The president of Venezuela, Nicolas Maduro, He highlighted the role of entrepreneurs and proposed a new production model based on dialogue with the private sector and promised to achieve “the most powerful economy in the years to come.” It was during the presentation of the economic plan which he will implement if he wins the elections on July 28. He spoke before 1,500 businessmen from various productive sectors and announced the elimination of the Tax on Large Financial Transactions (IGTF) in bolivars.
Maduro highlighted “the strength that Venezuela had to move forward” after the pandemic and especially in the context of sanctions and the economic blockade and highlighted the role of Venezuelan entrepreneurs and businessmen during that time. “I admire them,” the head of state stressed and promised one million new productive loans for entrepreneurs, young people and women.
“I am signing the decree to eliminate ipso facto the 2% Tax on Large Financial Transactions, we are now in a position to do so”said Maduro at the National Council for Productive Economy held at the Parque Bolívar Convention Center in La Carlota, although he added: “We need to increase the efficiency in the collection of existing taxes adapted to the need to produce more. We need to raise internal taxes, increase the efficiency in the collection of existing taxes.”
Before the announcement, which received widespread applause from the businesspeople and entrepreneurs present, the president had reported that tax collection in the first half of the year had grown 105% compared to the same period in 2023 and that, just taking June, the year-on-year growth was 164%.
“Look at June,” Maduro told businessmen and women, “tax collections of more than 100%, the lowest inflation in 39 years, economic growth of 8%. Yes, we can grow and invest, achieve a virtuous cycle of wealth production, distribution and social investment.”
The president was also critical of the “rentier” economic model dependent on oil, which he described as a “structural deformation” that made Venezuela dependent on imports. He proposed a new production model based on dialogue with the private sector and promised to achieve “the most powerful economy in the years to come.”
As part of its new economic programIn a context in which even the IMF predicts that the country will grow this year by 4.2% (the highest growth in Latin America), the Bolivarian leader said that the key to growth is “the democratization of credit.”
The head of state also reported that, in the first 6 months of this year, the Bank of Venezuela has granted 659,000 loans for commercial and productive activity and asked to “do more.” In this regard, he stressed that the default rate of entrepreneurs is 0.1%. “They are 99.9% good payers, enthusiastic people. They have the sacred flame,” he praised them.
So far in 2024, the credits to entrepreneurs There were 14,541, while the Credimujer program provided 166,677 lines of financing and Credijoven another 124,274. In July alone, 43,000 of the former and 40,000 of the latter were provided.
Nearly 700 companies that produce products manufactured in Venezuela participated in the event, including all kinds of food, textiles, household appliances, technology and toys, among others. In addition, there were stands from strategic companies such as PDVSA, Corporación Socialista del Cemento and the National Institute for the Development of Small and Medium-sized Industries (Inapymi), among others.
Before his speech, the president walked around the stands with a microphone, spoke with the producers and said: “They say that if it is made in Venezuela it is good. I say that if it is made in Venezuela, it is better.”
Source: Ambito
