Executive vice-president Delcy Rodriguez leads meeting with Fedecamaras business leaders

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Transcript

00:0068, and this is the variation when we come to the variation of the kind of change which

00:13is not official.

00:14So there is a figure of 2018, the variation was of 8,800, 8,700, and 8 point, well, related

00:31to the last year, 91.

00:34So these are good numbers, good figures.

00:37There's a variation, but we have to say it.

00:40There is a big demand of foreign currencies, because roads require more foreign currencies,

00:48and so we see it comparing imports of foreign currencies, and so the blockade continues

00:58to restrict the access to foreign currencies, and even the channels of the private bank

01:04are not enough.

01:07So then it is a predicament stemming from the economic worth in the situation of the

01:15criminal blockade against the country, and so we have to mull over the use of foreign

01:21currencies.

01:22And so I provide you an example, there's a shortage of foreign currencies that when we

01:31come to the party, well, yes, because the use of foreign currencies for a kind of exports,

01:44it's being dealt in advance at a fast way, and so the biggest quantity of these foreign

01:57currencies are provided by these companies, and the state provides 41% of the foreign

02:08currencies, and so we must be concerned of how we use these foreign currencies in the

02:14imports, and so the Ministry of Economy has been reviewing that.

02:23We all have to take care of currencies, because there cannot be cheap currencies, and so this

02:33is happening, so the economic dialogue has to be held, and so we must think over and

02:39over and over, and so this has been the variation regarding the official rate change, and so

02:51we are working with circumstantial measures, with temporary actions, so we have to, this

03:03is like a surgical operation to reduce the gap, because this gap generates all kinds

03:12of distortions, and then there comes the ones who wants to take advantage of the situation,

03:24and so that price that you see on the websites is not the official price, but there's a political

03:31leverage, and then there's the economic, the financial leverage that they make profits

03:37of that gap, and all of them, we see how they make profits on those activities, and

03:46that happened with assisted products of medicines, if you recall those years of 2015, 2016, there

03:58was a lot of smuggling towards neighboring countries, towards the Caribbean, and so we

04:05are right now at this growing economic growth, a high demand of currencies, of fuel, of gas,

04:15of water, of electricity, of public services, because they were harshly affected for two

04:21reasons, for the blockade, all our power grid, and all our water system is attached to Western

04:32technology, so Western countries are the ones who decided to attack Venezuela, and so then we

04:39cannot get supplies of devices because of, due to the blockade, and so we are unable to get

04:51supplies from it, and so it was affecting the public services, and the public services, mainly

05:01the electrical system, there was affected by the far-right wing, and all those sabotages that we

05:13have gone through, and so we must set apart from that far-right wing, that's not the path for

05:22Venezuela, so the path for Venezuela is to continue to recover, to recover the oil industry

05:28sustainably, and so it is more important, it's very important to sustain that recovery, to bring

05:37that gradual and sustained recovery, receiving international investments, and the president has

05:45called on the chambers to have national investments, those Venezuelan entrepreneurs that can join the

05:56oil industry, petrochemical industry, it is not only the international investment, would you like

06:04to invest in this sector? Because we said to the leaders of the chambers, to the head of the

06:11chambers, haven't you shared that? Well, it was a secret, pardon me, but the president has

06:21invited the Venezuelan entrepreneurs to arrange, to be organized, and let's do a roadshow, let's

06:32conduct a roadshow with businesses, and with groups, and invest, this is a great business, I tell you

06:40as a minister of oil, it's a very good deal, a good business, and Venezuela has secured a market

06:47from here to another century, so all that history, that it wasn't fossil, that for 2050, it is alive,

06:59so the required investments were made, so they continue to be dependent on fossil energy,

07:08but Venezuela is on the right place, so it is an extraordinary business, so I take advantage of

07:14this assembly to ratify the invitation of president, for you to join the investment for

07:20the oil, gas, petrochemical sectors, and so the petrochemical sectors in the next nine years, the

07:28market would have, would grow at 72%, so that's money for certainty, it is crystal clear, so

07:42invest, participate, it is a clear invitation to the Venezuelan entrepreneurs, so what it has to

07:52do with the voluntary declaration, the growth has been 9.8% of growth related to the last year, so

08:02the investments are allocated to assist the fundamental needs of the population, education,

