Foreign Minister highlights Venezuela's process of transformation and economic recovery at Ibero-American Summit

Published at: 05/11/2026 08:16 AM

The Minister for Foreign Affairs and International Trade, Oliver Blanco, highlighted this Thursday, during his speech at the 30th Ibero-American Summit, that Venezuela is going through a new phase of democratic transformation, national reconciliation and economic recovery, while reaffirming the country's commitment to regional integration and multilateralism.

From Madrid, Spain, in relation to the internal political situation in Venezuela, he stated that the country is making progress in initiatives aimed at consolidating institutions and democratic stability, such as “the Amnesty Law, which has benefited more than eight thousand people” and the “restoration of access to 38 information portals to expand the plurality of communication; and the ongoing dialogue between the National Assembly of 2015 and the National Government”.

The chancellor explained that a new Supreme Court of Justice is expected to be elected before the end of 2026, in accordance with the agreed timetable with technical assistance from the European Union for strengthening the rule of law.

In his speech at the plenary of the Summit, the diplomat highlighted the energy, agricultural and industrial capacities of the South American nation and assured that they must have a direct impact on the population. “The true meaning of our integration is not only in the agreements we sign, but in the lives we are able to improve,” he said.

On the economic level, Minister Blanco specified that growth projections of 6.5% are estimated for this year, supported by 22 consecutive quarters of recovery; accompanied by legislative tools that encourage investment.

“We have expressed a modernization agenda that includes reforms to hydrocarbons and mining legislation, the facilitation of administrative procedures, the modernization of the tax system and the reform of the legal framework for the National Electricity System, aimed at opening new spaces for private investment,” he emphasized.

The foreign minister reiterated the need to “move towards lifting the economic and financial restrictions affecting Venezuela in order to expand trade, diversify exports and facilitate productive investment.”

He also announced the ratification of the Ibero-American Multilateral Agreement on Social Security, stating that “international integration presents an opportunity for our Ibero-American partners, new markets, investments, cooperation and greater possibilities for shared development.”

Finally, he thanked us for the support shown during the earthquakes of last June 24; “in times of difficulty, this solidarity shows us the value of belonging to a community that knows how to accompany each other”.

MERCI