Economy Type
Sanctions-Affected Oil, Resource & Recovery Economy
Sanctions-Impacted Oil, Resources, and Recovery Economy
Venezuela is classified as a Sanctions-Affected Oil, Resource & Recovery Economy .
Venezuela is a resource-rich country possessing the world's largest proven crude oil reserves and abundant natural gas, minerals, and agricultural resources, but its production capacity has been significantly weakened by a long-term lack of investment, aging industrial facilities, macroeconomic instability, and international sanctions.
The IMF projects a real GDP growth rate of 4.0% for 2026, while forecasting a consumer price inflation rate of 387.4%. This implies that exchange rate, monetary, and fiscal stability remain very fragile, despite some recovery in oil and domestic demand. The nominal GDP forecast for 2026 is approximately $111.3 billion.
Country Definition
Venezuela possesses vast oil, gas, and mineral resources, but due to sanctions, macroeconomic instability, and the aging of state-owned industries, it is an economy with a very large gap between its resource potential and actual production capacity.
Why It Matters
Venezuela is estimated to possess the world's largest proven crude oil reserves, amounting to approximately 303 billion barrels. However, because most of the crude oil consists of extra-heavy oil from the Orinoco Belt, it requires diluents, reforming and refining facilities, and large-scale investment. In 2023, it accounted for only about 0.8% of global crude oil production, resulting in a significant gap between reserves and production.
The economy is excessively concentrated on oil exports and government finances. There is a significant need for the restoration of production, refining, power, and port facilities in the oil industry due to a long-term lack of maintenance and a halt in investment. At the same time, policies have been pursued to foster the agro-food, mineral, petrochemical, and manufacturing sectors, as well as special economic zones, in order to reduce dependence on oil.
In 2024, merchandise exports were estimated at approximately $14.3 billion and merchandise imports at approximately $14.9 billion, recording a trade deficit of about $600 million. This reflects a structure in which foreign exchange, production, and import capabilities have been significantly reduced compared to the oil-exporting country that previously recorded large surpluses.
In 2026, relations with international financial institutions, external debt restructuring, and the permissible scope of energy and mineral sanctions are changing. The World Bank announced the resumption of operations with the Venezuelan government in April 2026, and the U.S. OFAC continues to revise general licenses related to oil, gas, minerals, and debt restructuring. While this demonstrates the potential for expanded opportunities, it means that operators must check the latest sanctions regulations at the time of every transaction.
Korea Perspective
For South Korea, it is appropriate to evaluate Venezuela as a long-term recovery market in the fields of energy, plant, power, water treatment, agri-food, medical, and disaster recovery, rather than as an immediate large-scale market for entry.
Korean companies can explore potential opportunities in the following areas.
- oil and gas facility maintenance
- Oil refining and petrochemical plants
- Power grid and power generation facilities
- Reduction of gas leaks and flares
- Mining and smelting equipment
- Water supply and sewage systems and water purification facilities
- Agriculture and food processing
- Medical devices and pharmaceuticals
- Ports and Logistics
- Urban and disaster recovery
However, general export business methods are not suitable due to the very high risks associated with sanctions, financial settlements, transactions with state-owned enterprises, payment collection, exchange rates, and contract execution. For all transactions, sanctions and export controls by Korea, the United States, and the European Union, as well as the end user and ownership structure, must be reviewed in advance.
Key Keywords
- Crude Oil
- Orinoco Belt
- Natural Gas
- Petrochemicals
- Gold & Minerals
- Sanctions
- Hyperinflation
- Infrastructure Recovery
- State-Owned Enterprises
- Economic Reconstruction
Venezuela is located on the northern Caribbean coast of South America and shares borders with Colombia, Brazil, and Guyana. The capital, Caracas, is the center of politics, finance, and services, while Maracaibo, Valencia, Puerto Hordas, and Barcelona are major industrial cities.
The population is approximately 26.89 million according to the IMF. Due to a prolonged economic crisis and deteriorating living conditions, large-scale migration has occurred, weakening the labor force, consumer market, and professional workforce base.
As of 2026, the political and economic environment is strongly transitional in nature. It is difficult to assess legal and political stability as government operations, international approvals, access to external finance, and sanctions policies are all changing simultaneously. Although the World Bank resumed government-related activities in April 2026 after they had been suspended since 2019, a normal large-scale financial support system has not yet been fully restored.
