By R.Ravichandran
KUALA LUMPUR, July 1 (NNN-Bernama) — Venezuela which is slowly but steadily recovering from years of economic crisis has invited Malaysian companies to explore the possibility of investing in the South American country’s agro-based industry, mining, new oil and gas exploration as well as investments in the pharmaceutical and tourism industry, public housing and infrastructure development mainly roads and highway construction.
Speaking to Bernama in an interview recently, Venezuela’s Vice Minister of Foreign Affairs for Asia, the Middle East and Oceania, Capaya Rodriguez González said that Venezuela is rebuilding its economy after being battered by the United States economic and financial sanctions on Venezuela including on Venezuela’s state oil company (Petróleos de Venezuela, S.A., or PdVSA) and the “Central Bank of Venezuela”.
She was in Malaysia as part of her tour to several Southeast Asian countries to further strengthen Caracas ties with the region.
On May 17, Xinhua reported that Venezuela had confirmed a decision by the United States to ease oil sanctions. Venezuela also called for a total lifting of the US sanctions on the South American country.
Rodríguez said Venezuela is also keen to penetrate the Malaysian market with the exports of agricultural products such as coffee, cocoa, avocado and mangoes. On investment in the pharmaceutical industry, Venezuela is keen to have investors to develop scientific labs as well as building manufacturing plant to produce medicines, both for local consumption and export and also to provide employment for the local population.
“At the moment, we have Redvital, the largest pharmacy chain in Latin America,” she further said.
Speaking on the tourism industry, the vice minister explained that Venezuela welcomes Malaysian investment in areas such as construction of five-star hotels and resorts.
Venezuela is famous for its natural beauty and world-attractive tourist destinations such as islands, for example Margarita, Los Roques and the Tortuga, Canaima National Park famous for its table mountain and waterfalls, the famous Angel Falls and other attractions.
“Venezuela is like a little golden box… a sovereign country with beauty and friendly people,” Rodriguez pointed out about Venezuela, a country known also for producing many winners in international beauty pageants.
According to the Venezuelan government, the country projects stable growth for the period of 2022-2030.
“In the year 2021 began a new era of economic growth. After five years of economic warfare, in which the illegal US blockade worsened, the country grew 7.6 per cent during the third quarter of 2021 and last January (2022) recorded, for the fifth consecutive month, a single-digit inflation. In view of this scenario, Venezuela expects stable growth for the remainder of the decade,” it said.
In order to strengthen economic growth and the system of protection for the people, the National Assembly approved the reform of the Large Transactions Tax Law, which promotes the use of the Bolívar and establishes a tax rate for non-conventional transactions with foreign currency.
The political crisis in the country of some 30 million people deepened after Juan Guaidó declared himself as acting president, a move declared as illegal by the Venezuelan government. Washington and a number of countries recognised Guaidó.
Rodríguez said a number of countries have shown keen interest to invest in Venezuela and the government will do everything necessary to facilitate such foreign investments. Venezuela has the world’s largest oil reserves, as well as is rich in other resources such as natural gas, gold, nickel, bauxite, diamond, iron, coltan and coal.
She also proposed that Venezuela and Malaysia’s public universities sponsor scholarships under exchange programmes, including in the fields of medicine, civil aviation and aeronautical.
“Venezuela has world-famous universities such as the Central University of Venezuela, the oldest in the country founded in 1721,” she explained.
While pointing out that the US sanctions have damaged Venezuela’s economy, she said President Nicolas Maduro with the support of the people is putting in place all necessary measures and implementing economic and political reforms to put Venezuela’s economy back on track.
In May this year, Xinhua reported that Venezuela’s government officially put up for sale up to 10 per cent of the shares of the country’s top state-owned Bank of Venezuela (BDV).
The Ministry of Economy, Finance and Foreign Trade was quoted as saying that it is a “first step” to offering private national and international investors the opportunity to buy stock in public companies through the stock market.
Xinhua in reporting about Maduro’s recent visit to six countries namely Turkey, Algeria, Iran, Kuwait, Qatar and Azerbaijan, quoted the president as saying that Venezuela reached with them “agreements in terms of investment in oil, gas, agriculture, food, tourism, and air transport.”
Rodríguez reiterated that the Venezuelan government is serious in developing its non-oil sector to generate more revenues for the oil exporting country.
“The sanctions are there, but our economy is improving. We are sure and optimistic our economic growth is going to be positive from now on and for many coming years… we welcome foreign investors with open arms. There will be a win-win situation for all,” she said.
— NNN-BERNAMA
