Venezuela hopes for Foreign Investment to resuscitate economy.

Written by on June 21, 2021

Venezuela’s president hopes a deal with the United States will open the floodgates to foreign investment, create jobs and alleviate poverty for his country, which is in the throes of a crippling economic crisis.

Venezuelan President Nicolas Maduro says he wants sanctions to be lifted by the administration of United States President Joe Biden – and foreign investments to flow in 

Venezuelan President Nicolas Maduro says he wants sanctions to be lifted by the administration of United States President Joe Biden – and foreign investments to flow in 

Seated on a gilded Louis XVI chair in his office at Miraflores, a sprawling, neo-Baroque palace in northwest Caracas, Venezuelan President Nicolas Maduro projects unflappable confidence.

The country, he says in an 85-minute interview newsmen,  has broken free of “irrational, extremist, cruel” U.S. oppression. Russia, China, Iran and Cuba are allies, his domestic opposition is impotent. If Venezuela suffers from a bad image, it’s because of a well-funded campaign to demonize him and his socialist government.

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Venezuela, home to the world’s largest oil reserves, is starved for capital and desperate to regain access to global debt and commodity markets after two decades of anti-capitalist transformation and four years of crippling U.S. sanctions. The country is in default, its infrastructure crumbling and life for millions a struggle for survival.

Venezuela’s economy was already a shambles by the time Maduro took office. His predecessor, Hugo Chavez, overspent wildly and created huge inefficiencies with a byzantine program of price controls, subsidies and the nationalization of hundreds of companies.

Credit: Aljazeera


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