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Turkey is determined to further enhance relations with Venezuela, President Recep Tayyip Erdoğan said on December 3 during his historical visit to the Latin American country.

Before the encounter between the two world leaders, Kremlin spokesman Dmitry Peskov refused to give reporters at a press conference a number on Russian investment in the country.

On his first official visit to Venezuela, the Turkish leader blasted sanctions imposed on Maduro and many of his top officials by the United States, with which his government also has tense relations.

"We will continue to trade, sell gold with the transparency and legality of our two countries [and] Venezuela produces what it has the right to sell it in the world", he added.

Hit by low oil prices, mismanagement and the impact of United States sanctions, Venezuela is in freefall and Maduro is seeking support from allies after winning a second presidential term this year.

Maduro is setting out on the road after hosting his Turkish counterpart Recep Tayyip Erdogan in Caracas.

Erdogan and Maduro signed a series of agreements in the areas of mining, commerce and oil. In response, Erdogan said he was willing to strengthen trade ties. One of the reasons for the attack was "Venezuela's strong support for Palestine".

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Maduro contends he is the victim of an "economic war" led by US-backed adversaries. These attempts will further deepen instability.

"You can not punish an entire people to resolve political disagreements", the Turkish leader said, according to an official translation of his speech to a business forum.

Non-oil trade between the two countries this year reached 800 million dollars, according to Caracas, a not insignificant figure given its serious liquidity problems.

Russian Federation and Venezuela enjoy a long history of ties and Maduro's predecessor Chavez, known for his passionate tirades against the United States, was a welcome guest at the Kremlin.

Maduro said Turkish businesses intend to invest some 4.5 billion euros in its OPEC partner.

Massive inflation and a shortage of basic commodities such as foodstuffs and medicine have forced an estimated 2.3 million Venezuelans to immigrate to other South American countries.