President Hugo Chávez of Venezuela and his Bolivian counterpart Evo Morales entered into four letters of intent Sunday to build jointly an iron and steel plant, a petrochemical compound, and two cement factories, in addition to forestry-related plans.

The first work deals with a joint mining-iron and steel company that will be located in Cerro Mutún, Santa Cruz Department, east Bolivia.

The second undertaking is based on a bilateral petrochemical complex in Chapare region.

The third agreement will serve to build, also in Bolivia, a joint cement factory. The fourth work includes the development of forestry projects in Bolivia.