Vice-ministers of Venezuela and South Africa agree actions to stimulate commercial exchange - MPPRE

Vice-ministers of Venezuela and South Africa agree actions to stimulate commercial exchange

The Venezuelan Vice-minister of Foreign Trade and Investment Promotion, Héctor Silva, held on Thursday a telematic meeting with the Vice-minister of Trade and Industry of South Africa, Fikile Majola, in which they agreed on the first actions aimed at the strengthening of trade relations between the two countries.

Both authorities agreed on the negative impact that the unilateral coercive measures imposed by the United States and the European Union on Venezuela have had on the flow of reciprocal investments between the South American country and its African ally, to which is added the global health crisis generated by the COVID-19 pandemic.

Vice-minister Silva explained the opportunities for foreign investments that have been opened in Venezuela since the enactment of the Constitutional Anti-Blockade Law for National Development and the Guarantee of Human Rights, and the creation of the International Center for Productive Investment, derived from it, which he presides.

He commented that Venezuela is a country with great investment possibilities in all sectors, not only energy, such as oil and gas, but also in the mining areas (gold, diamonds, coltan), agri-food and tourism, and that The Anti-Blockade Law allows the generation of new associative schemes with national and international companies. In addition, he stressed that there is an installed industrial capacity in the nation for the processing of manufactured products in the automotive, personal hygiene, steel and aluminum branches.

At the request of Vice-minister Majola, who will evaluate the possibility of potential trade with Venezuela through the respective consultations with the banking sector, the National Treasury and the Reserve Bank of South Africa, the representative of the Bolivarian Government proposed that the teams of both countries establish a date to make a more formal presentation of the International Center for Productive Investment and the Anti-Blockade Law; give a general overview of investment opportunities and explain the methodology used to avoid the effects of the blockade.

“More than a blockade, it is a persecution by the United States and the European Union; however, solutions to these measures have been achieved, carrying out actions that have reduced the effects of the blockade”, he assured.

Based on the meeting, the South African Vice-minister suggested that his team speak with the private sector about the possibilities of working with Venezuela and that as travel restrictions due to the pandemic are lifted, an investigation commission be sent to the Bolivarian country with officials from his department, the investment council and the industrial chambers, in order to seek information and evaluate business opportunities for both countries.