The national economy is heavily influenced by the state-owned oil company PDVSA and government agencies. In major business sectors, the central government, state-owned enterprises, and public institutions can directly impact contracts, permits, foreign exchange, and logistics.
Venezuela is a member of OPEC and has maintained economic cooperation with China, Russia, Turkey, and Iran. At the same time, its energy and financial relations with the United States and Europe repeatedly expand and contract depending on sanctions policies.
Key Features
- World's largest crude oil reserves
- State-owned oil industry-centered economy
- High political and institutional uncertainty
- High inflation and exchange rate fluctuations
- large-scale population outflow
- Aging of power, oil refining, and water infrastructure
- Repeated changes in U.S. sanctions and general licenses
- Possibility of restoring relations with international financial institutions
The Venezuelan economy consists of oil and gas, mining, manufacturing, agriculture, construction, distribution, and public services, but in reality, oil production and exports determine its foreign exchange, fiscal, and import capabilities.
The IMF forecasts 4.0% growth in 2026, but simultaneously projects the consumer price inflation rate to be 387.4%. Therefore, a partial recovery in the real economy does not immediately mean a stable consumer market or investment environment.
UNCTAD projected a real GDP growth rate of 6.2% for 2024. However, there are significant differences in GDP, price, and trade estimates across agencies due to gaps in official statistics, exchange rate divergence, and the expansion of the informal economy and dollar usage.
In the domestic market, the use of the U.S. dollar and foreign currencies is widespread, and there is a significant gap in purchasing power between high-income earners and remittance beneficiaries and ordinary households. While there is a high dependence on imports for food, pharmaceuticals, automotive parts, power equipment, and daily necessities, there are also significant risks related to pricing, payment, and inventory.
The industrial goods and infrastructure markets have significant potential demand. There is demand for replacement and repair due to the aging of oil refineries, power plants, transmission and distribution networks, water and sewage systems, roads, and hospitals. However, the client's payment capacity and the feasibility of international settlements must be thoroughly verified.
Market characteristics
- High impact of oil exports and international oil prices
- High inflation and exchange rate instability
- Expansion of dollar usage
- Coexistence of formal and informal markets
- Purchasing power gap by income and region
- Import demand for essential goods and industrial equipment
- Large-scale projects centered on state-owned enterprises
- Financial and payment restrictions
- large-scale infrastructure recovery demand
- Low transparency of statistics and information
MarketHub Point
Venezuela is a high-risk recovery market where transaction feasibility, payment structures, sanctions compliance, and the orderer's actual payment ability must be verified first, rather than market demand.
Venezuela's key industries are oil and gas, refining and petrochemicals, mining, electricity, agriculture, food processing, steel and aluminum, and construction.
3.1 Petroleum, Refining, and Petrochemicals
Venezuela holds crude oil reserves of approximately 303 billion barrels. However, due to the high proportion of extra-heavy crude, it requires light oil, diluents, upgraders, pipelines, storage and export terminals, and specialized refining facilities.
The major recovery demands of the oil industry are as follows.
- Oil wells and production facilities
- Pumps, valves, and compressors
- Pipeline Diagnosis
- Corrosion prevention
- Dilution and Reforming Equipment
- oil refinery repairs
- Storage tanks and ports
- Environmental restoration
- Industrial Safety
- Digital Production Management
The 2026 OFAC General Licenses have been modified to allow certain oil and gas transactions and services, diluent supply, and conditional investment contracts. However, since the scope, conditions, and validity periods of each license differ, this should not be generalized as a relaxation of sanctions.
3.2 Natural Gas and Electricity
Venezuela possesses vast natural gas resources, but has been burning a significant portion of the gas produced alongside its oil without effectively utilizing it. The EIA points out that Venezuela is one of the world's major gas flaring nations.
While hydroelectric power accounts for a large share of electricity production, gas, fuel oil, and diesel power generation are also important. Due to the aging of power plants and transmission and distribution networks, regional power outages and power quality issues have been recurring.
The major opportunities are as follows.
- Gas recovery and flare reduction
- Power plant modernization
- hydroelectric power plant maintenance
- Transformers and transmission and distribution facilities
- Smart Grid
- Distributed Solar Power and ESS
- Industrial emergency power supply
- Power grid diagnosis
3.3 Mining and Metals
Venezuela possesses gold, iron ore, bauxite, nickel, and other mineral resources. The southeastern Orinoco mining region holds significant resource potential, but issues regarding illegal mining, environmental damage, safety, and human rights have also been raised.
