COMMON STATEMENT OF RESULTS

I BINATIONAL VENEZUELA-CANADA BUSINESS MACRO-RUEDA
Margarita Island, October 16-18, 2006

The first Venezuela-Canada Business Macro-Rueda was held on Margarita Island from October 16 to 18, 2006, to help further our shared goals of fostering fair and equitable opportunities for all and promoting sustainable development that will enhance a flexible and balanced participation model for the international community.

Our countries share an interest in strengthening and diversifying international relations by promoting trade and bilateral investment and creating strategic linkages based on the principles of solidarity and cooperation.

Activities for delegates at the Macro-Rueda included information seminars, investment and business roundtables, government-to-government discussions, as well as a trade exhibit — all of which enabled participants to learn more about the key sectors of both countries.

It was an opportune event for high-level government officials and business representatives to hold a productive dialogue to promote bilateral relations through mutually beneficial agreements that contribute to a multipolar world.

We are pleased to report that 31 importers, 32 exporters and 13 investors from both Venezuela and Canada participated in this event. They represent sectors of vital importance to our respective economies such as agribusiness, food, energy, mining, basic industries, chemicals and plastics.

The participants held approximately 60 meetings resulting in business leads worth about US$ 68.4 million.

Similarly, the outcome of the investment roundtables is very encouraging. Opportunities worth over US$1.5 billion have been identified in the basic industries and mining sectors.

These results reflect a favourable climate for investment and business opportunities, as demonstrated by the interest of Canadian and Venezuelan companies in participating in this event, and by the increase of Canadian trade and investments in Venezuela in recent years. Venezuela is Canada’s second largest trading partner in Central and South America.  

The five government-to-government roundtables provided the following public institutions of both countries the opportunity to dialogue:

This dialogue gave rise to a number of agreements related to commercial cooperation, investment promotion and other areas of mutual interest. In addition, a number of sectors were identified for further discussion such as trade financing, training, technology transfer and Canada’s guarantees of contract performance related to energy, water treatment, and electricity.

The large number of participants and the results obtained at this Macro-Rueda reflect Venezuela and Canada’s mutual interest in strengthening commercial relations and demonstrate the need to deepen and reinforce our existing bonds of friendship by further engaging the public and private sectors in economic and commercial matters with mutual respect.

In this context, representatives from both countries committed to continue supporting this type of event in order to facilitate and promote bilateral cooperation in areas of mutual interest with a view to increase the well-being of our peoples following the principles of solidarity, mutual respect, complementarity, cooperation and friendship.

Finally, acknowledging the importance of continuing to promote bilateral commerce and investment, the participants expressed interest in holding a second Macro-Rueda in the near future.

At the conclusion of the event, the Canadian government officials and business representatives expressed their thanks for the hospitality, consideration and support provided by the President of the Bolivarian Republic of Venezuela, Hugo Chávez Frías, the Venezuelan people and the people of Margarita Island.