Venezuela and Turkey face similar problems as a result of a one-man rule. Both leaders have complete political control over their respective countries and make almost all decisions. The separation of powers has thus been completely destroyed and the institutional structure of the governments in both countries has been severely weakened. Such political regimes are prone to making irrational decisions that cause social and economic problems.
Although both countries face similar political issues, there is a significant difference between them. While Turkey is not rich in natural resources, Venezuela is one of the world's major oil-producing countries, despite the fact that this wealth is not helping its citizens recover from deep poverty. Poverty has also increased in Turkey in recent years.
Developing Trade and Economic Cooperation
Venezuela and Turkey must increase their production capacity while also balancing their foreign trade accounts. Given that these two countries have similar short-term political preferences and that their leaders get along well, it is possible to argue that increasing the volume of trade between countries may benefit both sides. This is supported by statistics: Turkey and Venezuela's trade volume has increased from $150 million in 2019 to $850 million in 2021, indicating a high potential for cooperation. The top industries with high potential in this international cooperation are oil, mining, health, and tourism.
Political, Social, and Economic Instability and Potential Consequences
In both countries, the worsening living standards and rising poverty are fueling a desire for political change. Turkey will hold a new election in 2023, and political change is expected. In Venezuela, Maduro won elections last year, but the country remains politically unstable. In comparison to many other countries, including the least developed, Turkey and Venezuela have the highest inflation rates. According to academic studies, increasing poverty is one of the main causes of political changes in countries. As a result, it is very likely that people's political preferences will change, and the parties in power will lose power in the short run, or possibly in the middle run.
Following a possible political shift, Turkey and Venezuela have the potential to be good trading and production partners. Engineers, doctors, and other technical professionals are among Turkey's well-developed human resources. Venezuela also has an abundance of natural resources. Cooperation between SMEs in both countries can yield positive results. Furthermore, improving human resource mobility, developing joint projects between governments to boost economic development, and some other non-economic cooperation in the fields of health and education may be good options for both countries to recover from the negative effects of long-term political instabilities. Moreover, considering that the countries are located in different geographical regions, trade cooperation can open up new opportunities for Turkish and Venezuelan SMEs to reach global markets much more easily.
Sympathy between Turkish and Venezuelans
Turkish and Venezuelan citizens have become more acquainted in recent years. Surprisingly, the Venezuelan government's anti-US stance engendered sympathy for Venezuela among the Turkish people. More Venezuelans are interested in spending their vacations in Turkey. This cultural intimacy that has developed in recent years may be an important factor in fostering international cooperation.
Visit Export Portal
For more global updates, make sure to check out Export Portal!