In 2026, OFAC announced a general license allowing certain mineral activities, including gold from Venezuela, the supply of equipment and services, and conditional investment contracts. While this partially expands trading possibilities in the mineral sector, due diligence on the licensed entities and trading partners is mandatory.
Promising fields are as follows.
- Mining machinery
- Ore dressing and smelting
- Mine safety
- water treatment
- Environmental restoration
- Drone and satellite surveillance
- Mineral tracking management
- Control of illegal mining
3.4 Agriculture and Food Industry
Venezuela possesses vast agricultural land and a tropical climate, making it capable of producing corn, rice, sugarcane, coffee, cocoa, fruits, and livestock. However, its production base has been weakened by shortages of fuel, fertilizer, seeds, and agricultural machinery, as well as logistics and price controls.
There is demand in the following sectors for food security and import substitution.
- Agricultural machinery and parts
- Irrigation pump
- Fertilizer and seeds
- Smart farming
- grain storage
- food processing
- Refrigeration and cold chain
- Packaging and inspection equipment
Agriculture can be a sector for local livelihood cooperation with relatively low political and exchange rate risks, but land rights, distribution controls, and payment terms must be verified.
3.5 Manufacturing and Urban Infrastructure
Venezuela previously possessed industries in automobile assembly, steel, aluminum, cement, chemicals, and food manufacturing. However, operating rates have significantly declined due to aging facilities, parts shortages, and power instability.
The following areas are important in the future recovery process.
- Industrial equipment replacement
- Automotive and machinery parts
- Water supply and sewage system
- Hospitals and medical devices
- construction materials
- Ports and Logistics
- Telecommunications and data centers
- Waste treatment
Key industries
- Crude oil and refined oil
- natural gas
- petrochemicals
- Gold, iron ore, bauxite
- Steel and aluminum
- electrical energy
- Agriculture and Food
- Construction and Infrastructure
- Ports and Logistics
- Medical and public services
MarketHub Point
Key industrial opportunities in Venezuela are more likely to arise first from the restoration and normalization of oil, electricity, water, agriculture, and manufacturing facilities than from the creation of new industries.
Venezuela exports crude oil, petroleum products, minerals, and some agricultural products, and imports food, pharmaceuticals, machinery, vehicle parts, chemical products, and industrial equipment.
According to UNCTAD, merchandise exports in 2024 amounted to approximately $14.3 billion, while merchandise imports were approximately $14.9 billion. This represents a significant reduction compared to past oil booms, and trade statistics may not fully reflect informal transactions and volumes used to circumvent sanctions.
Major trade relations are centered around China, the United States, Brazil, Colombia, Turkey, and some European countries. The destinations and volumes of oil exports fluctuate significantly depending on sanctions, general licenses, vessels, insurance, and payment conditions.
The U.S. OFAC sanctions program against Venezuela remains in effect, and transactions permitted restrictively through general licenses coexist. Therefore, even for the same item, the determination of legality may vary depending on the trading partner, ownership structure, financial institution, vessel, and end use.
The major ports are Puerto Cabello, La Guaira, Maracaibo, and the oil export terminal. Aging ports, roads, refineries, and storage facilities, along with fuel shortages, create bottlenecks in inland and export logistics.
Major trading partners and regions
- china
- USA
- brazil
- Colombia
- Turkey
- Spain
- India
- russia
- Caribbean nations
- Some countries in the European Union
Supply chain characteristics
- Exports centered on oil and minerals
- Dependence on imports of food, pharmaceuticals, and equipment
- Coexistence of sanctions and general licenses
- International payments, insurance, and ship restrictions
- State-owned enterprise-centered transactions
- Aging of ports, power, and roads
- Exchange rate and price fluctuations
- Unofficial and third-country transactions
- High contract and payment collection risks
- The Importance of Due Diligence and Sanctions Compliance
MarketHub Point
In the Venezuelan supply chain, sanctions compliance, financial settlements, shipping and insurance, and end-user and payment collection structures must be designed first, rather than focusing on product prices or demand.
Venezuela possesses vast resources and extensive demand for industrial recovery, but it is a high-risk recovery market where sanctions, settlements, contracts, and political risks must be assessed before typical emerging markets .
