Reconstruction of Venezuela opens the way for Portuguese companies

O Minister of Economics and Territorial Cohesion of Portugal, Manuel Castro Almeida, said today in Caracas that reconstruction of Venezuela and local growth open concrete opportunities for Portuguese companies.

"Venezuela is currently going through an important period of its history, marked by profound political and economic changes and the enormous challenges that result from the reconstruction of the country," the minister explained, stressing that "there are signs of recovery of local economic activity".

Manuel Castro Almeida spoke before hundreds of entrepreneurs at the Portugal-Venezuela Business Forum at the Portuguese Center, within the framework of a Portuguese business mission that had the presence of interim president of Venezuela, Delcy Rodríguez.

The minister recalled that the UN points to a growth of Venezuelan GDP of 6.5% in 2026, but warned that challenges remain such as inflation, exchange rate instability and infrastructure modernisation needs, to which the post-sism reconstruction, estimated by the UN at 21 billion dollars, is added.

"This is a huge effort, which requires implementing capacity, mobilization of investment and much international cooperation. Portugal wants to contribute to this effort by putting at the service of this relationship the experience and skills of our companies", he said.

And it was necessary that Portugal has companies with evidence given in construction, engineering, energy, metallomechanics, agri-food, health, technology and tourism, used to operate in other geographies and ready to establish partnerships, to modernise the economy and create jobs.

With regard to the business environment, he stressed that investment requires ‘clear rules, legal certainty, effective institutions and confidence in the future’, stressing that ‘strengthening the rule of law, respect for fundamental rights and creating conditions for free and inclusive democratic participation are essential’.

According to Manuel Castro Almeida, Venezuela is undergoing transformations that Portugal follows "with attention and conviction that strengthening the rule of law, respect for fundamental rights and the creation of conditions for free and inclusive democratic participation are essential to build a future of stability and prosperity".

"Economic recovery and strengthening of institutions must move forward together, because companies need confidence to invest, and citizens need to trust the institutions that determine the future of their country. Portugal is well aware of the importance of these routes. Our democratic experience and European integration have demonstrated how institutional stability, economic openness and participation in the international community can help to transform a country," he said.

He stressed that "it is also with this experience that we want to deepen our cooperation with Venezuela, respecting its sovereignty and the right of Venezuelans to decide freely their future".

Manuel Castro Almeida stressed that Latin America gains strategic importance for Europe in the current context of reorganizing supply chains and running to energy resources, and highlighted the region's potential in natural resources and markets, crossing it with the investment capacity, technology and dimension of the European market.

‘Portugal has particular conditions to play an important role in this approach. Our geographical position, integration into the European Union, historical relations with Latin America and linguistic and cultural proximity are advantages that we must take advantage of", he said.

Castro Almeida paid a heartfelt tribute to the Portuguese and Portuguese-descendant community living in the South American country, classifying it as “a source of pride for Portugal and a heritage of great importance”.

"We are an Atlantic country, with historical links to the Americas and also Africa, and with an international presence that goes far beyond our territorial dimension", he stressed.