BOGOTA – The presidents of Colombia and Venezuela pledged Saturday to invest US$100 million each in a special fund in hopes of boosting cross-border trade as the world economic crisis slashes global demand for their exports.
BOGOTA – The presidents of Colombia and Venezuela pledged Saturday to invest US$100 million each in a special fund in hopes of boosting cross-border trade as the world economic crisis slashes global demand for their exports.
The cash will help create small businesses and should finance infrastructure projects along the border, Venezuelan President Hugo Chavez said after four hours of talks in the Caribbean port of Cartagena with his Colombian counterpart, Alvaro Uribe.
‘Nobody knows where this crisis might go,’ Chavez told a televised news conference.
Trade between the two nations reached a record US$7,2 billion in 2008, and Chavez said they should aim for US$10 billion a year in 2009 and 2010. Both neighbours are looking to prevent the global slowdown from crimping commerce and spurring unemployment.
Once-rapid growth in Venezuela’s oil-dependent economy is slowing with falling crude prices, while Colombia has seen textile and coffee sales fall. Caracas is Colombia’s biggest trade partner after the US, making it especially vulnerable to a slowdown in Venezuela. – Nampa-AP
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