The IMF forecasts a real GDP growth rate of 4.0% in 2026, but projects a consumer price inflation rate of 387.4%. This means that despite some recovery in production and consumption, the stability of money value, prices, and business costs remains very low.
5.1 Restoration of Oil and Gas Facilities
Venezuela's largest potential market is the restoration market for normalizing aging facilities before expanding oil and gas production .
The U.S. Energy Information Agency analyzes that energy infrastructure has significantly deteriorated due to a lack of investment and maintenance, economic crises, and international sanctions, and that total energy production decreased by an average of 8.2% annually from 2011 to 2021.
The potential areas for Korean companies to consider are as follows.
- Oil wells, pumps, and compressors
- Valve, Piping, and Corrosion Management
- oil refinery repairs
- Storage tanks and export terminals
- Plant Automation
- Gas recovery and flare reduction
- Safety and environmental monitoring
- Industrial water treatment
Natural gas is estimated to have reserves of approximately 195 trillion cubic feet, but most of it is associated gas that exists alongside oil. Therefore, gas businesses must be designed to integrate oil production, reinjection, capture and processing, and power generation demand.
However, every project must individually verify whether the counterparty, ownership structure, permitted activities, and financial flows comply with OFAC General Authorization.
5.2 Electricity, Water, and Urban Infrastructure
For the normalization of Venezuela's industry and daily life, restoring electricity, water, hospitals, telecommunications, and transportation infrastructure is just as important as the oil industry.
Power grid instability constrains manufacturing, cold chain distribution, hospitals, telecommunications, and residential life in general. Consequently, medium- to long-term demand may exist in the following sectors.
- Maintenance of hydroelectric and thermal power plants
- Transformer/Circuit Breaker
- Transmission and Distribution Network Diagnosis
- Distributed Solar Power and ESS
- Industrial emergency power supply
- Water purification and sewage treatment
- Leakage management
- Communication networks and data centers
- Hospital and school restoration
- disaster response facilities
Following the earthquake in June 2026, OFAC issued General Permit 60, which allows for earthquake relief-related transactions. This demonstrates the existence of limited transaction channels for humanitarian and recovery projects, but it does not mean that general commercial infrastructure projects are automatically permitted.
5.3 Mining and Metals
Venezuela possesses gold, iron ore, bauxite, and other mineral resources, but faces significant issues regarding illegal mining, environmental damage, and human rights and safety in mining areas.
In March 2026, OFAC announced general licenses allowing certain mineral activities, including gold from Venezuela, the supply of mining equipment and services, and conditional investment contracts.
Potential business areas are as follows.
- mining equipment
- Ore dressing and smelting facilities
- Industrial Safety
- mine water treatment
- Environmental restoration
- Drone and satellite surveillance
- Mineral traceability
- Metal recycling
It is relatively more realistic for Korean companies to first consider limited technical services, such as equipment, environment, safety, and traceability management, rather than securing mining development rights.
5.4 Agriculture and Food Security
Agriculture is a recovery sector with a lower risk of sanctions than oil and minerals and is directly connected to the lives of residents. Addressing shortages of fuel, fertilizers, seeds, agricultural machinery, irrigation, and storage facilities can reduce dependence on food imports.
The major opportunities are as follows.
- Small agricultural machinery and parts
- Irrigation pump
- Seeds and fertilizers
- grain storage
- food processing
- Frozen food and cold chain
- Livestock hygiene
- Packaging and quality inspection
- Smart farming
- local distribution network
Small-scale supply chain businesses linked with private food companies, local producers, and hospital and school meal programs can reduce risk compared to large-scale state-run agricultural projects.
5.5 Medical and essential infrastructure
Pharmaceuticals, diagnostic equipment, hospital facilities, water purification, and cold chain distribution are sectors where demand persists even amidst economic crises.
Korea has potential for cooperation in the following fields.
- Diagnostic and testing equipment
- Hospital Information System
- Emergency medical services
- Medical refrigeration equipment
- Water purification and sanitation
- Mobile medical facility
- Pharmaceutical production facilities
- telemedicine
While humanitarian exceptions and procurement by international organizations can be utilized in this sector, not all financial and transportation transactions are automatically permitted simply because the items are medical or essential goods.
5.6 Market Entry Methods
For entry into Venezuela, verification of sanctions, payments, and contracts comes before demand surveys.
