March 6, 2006
South Korea to invest USD10 billion

(Agencia Bolivariana de Noticias) - "The South Korean government studies the possibility of creating a fund of more than USD 10 billion to finance investment projects in Venezuela, specifically those related to social production businesses; subsidiaries of the National Company of Basic Industries (Coniba) and the oil industry.

This information was given by Valmore Vasquez, Vice Minister of Investment Promotion at the Ministry of Basic Industries and Mining, after a meeting with business people of the South Korean Impex Group Inc which took place at the Corporación Venezolana de Guayana in Caracas (Venezuelan Guayana Corporation).

This fund will be available for the South Korean business people who wish to make strategic alliances with the Venezuelan government (...)

In this sense, he emphasised that 15% of the participation is being evaluated at the National Steel Company, representing approximately 170 million dollars, as well as the Pulp and Paper Social Production Company, where an investment of 200 million dollars is required and the Steel Pipes Social Production Company, where 150 millions dollars can be invested (...)

The Vice Minister also said that in addition to investing on basic industries, some strategic alliances will materialize in the oil sector, with the possibility of building ships for PDV Marina.

Several intention letters were signed during this meeting to study the feasibility of this project.

CVG Telecom's optical fibre is among these agreements, for the provision of telecommunication services in less favoured areas around the country (...)"