Governments of Venezuela and China announced "massive strategy" to raise basic industries
Venezuela and China working in the realization of a "strategy colossal" binational "lift and strengthen" the production of Venezuela's basic industries of iron and aluminum, said Sunday President Hugo Chávez.
EFE

Venezuela and China working in the realization of a "strategy colossal" binational "lift and strengthen" the production of Venezuela's basic industries of iron and aluminum, said Sunday President Hugo Chávez.
The president said a Chinese high-level commission is in Venezuela visiting Guyana, where there are vast deposits of iron, bauxite and gold, with a view to the establishment of China-Venezuelan joint ventures for exploitation.

Senior Chinese officials "were amazed by what they saw, because they are full of iron hills, a giant reserve, and China needs lots of iron, a lot of steel," Chavez said during "Hello President."

"Well, we're putting together a structure of Chinese-Venezuelan joint ventures to raise production, bringing Chinese investment, Chinese technology" to exploit raw materials like iron ore, bauxite and coal, and precious metals like gold, said chief State.

This, he added, will allow Caracas "colossal craft a strategy with this giant that is China, with its investment, with its technology, to raise and strengthen the core businesses" settled in the southern state of Guayana.

Venezuelan reserves of iron and bauxite are 14,000 and 6,000 million tons, respectively, according to official figures for 2008.

Venezuela produces about 4.2 tons of gold, according to official data from 2009 and the Government has announced in recent years it plans to undertake mining in the hands of foreign franchises.

Chavez has nationalized in recent years, several steel companies, including Siderurgica del Orinoco (Sidor), in 2008, a major steel producers in the region.

Last night, the president swore in the new presidents and boards of several basic industries of the Corporacion Venezolana de Guayana (CVG), including Sidor, comprised of workers from them.

Chavez demanded they "devote himself entirely to restore productivity and efficiency of this strategic sector of the country, which has severely affected their productivity in recent years due to falling prices, lack of investments and problems like power crisis in Venezuela.

"We are obliged to make them efficient and sustainable business and that is the great challenge (...) within the framework of socialism," he said last night the Venezuelan head of state.
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