FOREIGN INVESTMENT IN VENEZUELA

Interview magazine “VIGIL” ex-deputy minister of international trade Marian Rosado Prieto

Venezuela - a country abundant in natural resources and human talents. For many it is surprising that, with everything, it can not achieve the appropriate level of economic development.

1. What are the economic relations of Venezuela with the United States?

Very fruitful, judging by the fact that, according to the Venezuelan-American Chamber of Commerce, the trade balance amounted to 590 billion dollars in the first 13 years of the Bolivarian revolution. The US is the main beneficiary of the state foreign exchange payments Venezuela - in 2013 the United States received 50% of the total international payments, which conducts Venezuela. In the same year, another 30% of payments were received in those countries where the US has its own assets. First of all, it is the member states to the North Atlantic Treaty Organization - NATO, with Venezuela having valid contracts on attraction of foreign investments and support. Secondly, it is the countries of the existing Free Trade Agreement with the United States. This means that, directly or indirectly, the United States has to do with 80% of international trade operations in Venezuela as a destination of exports of goods, movement of capital and, it must be said, a fair share of contraband. Translated in the US amounts of money in foreign currency increased in proportion to the general Venezuelan oil revenues, due to their focus on the exploration and production of oil. On the other hand, with regard to illegal trade, the goods which are exported illegally by sea, purchased a ship flying the American flag. They account for a large variety of illegal international trade, which, in addition to harming the economy, create injustice in relation to competitors from other countries trading with Venezuela. Experience shows that revenues from Venezuelan oil, both on its production, and a significant amount of contraband, eventually, come to the United States.

2. What does the Obama presidential decree directed against Venezuela?

Decree Obama that the United States take for a legal basis is established the existing trade embargo. The first step is Venezuela’s withdrawal from the US system of trade preferences, which is effective in 2017 The measure will affect the 4400 species of Venezuelan products falling now by the high tariffs on the market. American companies, organizations and individuals, and in particular the transnational corporations do not fall under the scope of this decree. From a legal point of view, this decree does not apply to Venezuela, because its purpose is to establish a supranational and located outside the legal field means adverse terms of trade outside of Venezuela, hindering any attempts of industrial development with current or planned for the future domestic or international investment. The ultimate goal of US foreign policy and its allies in relation to Venezuela is to prevent its manifestation as antigegemonicheskoy force capable successfully to create an economic model alternative to capitalism.

3. What do you think about what is the government of Nicolas Maduro to resolve economic conflicts?

I think that the president of Venezuela, deploy a script extremely complex and delicate. In particular, due to the fact that the inherited public administrative procedures, formed before the Bolivarian revolution, are a heavy burden for the revolution, which is characterized by peacefulness and adherence to the law. Existing internal rules, laws and agreements were developed and serve the purposes of American transnational capital. Thus, the entire public sector, as well as private, are mired in a system inherent in capitalism criminal corruption and worst business practices. The challenge for President Maduro - to form international investment strategy with respect to the Bolivarian project, national plans, labor law, and ensuring national development opportunities. On the one hand - the awareness of the need of investment, on the other hand - the strategic value of the new investment map that players understand their role in maintaining the balance of forces on the continent and its significance for the rest of the world.

22 August 2016

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