Technology transfer is key to the South American nation's development of production capacities.

Authorities in Caracas have assured many times that technology transfer is significant to Venezuela given the complex economic climate in the country, which faces the collapse of oil prices internationally while it relies on oil exports as the main source of foreign income.

Therefore, the Venezuelan government has been determined to strengthen ties with China, Latin America's second-largest trading partner.

According to local media, in the last two years, private household appliances plant Consorcio Digital has considerably increased its production thanks to a cooperation agreement signed with the Chinese company TCL Corporation.

With support in administration and consultancy from Chinese experts as well as machinery from TCL to carry out the whole manufacturing process, the factory located in the northwestern state of Falcon has assembled over 2,000 household appliances.

Opened in 2013, the Consorcio Digital factory has produced 177,000 air-conditioning machines and 35,000 32-inch LED television sets, which were put into the market at accessible prices and remained in high demand for good quality.

Consorcio Digital President Roberto Gonzalez recalled that the company began as an importer of household appliances in 2005 and eight years later it progressed to assembling its own appliances thanks to the Venezuelan government's commitment to supporting national production and China's technological contribution.

Consorcio Digital will also substitute 30 percent of imported parts with material made in Venezuela and begin exporting to the Caribbean islands and Central American countries.

Chinese bus assembly plant Yutong is another company that promises to increase productivity with the help of the Venezuelan government, which aims to diversify the country's exports.

In mid-2015, the Venezuelan government and Yutong formed a joint company that will be in charge of managing the plant located in the central-western state of Yaracuy with the inauguration planned in October. By then the plant will generate 1,650 jobs for local people.

The factory will have the facilities to produce 3,500 buses per year, which would cover Venezuela's domestic demand with a goal of exporting to the regional market in the near future.

The plant is strategically relevant for the country because it will establish a permanent technology transfer link between China and Venezuela, Yaracuy Governor Julio Leon told local media.

"This factory represents one of the most emblematic agreements between China and Venezuela. It will transform Yaracuy into an industrial power, an exportation hub for modern public transport tools to countries belonging to the Southern Common Market and the Bolivarian Alliance for the Peoples of Our America," said Leon.

Trade between the two countries amounted to 169.8 billion U.S. dollars in 2014, according to China's Ministry of Foreign Affairs.

Various funds jointly established by two countries have allowed 245 large-scale strategic plans to be launched in such sectors as industry, oil, mining, housing and land, water and air transport.

Another 200 cooperation agreements can be added to this figure in fields such as education, health, technology, trade, agriculture, culture and sport, which will allow comprehensive advancement within Venezuela in the next few years.