(Agencies)
Updated: 2007-09-28 15:34

Iran's President Mahmoud Ahmadinejad (L) is welcomed by his Venezuelan counterpart Hugo Chavez at the Miraflores Palace in Caracas September 27, 2007. [Reuters]

CARACAS, Venezuela -- Iran's President Mahmoud Ahmadinejad promised to make investment in Bolivia on Thursday and then visited Venezuela's Hugo Chavez, declaring "no one can defeat us".

Mahmoud Ahmadinejad pledged to invest $1 billion in Bolivia over the next five years to help the Andean nation tap its vast natural gas reserves, extract minerals, generate more electricity and fund agricultural and construction projects.

Bolivian President Evo Morales, who joins Chavez, called Ahmadinejad's visit historic as the two nations established diplomatic relations for the first time.

Later Thursday in Venezuela, Ahmadinejad and Chavez greeted each other warmly on a red carpet in front of the presidential palace.

"Together we are surely growing stronger, and in truth no one can defeat us," the Iranian leader said. "Imperialism has no other option: Respect the peoples (of the world) or accept defeat."

Chavez embraced Ahmadinejad, calling him "one of the greatest anti-imperialist fighters" and "one of the great fighters for true peace."

In his speech to the UN General Assembly this week, Ahmadinejad rebuked "arrogant powers" seeking to curb Iran's nuclear program. Chavez also strongly defends Iran's nuclear research, insisting it is for peaceful energy uses despite US charges it is aimed at making nuclear weapons.

Chavez said he was proud of Ahmadinejad's courage while under hostile questioning at New York's Columbia University. "An imperial spokesman tried to disrespect you, calling you a cruel little tyrant. You responded with the greatness of a revolutionary."

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