(Reuters) – Trade between Turkey and Venezuela will reach $1 billion in the year ahead, Turkish President Recep Tyyip Erdogan stated during a meeting with Nicolas Maduro, his Venezuelan counterpart, in Ankara.

Maduro traveled to Turkey on Tuesday, which is one of few countries that has maintained a close relationship with Venezuela in spite of long-standing U.S. sanctions.

Venezuela is “a very valuable partner in Latin America” and the Caribbean. Good times and bad are our friends. Erdogan noted that the friendship is “exemplary” and was against sanctions. He also said that he will continue to be loyal to Venezuela.

Erdogan spoke without going into detail, saying that bilateral trade rose to $850 million by 2021 from $150m in 2019 and could reach $3 billion.

Erdogan might visit Venezuela during July, he stated.

Although no specifics were provided, the countries agreed to new agreements in agriculture and tourism.

Maduro stated that “now is the right time to invest in Venezuela by Turkish investors” and listed the banking, tourism, energy, petroleum, coal, and oil industries as areas ready for new investment.