BRASÍLIA—U.S. Commerce Secretary Wilbur Ross laid out a plan including credit and investment to help rebuild Venezuela’s economy under democratic rule, as Washington pushes for new leadership in the struggling nation.

The American plan is contingent on the removal of Venezuela’s authoritarian leader, President Nicolás Maduro, and his replacement with Juan Guaidó, leader of a fractious opposition supported by the U.S. and other countries.

... </s> BRASILIA (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday the United States is ready to support pro-market reforms and privatizations in Venezuela with credit and investment.

Ross, speaking at a conference on the reconstruction of Venezuela, said there will be an immediate need for a capital infusion to undo socialism in Venezuela once the internationally recognized government of opposition leader Juan Guaido takes over.

But in the long term, Venezuela has 300 billion barrels of oil, gold and other mineral resources to rebuild its economy, he told a conference of infrastructure company executives. </s> A senior administration official says National Security Adviser John Bolton and Commerce Secretary Wilbur Ross will lead a U.S. delegation at an initial conference held by countries which recognize opposition leader Juan Guaidó as president of Venezuela.

The official said Bolton will talk about the next steps for U.S. policy, while Ross will share a plan focused on reconstruction in the South American country if President Nicolás Maduro is no longer in power.

The official spoke on the condition of anonymity because he was not authorized to talk to reporters.

The Aug. 6 meeting in Peru will include representatives from over 50 nations which hold that Maduro's re-election last year was fraudulent. Russia, Cuba and Turkey have declined an invitation to attend. </s> BRASILIA (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday the United States is ready to support pro-market reforms and privatizations in Venezuela with credit and investment.

There will be an immediate need for a capital infusion to undo socialism in Venezuela once the internationally recognized government of opposition leader Juan Guaido takes over, Ross said at a meeting on the reconstruction of Venezuela.

In the long term, however, Venezuela has 300 billion barrels of oil, gold and other mineral resources to rebuild its economy, he told the gathering of infrastructure company executives in Brasilia.

Ross said the “terrible” mismanagement of the economy by socialist governments had to be reversed first by boosting private enterprise and investment to later restore sustainable growth with an infusion of capital and management skills in the oil, gas and electricity industries.

Ross led a round-table on Venezuela at a conference organized by CG/LA, a Washington-based corporation dedicated to building world infrastructure markets, attended by companies such as Oracle and Hill International.

Among the issues discussed was how to get money into the South American country to jumpstart a collapsed economy that has been shrinking steadily since 2014.

“Nothing is working properly, not the telephone system, nor the sewer system, nor the bus system. Over 4 million people have fled, including many young professionals,” Ross said, pointing to a brain drain that will have to be repaired.

He said the Venezuelan central bank would need rebuilding because it has been “looted.” </s> BRASILIA, Aug 1 (Reuters) - The United States is ready to support pro-market reforms and privatizations in Venezuela with investment and credit to reverse socialism and rebuild a ruined economy, U.S. Commerce Secretary Wilbur Ross said on Thursday.

There will be an immediate need for capital infusions to bridge the lack of liquidity in Venezuela once the internationally recognized government of opposition leader Juan Guaido takes over, Ross said at a meeting on the reconstruction of Venezuela.

In the long term, however, Venezuela has 300 billion barrels of oil, gold and other mineral riches to rebuild its economy, he told the gathering of infrastructure company executives in Brasilia.

"For immediate relief, the United States will ease sanctions, promote domestic and international trade credit, deploy technological advisers and engage international financial institutions to rebuild confidence in Venezuela's new economic policies," he said.

Ross led a round table on Venezuela at a conference organized by CG/LA Infrastructure, a Washington-based company dedicated to building world infrastructure markets, attended by companies such as Oracle and Hill International .

Among the issues discussed was how to get money into the South American country to jump-start a collapsed economy that has been shrinking steadily since 2014.

"Nothing works properly, not the electricity, not water, not sewage, not telephones, not the bus system, not healthcare, not distribution of food and medicine, and certainly not liquidity,"

"Over 4 million people have fled, including many young professionals," Ross said, pointing to a brain drain that will have to be repaired.

He said the Venezuelan central bank would need to be overhauled because it has been "looted."

Multinational engineering and technology companies see Venezuela as having the greatest potential for capital projects when the day comes, said Ricardo Wernikoff, Oracle sales director for Latin America.

"The opportunities are huge. We are looking at rebuilding a country from scratch," he said.

The U.S. National Security Council asked the Commerce Department to draw up an plan for stabilizing Venezuela's economy, he said.

The initial goal is to reverse in one year the precipitous decline in energy production by facilitating investment in the oil, natural gas and electricity sectors.

In agriculture, the immediate focus is to provide food.

"We need to jump-start the import of seeds, fertilizer and farm equipment," Ross said. "They have not been importing tractors for years." </s> WASHINGTON, Aug 2 (Reuters) - U.S. national security adviser John Bolton and U.S. Secretary Wilbur Ross will speak at a conference on Venezuela in Peru next week as part of a campaign to force President Nicolas Maduro to relinquish power, a senior U.S. official said on Friday.

The Tuesday meeting will be a strong show of support for Venezuelan opposition leader Juan Guaido from the more than 50 countries that have recognized him as the rightful president of Venezuela, said the official, who spoke to reporters on condition of anonymity.

