Russia, Venezuela to strengthen trade cooperation

Moscow, Oct 13 (Prensa Latina) Venezuela’s Deputy Minister of Economy and Finance Hector Silva underscored today that despite the unilateral coercive measures of the United States and its allies, his country is implementing initiatives to advance trade and investments.

The also president of the International Center for Productive Investment of that nation held the floor in the 2nd Russia-Venezuela Business Meeting, which was attended by representatives of private companies and government institutions of both countries.

Silva highlighted the opportunities that Russian companies have to join the plans of his country in different areas of its economic development, and commented on the progress of joint cooperation in recent years. 

In that regard, he referred to the support provided by Moscow to Caracas in the fight against the Covid-19 pandemic, Venezuela being the first country in Latin America where the Russian Sputnik V vaccine was tested as well as the first to receive and apply it among its population.

The deputy minister emphasized that other positive signs were the opening of an office of the Petroleos de Venezuela State company in Russia, and the establishment of a direct air route between both countries through the CONVIASA airline, for the transfer of passengers and cargo.

He noted that such link is fundamental for the exchange between the sides since it can ensure the transfer of goods and boost tourism between both nations.

In statements to Prensa Latina, Silva acknowledged the impact of the US economic and financial blockade supported by its European allies on the country’s economy, which has had an unfavorable influence on its trade balance, not only with Russia, but with the whole world.

In view of such measures, he drew attention to the anti-blockade bill approved in Venezuela, which will allow capturing income and providing investors with the certainty that they will receive the expected financial return.

In that sense, Tatiana Mashkova, general director of the National Committee for Economic Cooperation with Latin American Countries (CEPLA), pointed out that the business exchange between Russia and Venezuela is a challenge. 

She said that a lot of work needs to be done because right now Venezuela’s exports to Russia are concentrated in few quantities of fruit, coffee, chocolate and fish. ‘It is nothing,’ he added, compared to the possibilities they have to send larger volumes.

He mentioned that Russian entrepreneurs, meanwhile, are very interested in investing and creating joint ventures, for example, in the high technology sector.

The Venezuelan deputy minister showed the broad portfolio of possible business opportunities available in the country, among which stand out the opportunities in the energy sector, being the first oil reserve in the world and the eighth in natural gas.

He also highlighted the opportunities in the mining area, with great gold and diamond riches, in nature tourism, industry, agriculture, forestry and fishing.

He also expressed that Venezuela can become a bridge to the Russian market and the Eurasian Economic Union and its connection with the rest of Latin America.

The business meeting is the preamble to the meeting of the Russia-Venezuela High Level Intergovernmental Commission, which will take place tomorrow and on Thursday in Moscow.


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