08:10health, and the incomes of workers, and so we've got some differences in which what Adam's imposed

08:20of not future for the workers, but differences, we talk about differences, and we discuss on

08:26differences, we cannot think, we cannot let workers aside by themselves, so that's the,

08:36our structure, we care for workers, and so we cannot eliminate workers' future, and the future

08:45is important, because we are working for the future of all Venezuelans, women and men, and so then,

08:52that you've got the figure about the shortages of supply, and all these differences, we have

09:00always these differences, but we discuss them, and so these shortages of supplies, so I told you

09:11that we have must think about the use of foreign currencies, and so you must be concerned about it,

09:16because we all contributed to the rate exchange, and then with inflation in 2024, which is important,

09:29and when we analyze the inflation of September, it's the lowest since 1889, even when it was

09:38measured in Caracas, it's the lowest, in an effort of all of us to grantee that inflation doesn't

09:48consume the income of our workers, because it's a way, a terrible way to destroy incomes of our

09:56workers, and then when we talk about defeating hyperinflation, it's because we did it, we always

10:03talk about this number in February 2019, when inflation reached 344,510, a number I don't forget,

10:15and today, annual inflation reaches 25.7%, it has been a long way, and a great effort that we have

10:25carried out, all of us. You, with your effort, and don't allow this to defeat you, and the

10:34president, and his team, with a policy so that the expansion of economy can take place. I spent

10:42time analyzing which policies can help sectors and economic activity in general. We are always

10:50talking about this with the media. This year, the president eliminated IEG, ETF, and our currency,

10:58and that represents the equivalent to $600 million, a great amount of money, but the president is

11:10always thinking in how to keep helping, and then we see the benefit of agricultural industry,

11:20since the point of view of finances, there are strong numbers there, of how there is a precedent

11:33supporting productive sectors in our country, helping and boosting, and how at the same time,

11:41carrying out social justice. And what we have called virtuous circuit, because for us,

11:48carry out justice with the workers of our country and our retirees, it's a way to bring

11:58happiness and well-being to the people, but for you, it also means boosting the demand of goods

12:05that you produce. We have been talking about the virtual circuit, increase the wages and incomes,

12:15the best demand of goods and services, and we are going to grantee growth with balance,

12:25which is the most important. The growth should happen with a balance. I studied in a school of

12:33nuns, and nuns always told me, it's okay, you study a lot, but the brain cannot be bigger than

12:45our body. I was not good in physical education. There must be a balance. Body must develop in a

12:54balance, and this should be applied also to economy. It should develop in a balance, and the

13:02fundamental balance is social balance, social peace of our population, of our people. They must have

13:13what they deserve, and there, without a doubt, the criminal blockade has created social wounds in

13:19the health sector, where we have been recovering, in food supply. The figures of consumption of

13:27protein is not the same today as five, six years before, luckily, and that is a positive fact for

13:36you to grantee a population that has access to goods and services that are produced in our

13:41country. Credit has increased also in a very important way. Its growth in the last 12 months

13:50of 105%, and we have also carried out a process of democratization of credit with a public bank,

13:57public funds, where we have helped almost 900,000 people through financing procedures and other

14:07kinds. So, I'm going to close as I started. We are in an extraordinary moment of growth and

14:14expansion of the productive capacities and economic capacities of Venezuela, and that's to

14:18pose an extraordinary effort so that we resolve what it means, challenges that come from growth.

14:28We are knowing today that growth also brings up important challenges that we are going to solve

14:34only through national union and consensus we have been building, and I thank you for the invitation

14:42you have, and bring in the greetings and the word of President Nicolás Maduro of hope and optimism

14:49so we can continue to move on together and think in Venezuela 2040, 2050, energetic leader in the

14:57new world. Thank you very much.

15:04We were alive to Venezuela listening to Executive Vice President Elsie Rodríguez

15:16during a meeting with Fede Cámara's businessman and women. In her remarks, the also Minister of

15:21Oil assured that a dialogue in economic issues is needed and is a priority for the country to

15:26move forward and also to undertake concrete actions to eliminate inequality gaps. Venezuela

15:31is in a process of economic update and it demands currencies, fuel, investments and other goods to

15:37warranty the success of this process, she assured, and also concluded that the country is working to

15:43build the future of the present generations and those to come. This is all for the moment. Stay

15:47tuned with From the South.

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