Venezuela Diversifying Economy To Step Out Of Oil Revenue Dependency - Maduro

BUENOS AIRES (Pakistan Point News / Sputnik - 27th July, 2019) Venezuela is embarking in a new direction in its economic development that will allow the country to decrease its dependence on oil, Venezuelan President Nicolas Maduro said.

On Friday, Maduro held a meeting with Diego Masera, Chief of the UN Industrial Development Organization (UNIDO) Latin America and the Caribbean Division. The meeting was attended by business representatives from various countries, including Russia and China, and was broadcast over Twitter.

"Venezuela's [economic] model was deformed. It was dependent on oil and we are starting on the road that will lead [Venezuela] out of this dependency on oil prices," Maduro said at the meeting.

At the meeting, UNIDO noted positive changes in Venezuela's industrial sector and handed Maduro its analysis report of the country's agriculture-industrial complex.

According to the Organization of the Petroleum Exporting Countries, Venezuela's oil revenues account for about 99 percent of its export earnings.