María Corina Machado’s Trillion Dollar Plan for Venezuela’s Economic Transformation
María Corina Machado’s Trillion Dollar Plan for Venezuela’s Economic Transformation
The opposition leader and her economic advisors unveiled their proposal for reviving the country’s productive potential alongside a democratic transition.
Speakers
- María Corina Machado, Opposition Leader
- Dr. Sary Levy, Economic Advisor to the Opposition Leader
- Andrés Gluski, Chairman, Council of the Americas (introduction)
“Venezuela is on the brink of a historic transformation, offering the greatest opportunity for democracy, security, and investment in Latin America,” asserted Venezuelan opposition leader María Corina Machado at a hybrid event on June 6 hosted by Council of the Americas. In a discussion attended by journalists and COA members, Machado and her economic team, led by development economist Dr. Sary Levy, debuted a 15-year, $1.7 trillion growth strategy projected to triple the country’s GDP if implemented. “Under a democratic and market-driven model, Venezuela is set for a complete transition from collapse to boom,” said Levy.
Key pillars of the plan include market liberalization, privatization, macroeconomic and regulatory stability, and the return of independent institutions and rule of law. Of the 12 priority sectors laid out in the presentation, fossil fuels—the principal motor of Venezuela’s economy—and mining account for 40 percent of proposed investment opportunities to revamp economic activity. With regard to the oil sector, the plan envisions recovering Venezuela’s role as an energy hub in Latin America, leveraging $420 billion in potential investments to increase production capacity to 4 million barrels per day by year 15. Other priority areas for the economic transformation include improving transport and finance infrastructure, rebuilding health and education systems, and committing more resources to diversification through tourism, agriculture, and the technology industry.
In closing, Machado reiterated the need to rebuild credibility among foreign investors, the international community, and the Venezuelan population, both in the country and among the 8 million-strong diaspora. She expressed hope that Venezuela would soon return to being “a land of grace” offering “the greatest opportunity for wealth creation in the region for decades to come.”
