Venezuela and China strengthen economic ties in Caracas meeting

CARACAS – Venezuela and China evaluated new financial schemes during a recent meeting of the Bilateral High-Level Commission that met in this city to strengthen relations between both nations.

The South American nation in the meeting aims its efforts to the development of its new diversified productive model, with the support of the Asian giant.

To achieve that purpose, 50 billion dollars have been invested in over 650 strategic projects, said Venezuelan vice-president of Planning, Ricardo Menendez.

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The high official explained they work on five fundamental lines, being the first the National Constituent Assembly (ANC) as a space to create opportunities that contribute to economic development: “We are conceiving opportunities for developing the country to 2030,” he stressed.

“The second line of action is the expansion of productive capacities in logistics and distribution. An example of this is to reduce to zero the housing deficit through the Great Missioon Housing Venezuela (Gmvv in Spanish).

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The third line is productive linking aimed at placing the surplus production capacities of China on Venezuelan soil, in areas such as iron-steel, aluminum, glass, cement, petrochemical, gas, pharmaceutical and agriculture and food sectors.

“For example we are evaluating the possibility of doubling the installed capacity of iron mineral in the country, passing from 21 to 42 million tons with the construction of seven new steel plants in the country from here to the year 2030,” he mentioned.

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According to Menendez, the Mixed Commission will concentrate in the mining sector, creation of enterprises for activities such as nickel and coal, visit to the Araya port of deep waters for the storage of oil and review wells in Lake Maracaibo, to increase their production capacity adding 60 thousand barrels per day of crude.

It is also projected to install a refinery in Nanjing, which will process 400 thousand barrels per day of Venezuelan crude.

“We will work with over 60 Chinese companies that are represented in Venezuela and offer more than three thousand direct Jobs,” said Menendez.