Recommended entry structure
Sanctions Screening
Verify whether sanctions apply to trading partners, beneficial owners, financial institutions, vessels, and items.
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Payment Structure
We examine the possibilities of advance payments, letters of credit, third-party guarantees, international organization procurement, and export insurance.
↓
Essential Pilot
We will start with essential and small-scale projects such as medical services, agricultural products, water purification, and power restoration.
↓
Conditional Expansion
It will be expanded to energy, minerals, and large-scale infrastructure depending on improvements in sanctions, political, and financial environments.
Major Risks
- International Sanctions and License Changes
- Dependence on government and state-owned enterprises
- High inflation and exchange rate fluctuations
- Financial payment restrictions
- Risk of payment collection
- Contract Execution and Judicial Risk
- Lack of statistics and information
- Power and logistics instability
- Equipment and parts maintenance issues
- Political transition uncertainty
OFAC allows certain prohibited activities exceptionally through general authorization, but the scope and conditions of such authorization are subject to change. Therefore, transaction approval must not be a one-time review but must be repeated at each stage of contract, shipment, and payment.
MarketHub Point
In Venezuela, you must first design 'who to transact with and with what permits and payment structures' rather than 'what to sell'.
Venezuela's future depends more on the normalization of its political and institutional systems, international sanctions, investment funds, and the speed of industrial facility restoration than on its oil reserves themselves.
The IMF forecasts 4.0% growth in 2026 but also projects an inflation rate of 387.4%. Since growth and hyper-high inflation can coexist, an increase in nominal sales should not be interpreted as a recovery in the real market.
As of 2026, the World Bank does not hold an active loan portfolio in Venezuela. However, as it resumes dialogue with the government and discusses the possibility of technical cooperation in 2026, it is necessary to keep an eye on whether it will return to international finance in the future.
Future growth engines
Normalization of oil production
Production recovery is possible if the scope of sanctions, diluent procurement, investment in refining and production facilities, and the participation of foreign companies are improved.
gas utilization
Recovering associated gas, supplying power generation fuel, and reducing flares can increase productivity, environmental performance, and power stability simultaneously.
Infrastructure reconstruction
The restoration of power, water supply, hospitals, ports, roads, and communication facilities is a prerequisite for economic normalization.
agri-food import substitution
Restoring agricultural production, storage and processing, and the cold chain can improve food security and local employment.
Minerals and materials
If sanctions, environmental, and governance conditions improve, the metal resources and processing industries can become auxiliary growth axes.
Return to international finance
Debt restructuring, statistical recovery, and the normalization of relations with international financial institutions will determine large-scale investment inflows.
Recovery Scenario
Scenario A — Limited Recovery
While some oil exports and private consumption increase, sanctions, ultra-high inflation, and financial constraints persist.
Scenario B — Step-by-step normalization
Energy and infrastructure investment is expanding as political agreements, sanctions relief, debt restructuring, and the return to international finance proceed.
Scenario C — Re-examination
Production, imports, and living conditions are deteriorating again due to political conflicts, tightened sanctions, falling oil prices, and exchange rate instability.
For now, it is reasonable to base the scenario on limited recovery and high volatility .
Major Structural Challenges
- Reducing dependence on oil
- Restoring Confidence in Central Bank and Fiscal Policy
- Stabilizing ultra-high prices
- Restoration of public statistics
- reform of state-owned enterprises
- External debt and debt restructuring
- Normalization of electricity and water supply
- Mitigating brain drain
- recovery of agriculture and manufacturing
- Normalization of sanctions and diplomatic relations
Market Position
High-Risk Energy Recovery Market + Long-Term Infrastructure Reconstruction Platform
A long-term recovery market where massive resource potential and extensive demand for facility restoration exist, but sanctions, financial, and political risks dominate business prospects
Key Opportunities
- Oil and gas facility maintenance
- Oil refining and petrochemicals
- Gas recovery and flare reduction
- Power grid and power generation facilities
- Water purification and sewage systems
- Mine safety and environmental restoration
- Agriculture and food processing
- Medical devices
- Ports and Logistics
- Urban and disaster recovery
Recommended Strategy
Compliance First
Prioritize verification of sanctions, beneficial owners, financial institutions, and end uses.
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Essential Infrastructure Entry
Limited entry into essential recovery sectors such as medical, food, water purification, and electricity.
↓
Recovery Option Strategy
Secure options for energy, mineral, and large-scale infrastructure projects depending on the degree of normalization.
