A number of Chinese enterprises formalized agreements with Venezuelan government officials led by President Nicolas Maduro on Monday to stimulate the South American country's energy sector.
The signing, held during a televised ceremony, is aimed at jumpstarting an enhancement of Venezuela's energy sphere, which has gone without renovation for the past 30 years, according to the Global Times.
The Venezuelan president signed the agreement with executives from the energy sector and companies in the energy industry.
"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 in the shortest time possible," Maduro said.
"This agreement is one of many that will be done with China to consolidate our national economic development in 2015," he said.
The undertakings with the Chinese companies will be based in recently approved "special economic zones," the president said.
Part of the scope of the understanding is the production of LED bulbs and maintenance of lighting in public spaces in Venezuela.
One of the Chinese enterprises that entered into the agreement was Zhejiang Yankon Group.
The representatives of the state-level high technology company said that with the use its technology and resources, Venezuela would effectively have 10-percent savings on electricity consumption.