By Victor Ternovsky on June 6, 2024
Jose Felix Rivas Alvarado, photo: Sputnik
Venezuela hopes to join the BRICS group as soon as possible, the Caribbean nation’s Sectoral Vice President for Economy and Minister of Industries and National Production, Jose Felix Rivas Alvarado, said in an exclusive with Sputnik.
“We are hopeful that it will be as fast as possible, because Venezuela, which is in a confrontation against the forces that want to dissolve the nation states, is on the side of building that multipolar world and the new economic and financial architecture, and there the BRICS are important,” said Rivas Alvarado, interviewed at a new edition of the St. Petersburg International Economic Forum, which is being held from June 5 to 8 in Russia.
“It is also important for the support of the BRICS in the recovery of Venezuela, it is a platform that we need to strengthen and to seal it with a very powerful material link with Russia, for example, and with all the members of the bloc”, he added.
An alternative financial architecture
Asked about the particular case of economic and trade relations between Venezuela and Russia, Rivas Alvarado stressed that the parties have made great progress in “the construction of alternative mechanisms, both for financing and means of payment”.
“The same coercive measures against us have led us to seek other forms of payment, to move to the use of national currencies, to consolidate an alternative financial architecture to the dominant one. It is no longer a matter of academics, of speeches, but we are doing it with deeds and strong ties, we have made great progress in that and we will continue to make progress,” he emphasized.
Collaboration with Russia
According to Rivas Alvarado, one of the keys to Venezuela’s economic recovery is the collaboration with Russia, something that we are facing the Western attacks against sectors such as “the oil industry, the energy industry”, its main targets.
Diversification of the economy
He also pointed out that progress is being made in reducing dependence on oil exports.
“The learning we had with the blockade has been to try not to depend on a single primary export item which is very important, which is oil, which has a high internal rate of return. However, that dependence made us vulnerable. Therefore, our economic strategy in this phase is productive diversification, import substitution. We are moving forward in two directions: exporting, because we need foreign currency, but also strengthening domestic production”, he said.
Food sovereignty
In the case of agriculture, it was possible not only to solve a situation of “very strong shortage”, but also to start exporting.
“At this moment, agricultural products from the countryside and livestock are being exported, also with added value, added intellectual value, and we have a very important perspective with our strategic partners,” he said.
Health and pharmaceuticals
Sectors such as health and pharmaceuticals are also recovering, which is a matter of survival in circumstances in which “transnational pharmacies left the country”.
“We have Russian firms in the pharmaceutical part, which is a very important sector, because it is aimed at health and certain diseases that affect the population,” he added.
Coercive measures, a tremendous opportunity
According to Rivas Alvarado, “in spite of the negative aspects of the coercive measures that we have faced it has also generated a tremendous opportunity” to turn Venezuela, a country with very rich primary resources, into an exporter of value-added products, thanks to the scientific and technological contribution of its allies such as Russia.
“I believe that we have tremendous possibilities, as demonstrated by the forum, where different business and governmental actors from both countries are present, which are tremendously complementary said the Venezuelan the Vice President of Economy and Minister of Industries and National Production.
Source: Sputnik in Spanish, translation Resmen Latinoamericano – English