Maduro hopes to expand non-oil investments with Turkey through a new memorandum

Maduro hopes to expand non-oil investments with Turkey through a new memorandum

The commercial relationship between Venezuela and Turkey closed 2022 at $692 million, which reflects an increase of 25% compared to 2021. The Minister of Commerce of Turkey, Mehmet Mus, offered to expand cooperation to the infrastructure, services and tourism sector. “Turkey is going to take all the necessary steps to expand cooperation with Venezuela (…) The private sectors are going to put all their effort”


Venezuelan President Nicolás Maduro signed a memorandum of understanding with the Republic of Turkey on Tuesday, January 24, with which he hopes to expand non-oil investments between the two countries.

Maduro said that relations between the two countries are mutually beneficial. “Things are getting better and better. Venezuela has entered a new phase of its economy and we are determined to maintain the economic indicators, especially the non-oil economy.”

The ruler reiterated his speech on the sanctions, as well as the 18 engines implemented by his administration for “economic growth (…) We had a first important achievement, that the Venezuelan economy grew in 2022.”

He said that this was due to the non-oil economy, which is why he considers it necessary to deepen the alliances to maintain the economic stimulus. Maduro assured Turkish businessmen that their investments, both with private and public companies, are guaranteed and protected in all sectors.

During the signing of the memorandum, at the Miraflores Palace, the Vice President of Economy, Tareck El Aissami said that between 2017 and 2021 there has been an exchange of more than 500 million dollars annually. “Only in 2022, exports of iron, coke and urea increased by 12%.”

The commercial relationship between Venezuela and Turkey closed 2022 at $692 million, which reflects an increase of 25% compared to 2021. Only Venezuelan imports of food represented 37% during the last year.

*Read also: Food imports from Turkey represented 37% of Venezuelan purchases in 2022

For his part, the Minister of Commerce of Turkey, Mehmet Mus, thanked the Venezuelan reception to his delegation to deepen relations between the two countries. He asserted that this visit will improve bilateral relations, especially commercial and economic exchange.

He also said that air transport has represented an important point, with the expansion of seven flights a week between Caracas and Istanbul. “The current situation shows us that the contacts between the two countries improve the trade agreement.”

Mus also offered to expand cooperation to the infrastructure, services and tourism sector. “Turkey is going to take all the necessary steps to expand cooperation with Venezuela (…) The private sectors are going to put all their effort.”

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