WASHINGTON: The government of Venezuela has announced that it is to invest $60m in its ports via the National Integrated Customs and Exercise Administration (Seniat) and national ports company, Bolivariana de Puertos (Bolipuertos).
The Minister of Overseas Trade and International Investment, Jesús Faría said that the investment would target new business and contribute to the growth of the national economy. In order to boost the economy, Venezuela needs to export, he said, and, in order to do this, infrastructure upgrades were vital.
Although he gave few further details, modernisation of the ports will be taken forward as one of the country’s 14 ‘Growth Engines’, which aim to diversify the national economy and lessen its reliance on exporting oil to generate income. The programme hopes to boost non-traditional exports this year by $7bn. Since oil prices have dropped, the standard of living in Venezuela has plummeted.
