Oil is just one reason for China to support Venezuela, writes Guaido
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Caracas: China is the world’s largest oil importer and Venezuela has the largest proven oil reserves in the world. For those two reasons alone, the economic relationship between our nations will inevitably grow. In fact, we hope for even more. There are many areas besides oil in which we can mutually benefit from trade and cooperation in the future.
For that relationship to blossom, however, Venezuela has to change and abandon a model of governance that’s ruined us economically. The country is suffering a devastating humanitarian crisis.At least 87 per cent of Venezuelans live in poverty, subject to 90 per cent shortages in food and medical supplies. Basic services such as electricity and water have collapsed. The inflation rate exceeded 2.6 million per cent in January 2019 and threatens to reach 10 million per cent by the end of this year, according to the International Monetary Fund.
The author: Opposition leader Juan Guaido, self-proclaimed interim president of Venezuela.Credit:AP
In addition, Venezuela has become one of the most dangerous and corrupt nations in the world. The state no longer controls its territory: irregular groups, such as the Colombian National Liberation Army, are operating in at least 12 states. Consequently, millions of Venezuelans have fled in what’s become Latin America’s largest mass migration, surpassing in numbers the Syrian refugee crisis. International bodies such as the Organisation of American States, the United Nations High Commissioner for Human Rights and Human Rights Watch have corroborated our suffering on multiple occasions.
Even our oil production has drastically shrunk; we are now producing barely one-third what we did in 1999. Our refineries have been destroyed, as has much of our basic infrastructure. For our country to recover, we will require many investments and we are open to receiving them.
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