed at a televised ceremony attended by Venezuelan President.
Among the Chinese companies that signed contracts was Zhejian Yankon Group which promised that with its technology, Venezuela would save around 10 percent of its electricity consumption.
"None of these agreements can stay solely on paper, we have the money, the place to start up the factory and the technology to have these bulbs and luminaries installed," the President said.
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