OREANDA-NEWS. May 10, 2011. Belarus and Venezuela opened a joint trading house in Caracas. Venezuela (the company Suvinca) owns a 51% stake in the statutory fund of the joint Belarusian-Venezuelan company Venbelcom S.A. Belarus owns 49% (Belresursy 29.4%, Trustbank 19.6%).

Creation of the joint venture and a permanent exhibition that will be organized at its premises is one of the activities undertaken in pursuance of the instructions of the presidents of the two countries to bring the two states closer, primarily in the areas of trade and economic cooperation. The company is expected to contribute to export/import operations and thus increase the mutual trade between the two countries.

The permanent exhibition showcases the products and promotional materials of the Industry Ministry companies: Minsk Automobile Plant, Minsk Tractor Works, BelAZ, Amkodor; agricultural machinery companies: Lidselmash, Lidagromash, Minsk Watch Plant, Difa; enterprises of the Bellegprom light industry concern: Elis, Orsha Linen Mill, Baranovichi Cotton Production Association, 8 Marta company, Svitanak; the Agriculture and Food Ministry: Orsha Meat Cannery, Bereza Meat Cannery; Belgospishcheprom: Bellakt, Kristall, Kommunarka, Spartak and others. The exposition also displayed Venezuelan products imported to Belarus.

A ribbon-cutting ceremony to launch Venbelcom on April 29 was attended by First Deputy Prime Minister of Belarus Vladimir Semashko and Minister of Trade of Venezuela Edmee Betancourt.

“I am pleased to note that the instructions of the presidents of Belarus and Venezuela, which they gave last March to establish the joint venture Venbelcom, have been implemented,” Vladimir Semashko said at the opening of the trading house.

“The trading house which we are opening should boost the bilateral trade between Belarus and Venezuela. It is expected to seek out buyers and sellers in each of the two countries, introduce them to each other, prepare wholesale contracts and facilitate the execution of such contracts. We need to trade in everything starting from technically sophisticated goods (cars, tractors) to consumer goods (clothing, footwear, food),” emphasized the First Vice-Premier.

He recalled that six years ago when Belarusian-Venezuelan relations were just beginning to develop, the bilateral trade was as little as USD 7 million. Last year the figure reached USD 1.3 billion. “I think this is not the limit. Our trade should run into billions of dollars. For countries such as Venezuela and Belarus the turnover should be several times higher, USD 5 or 6 billion per year. And it must be a mutually beneficial trade,” said Vladimir Semashko.

Vladimir Semashko said: “It may not be a commodity that is needed specifically in Belarus or Venezuela. It may be needed in those customs associations, which the countries make part of. For example, Belarusian tractors and vehicles can be sold not only in Venezuela but also in the Customs Union of Latin American countries, including MERCOSUR.

The First Deputy Prime Minister also stressed that the economies of the two countries are complementary. “We are meant to have good trade despite the great distances,” he said. The list of traditional products that Venezuela supplies to Belarus can be replenished with food (coffee, cocoa), souvenirs.

For her part, Minister of Trade of Venezuela Edmee Betancourt stated that in this way the countries would reach a new level in mutually beneficial cooperation. That will definitely leave a salutary effect on Belarus-Venezuela all-round relations. This level envisages both trading links and production relations.

The official said that Venezuela is currently working on the country’s development plan for 2007-2013, which features the manufacturing industry among its priorities. Venezuela is interested in reviving its agriculture, which requires relevant mechanisms, and equipment, including those from Belarus. “This will be a new level of cooperation covering the production sector. It is important for us that Belarusian specialists not only construct joint companies but also share technologies with us,” she stressed.

Joint projects that are currently in process in Venezuela have been also on display. Among them is the construction of a brick works, plants to produce Belarusian equipment in Venezuela (MAZ, MTZ), housing construction (over 20,000 apartments), and development of a network of service centers in Venezuela.

The sides expressed hope that other instructions given by the presidents of the two countries would be implemented soon. In particular, the two sides are in talks on possible supplies of tires, cleaners, foodstuffs, textile and other industrial products to Venezuela.