Korea Opportunity Index
Opportunity Level: Low–Medium / Long-Term High
While current substantive business opportunities are limited, the long-term potential is significant if the political, financial, and sanctions environment normalizes.
South Korea can leverage its competitiveness in the following fields.
- Oil refining and petrochemical plants
- Power generation and transmission/distribution
- Gas treatment
- Industrial automation
- water treatment
- Agri-food facilities
- Medical devices
- Ports and shipbuilding
- Construction and urban restoration
- Digital Administration
However, Korean companies must enter the market jointly with international financial institutions, global energy companies, and export credit agencies rather than making independent upfront investments.
Risk Screening
Legality of sanctions
↓
Transaction Partner/Payment Verification
↓
Exchange rates, contracts, and political risks
↓
Actual project execution capability
↓
Assessment of long-term normalization potential
Final Assessment
Venezuela is a country with global resource potential and large-scale recovery needs, but currently, it is a conditional opportunity market where sanctions, financial, and governance risks outweigh market size.
Scope of investigation
This document was prepared by cross-referencing the latest official data, focusing on Venezuela's macroeconomy, oil and gas, minerals, electricity, agri-food, infrastructure, sanctions, and international financial relations.
International organizations and overseas agencies
- International Monetary Fund
- World Bank
- US Energy Information Administration
- US Department of the Treasury, OFAC
- UN Trade and Development
- Organization of the Petroleum Exporting Countries
- Inter-American Development Bank
- Food and Agriculture Organization
Venezuela-related organizations
- Central Bank of Venezuela
- Ministry of Petroleum
- Petróleos de Venezuela
- Ministry of Economy and Finance
- Ministry of Agriculture
- Ministry of Electric Energy
- National Statistics Institute
- National Integrated Customs and Tax Administration Service
Republic of Korea institutions
- Ministry of Foreign Affairs
- Ministry of Trade, Industry and Energy
- KOTRA
- Korea International Trade Association
- Korea Export-Import Bank
- Korea Trade Insurance Corporation
- Korea National Oil Corporation
- Korea Gas Corporation
- Korea Electric Power Corporation
- Korea Mine Reclamation Corporation
- Korea International Cooperation Agency
Key Review Materials
- IMF, Venezuela Country Data and April 2026 WEO
- US EIA, Country Analysis Brief: Venezuela
- US Treasury OFAC, Venezuela-Related Sanctions
- OFAC, 2026 General Permits and FAQs for Venezuela
- World Bank, Venezuela Country Overview
- World Bank data on the resumption of cooperation with Venezuela in 2026
- UNCTAD, Venezuela General Profile
- World Bank Data, Venezuela Economic and Investment Indicators
Writing Verification
This document was prepared according to the following criteria.
- Reflecting IMF's 2026 growth and price forecasts
- Separating the interpretation of growth rates and hyper-high inflation
- Utilizing official EIA oil and gas data
- Reflecting the difference between oil reserves and actual production capacity
- Review of restoration demand for power, water, and industrial facilities
- Distinguishing between OFAC general authorization and full sanctions relief
- Reflection of conditional permission for mineral and energy trading
- Includes payment, insurance, vessel, and end-user risks
- Distinction between short-term business performance and long-term recovery potential
- Linking Korea's capabilities in plant, power, water treatment, and medical sectors
- Adhere to the order of Table of Contents 0–8 of the WCI-001 Golden Template.
- Apply MarketHub World Country Intelligence standard format
Venezuela is a global resource-rich nation possessing oil, gas, minerals, and agricultural resources, but it is unable to fully utilize its resource potential due to a long-term lack of industrial investment, hyper-high inflation, brain drain, aging infrastructure, and international sanctions.
In the short term, limited opportunities may arise in certain oil trade, agri-food, healthcare, and disaster and basic infrastructure recovery. However, large-scale energy, mineral, and urban development projects must be preceded by political normalization, sanctions relief, external debt restructuring, and a return to international finance.
South Korea should secure market intelligence and a foundation for cooperation through sanctions-compliant essential infrastructure projects, technical services, and joint ventures with international financial institutions, rather than through immediate large-scale investments.
Final evaluation
Venezuela is not a market to be seized by taking on current high risks, but rather a long-term strategic market where opportunities for energy and infrastructure reconstruction must be prepared while continuously tracking signs of normalization.