Venezuela's acting president, Delacy Rodriguez, has announced plans to transfer state-owned assets to private investors and may return nationalized factories to their former owners, marking a significant departure from the economic policies established under Hugo Chavez.
During his tenure, Chávez nationalized strategic sectors including steel, electricity, telecommunications, and major oil operations, arguing that Venezuela's natural resources and industries should serve its people, not foreign corporations.
But now economic changes are developing alongside an equally prominent political change. The Rodriguez administration established a commission to assess public assets, while reforms in the oil and mining sectors expanded opportunities for private investment. Plans involving electricity, aluminum and other industries are also progressing.
The developments come amid a broader shift in Venezuela's relationship with Washington.