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Through import substitution policies, the Bolivarian government seeks to increase the domestic availability of foreign currency.
On Tuesday, Venezuela’s Vice President Delcy Rodriguez proposed to set up talks with the country’s private sector to replace imported products and boost domestic production amid the strengthening of U.S. blockade.
Through import substitution, the Bolivarian government seeks to increase the internal availability of foreign currency. To that end, Rodriguez asked the private sector to increase its domestic investments to develop the country's productive potential and counteract the effects of the U.S. sanctions.
She also called for the lawmakers’ support for the approval of the Public Procurement Law, which President Nicolas Maduro will present to the National Assembly to comply with the national public purchase.
"It is necessary to produce and buy in Venezuela to ensure a long-term market for domestic products,” Rodriguez explained, adding that the consolidation of an open, productive, and diversified economy boosts the national income.
Currently, the U.S. harassment against Venezuela has prompted recession and hyperinflation, which affects the real income of all citizens. As a result of the blockade, the Bolivarian gold reserves also remain confiscated in the U.K..
These coercive measures have affected not only the public sector but also private companies. Over the last five years, Venezuela became the sixth country with the largest number of public and private persons illegally sanctioned.
To continue talking with the private sector, the Maduro administration will also re-establish the National Council for Productive Economy.