Key facts
- Branson said Venezuela will have a "tremendous opportunity" once elections occur and rule of law is established.
- Investors need certainty, a proper judicial process, legal security, and transparency, Branson said.
- Venezuelan Foreign Minister Felix Plasencia and Industry Minister Luis Villegas attended the event.
British billionaire Richard Branson said on Wednesday that Venezuela will attract more foreign investors once the country holds elections, as the South American nation seeks to boost capital inflows in sectors like oil and gas. Venezuela's Interim President Delcy Rodriguez and US President Donald Trump have both said Venezuela will hold elections but have not provided a timeline. Branson spoke at an event in Venezuela with entrepreneurs and investment fund representatives, which was also attended by Venezuelan Foreign Minister Felix Plasencia and Industry Minister Luis Villegas. Rodriguez, who has Washington's backing, assumed power after President Nicolas Maduro's capture in a US operation in January. She promised elections in a UN speech in September. Despite legal reforms approved by Venezuela's parliament to boost investment, global investors remain hesitant due to distrust of the legal system and political uncertainty, particularly in non-energy sectors.