HomeEconomyVenezuela: industrialization is key to achieving economic independence

Venezuela: industrialization is key to achieving economic independence

Minister of Industries and National Production, José Félix Rivas Alvarado participates in the Cuba Industry 2024 International Convention

In order to promote the integration, complementarity and international insertion of Cuba in the industrial sector, Venezuela participates in the IV edition of the International Convention Cubaindustria 2024 at the Convention Palace in Havana.

During his participation in the opening ceremony, the Sectoral Vice President of Economy and Minister of Industries and National Production, José Félix Rivas Alvarado, emphasized the importance of collaboration between Venezuela and other Latin American countries, as well as global allies Russia and China.

In this sense, he said that strategic collaboration between the countries of the global south faces the challenges imposed by economic and political hegemony, and promotes independence and sustained development through industrialization and economic diversification.

Likewise, he highlighted the need to diversify the economy and promote industrialization as a means to achieve economic and political independence, and advocated strengthening regional integration mechanisms and seeking new opportunities for insertion into international trade flows, creating value chains to promote industrialization.

Rivas Alvarado, who questioned the model of globalization and neoliberalism, proposed a vision of multipolarity and rejection of economic hegemony based on the dollar.

He referred to the devastating impact of unilateral sanctions on the Venezuelan economy, particularly in the oil sector, which generated a drastic reduction in the country's income.

However, he said that in Venezuela, despite the economic difficulties, internal policies have been implemented to stabilize the economy, reduce external dependence and guarantee food sovereignty, through the creation of economic councils, agricultural missions and food distribution programs. .

He highlighted that economic stabilization has managed to reduce inflation and has caused constant economic growth, accompanied by political and social stabilization.


Rivas Alvarado visited the exhibition fair of the Cubaindustria 2024 International Convention, which was officially inaugurated on Tuesday in Havana.

Venezuela participates with a stand where entities and corporations attached to the Ministry of Industries and National Production exhibit their potential and explore the possibilities of integrating the industrial segments of both countries.

In addition, Pequiven, an entity from the Venezuelan oil industry, participates, showing the diversity and strength of the country's industrial sector.

The opening ceremony included the participation of the president of Cuba, Miguel Díaz-Canel Bermúdez; the vice prime minister of Cuba, Ramiro Valdés Menéndez; and the First Deputy Minister of Industry and Trade of Russia, Osmakov Vasili Serguevish.

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