Venezuela's government is encouraging private firms to sign import and export deals with companies in Asia and the Middle East as part of an effort to limit the impact of U.S. sanctions, according to four sources with knowledge of the matter.
The plan expands on President Nicolas Maduro's existing commercial relationships with allies such as Turkey and Iran, which have already been providing the cash-strapped government with food and fuel in exchange for gold reports wkzo.com
Vice President and Finance Minister Delcy Rodriguez has been developing the strategy for over a year, according to the sources, paving the way for private firms to export pineapples and mangos to Iran and import pasta from Turkey.
Rodriguez has created a new vice ministry of foreign commerce and sent allies to these new markets to promote private trade deals, according to public statements, seeking ways around a broad sanctions package meant to force Maduro from office.
Because operations of private Venezuelan companies are not explicitly targeted by U.S. sanctions, shifting trade away from state-run firms and toward private enterprise makes foreign partners more interested in Venezuela deals, said the sources, who asked not to be identified.
