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UNCTAD: Social investment strengthens the Venezuelan economy during financial crisis

Supachai Panitchpakdi, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), said that Venezuela’s social investment, including in health, education and other areas, strengthens its economy in the face of the financial crisis and makes it an example for the world.

“What we need in Asia to confront this international financial crisis is more investment in social welfare; financing social welfare, health, education, retirement plans, pensions for seniors, and that is the strong point of the Venezuelan economy,” Panitchpakdi said during the Regional Seminar on Trade and Competition: Prospects and Future Challenges for Latin America and the Caribbean.

The UNCTAD Secretary General said these types of social investments “are the right focus and an example of what Latin America and the world should do.”

He continued, saying that to achieve a fairer world, “well-being must be developed, and that is done through the financing of social welfare; for example, in having access to universal health insurance.  We should all have access to that.”

Panitchpakdi emphasized that apart from social investment, Venezuela’s agricultural investments stand out.

On this matter, he indicated that “Venezuela has the right potential to become a great food producing nation, and it can achieve that through better agriculture investment because what the Venezuelan economy needs is a strategy that manages deeper development of this sector.”

Agencia Bolivariana de Noticias (ABN), Embassy of the Bolivarian Republic of Venezuela Press Office / April 21, 2009

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