Turkish President Recep Erdogan was in Caracas today to attend highly-publicized economic forum, the purpose of which was to strengthen the ties between Turkey and Venezuela.

During the summit, Maduro and Erdogan signed a number of documents to coordinate economic cooperation between the two countries. A total of 200 business leaders also took part in the summit.

Maduro spoke directly to the Turkish business community during the event. Referencing a trip that he took earlier this year to Istanbul, Maduro said:

As I told you a few months ago in Istanbul, we welcome Turkish business people to come invest, produce and grow here in beautiful South America, which opens her arms to you.

Maduro also speculated that his economic recovery plan–the first 100 days of which have seen the country’s crisis worsen–will eventually make Venezuela one of the most “important [countries] for economic and international investment”.

Maduro also attempted to add detail to the nature of the economic relationship that he envisions having with Turkey. He said that he hoped that the two countries would work to “have a reproduction economy” [sic], alongside “palpable riches, immediate and in the short and medium term”. Maduro said that he hoped that Venezuela and Turkey could work together:

[To] develop steel, coltan, diamonds, aluminum, [and] activities [like] tourism, given the successful start and development of Turkish Airlines in Venezuela.

Maduro rolled out the red carpet for Erdogan, welcoming him with a full honor guard. In the images below, Maduro walks alongside Erdogan on a red carpet that is lined by welcoming Venezuelans. Maduro is picking up a Turkish flag that fell on the ground:

Below, a short clip part of the welcoming ceremony for Erdogan:

More images of Erdogan’s arrival in Caracas:


The video below shows Erdogan and the Turkish delegation arriving at today’s summit:

Regime Lays Out New Prices for Basic Goods

The Maduro regime laid out a new set of prices for a list of 29 basic goods, including food staples like beans and corn flour. The prices–which are updated relatively rarely, given the hyperinflationary crisis affecting the country–became public in the Gaceta Oficial No. 41.536, which was published today.

The list includes 21 food items, and 9 home and personal hygiene products.

Below, a select list of the new prices:

  • Vegetable cooking oil (one litre): BsS. 239
  • White rice (1 kilogram): BsS. 212
  • Coffee (500 grams): BsS. 360
  • Beans (1 kilogram): BsS. 220
  • Corn flour (1 kilogram): BsS. 151
  • Milk (1 litre): BsS. 185
  • Chicken (1 kilogram): BsS. 450
  • Beef (1 kilogram): BsS. 420
  • Deodorant (80 grams): BsS. 103
  • Toilet paper (4 rolls): BsS. 300
  • Toothpaste (100 milliliters): BsS. 396

Because the inflation rate in Venezuela is expected to surpass 1,000,000% at the end of this year, prices rise daily. Forcing retailers to sell items at artificially low prices–as the regime does–not only destroys businesses by forcing them to operate at a loss, but also feeds the black market by encouraging hoarding and speculation


Questions/Comments? E-mail me: invenezuelablog@gmail.com

One thought on “12.03.18: Palpable Riches

  1. Pingback: 12.04.18: Moscow | In Venezuela

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