03:14 GMT25 February 2021
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    BUENOS AIRES (Sputnik) - Venezuela is embarking on a new direction in its economic development that will allow the country to decrease its dependence on oil, Venezuelan President Nicolas Maduro said.

    On Friday, Maduro held a meeting with Diego Masera, Chief of the UN Industrial Development Organisation (UNIDO) Latin America and the Caribbean Division. The meeting was attended by business representatives from various countries, including Russia and China, and was broadcast on Twitter.

    "Venezuela's [economic] model was deformed. It was dependent on oil and we are starting on the road that will lead [Venezuela] out of this dependency on oil prices", Maduro said at the meeting.

    During the meeting, UNIDO noted positive changes in Venezuela's industrial sector and handed Maduro its analysis report of the country's agriculture-industrial complex.

    According to the Organisation of the Petroleum Exporting Countries, Venezuela's oil revenues account for about 99 percent of its export earnings.


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    dependence, oil, economic development, Nicolas Maduro, Venezuela
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