In his presentation, Ross will give attendees details on a post-Maduro reconstruction plan for Venezuela. "We plan to attend and have a big presence," the official said.

Peru had proposed the meeting as a way to build support for early elections in Venezuela, and wanted Maduro's allies such as Russia, China, Cuba, Bolivia and Turkey to take part.

But none of those countries are expected to attend, the U.S. official said.

Washington considers Maduro a dictator who stole last year's election and has slapped a series of escalating sanctions on Venezuela to pressure him to step down. Maduro has refused and vows to resist what he describes as U.S. imperialism.

On Thursday, U.S. President Donald Trump said he was considering a blockade of Venezuela. His administration has so far focused on diplomatic and economic pressure against Maduro while steering clear of any military action.

Asked about Trump's comments on Thursday, the senior administration official declined to give details.

"I would take the president at his word and I would take his word very seriously," the official said, noting the administration did not want to give away "the element of surprise."

The official said Trump's warning should have the effect of pushing Maduro to take ongoing talks with the opposition in Barbados more seriously. "He has a short window to find an exit strategy," the official said.

Norway, which is mediating the Barbados talks, said on Friday that Maduro's government and the opposition have reiterated their willingness to continue negotiating to find a solution.

Asked whether the White House would consider protecting Venezuelans in the United States from deportation - a measure known as "temporary protected status" - the official said the administration was committed to ensuring no Venezuelan at risk of persecution would be deported, regardless of whether the TPS program is used. </s> U.S. President Donald Trump said Thursday he is considering a blockade or quarantine on Venezuela.

READ MORE: Trump wants Russian military out of Venezuela, says ‘all options’ open

Trump did not provide specifics of the blockade or when it may happen.

When asked by a reporter whether he is considering a blockade or quarantine of Venezuela given the amount of involvement China and Iran have in the country, Trump answered: “Yes, I am.”

Trump made the remarks while departing the White House for a campaign rally in Cincinnati.

The U.S. has sided with Venezuelan opposition leader Juan Guaido as the interim leader of the country and has called on President Nicolas Maduro to step down along with dozens of other countries.

On Thursday, U.S. Commerce Secretary Wilbur Ross outlined plans to rebuild Venezuela’s financial institutions and infrastructure in a speech to Latin American business executives in Brasilia.

Venezuela has suffered blackouts and supply shortages, while massive protests have been held demanding Maduro step down. </s> WASHINGTON/LIMA (Reuters) - U.S. Secretary Wilbur Ross will attend a summit in Peru to discuss the political crisis in Venezuela on Tuesday, the U.S. Commerce Department said.

Ross is visiting Brazil and Argentina this week and two sources in Peru’s Foreign Ministry said on Friday that he will be joined at the conference in Peru by U.S. national security adviser John Bolton. The sources asked not to be named.

Peru invited some 100 foreign ministers to the summit and had hoped to include Russia, Cuba, China, Bolivia and Turkey - all allies of Venezuelan President Nicolas Maduro. The idea was to foster dialogue between supporters of Maduro and his critics, and build support for early elections, Peru’s foreign minister said when he announced the summit last month.

But Russia and Cuba turned down their invitations, the sources said, while China and Bolivia have not confirmed whether they will attend.

Washington considers Maduro a dictator who stole last year’s election. Along with Peru and most Latin American countries, Washington has recognized opposition leader Juan Guaido as Venezuela’s rightful leader.

Maduro has refused to step down and has called the United States an imperialist power that wants to control Venezuela’s oil.

The head of the Inter-American Development Bank, Luis Moreno, and the European Union’s representative on Venezuela, Enrique Iglesias, have confirmed they will attend Tuesday’s meeting, the sources said.

Ross’s visit to Peru could coincide with final decisions on licenses requests by U.S. companies seeking to sell to China’s telecoms giant Huawei, which was placed on a blacklist in May.

Ross said during a visit to Brazil this week that responses could come as soon as next week. </s> WASHINGTON/LIMA (Reuters) - U.S. Secretary Wilbur Ross will attend a summit in Peru to discuss the political crisis in Venezuela on Tuesday, the U.S. Commerce Department said.

Ross is visiting Brazil and Argentina this week and two sources in Peru’s Foreign Ministry said on Friday that he will be joined at the conference in Peru by U.S. national security adviser John Bolton. The sources asked not to be named.

Peru invited some 100 foreign ministers to the summit and had hoped to include Russia, Cuba, China, Bolivia and Turkey - all allies of Venezuelan President Nicolas Maduro. The idea was to foster dialogue between supporters of Maduro and his critics, and build support for early elections, Peru’s foreign minister said when he announced the summit last month.

But Russia and Cuba turned down their invitations, the sources said, while China and Bolivia have not confirmed whether they will attend.

Washington considers Maduro a dictator who stole last year’s election. Along with Peru and most Latin American countries, Washington has recognised opposition leader Juan Guaido as Venezuela’s rightful leader.

Maduro has refused to step down and has called the United States an imperialist power that wants to control Venezuela’s oil.

The head of the Inter-American Development Bank, Luis Moreno, and the European Union’s representative on Venezuela, Enrique Iglesias, have confirmed they will attend Tuesday’s meeting, the sources said.

Ross’s visit to Peru could coincide with final decisions on licenses requests by U.S. companies seeking to sell to China’s telecoms giant Huawei, which was placed on a blacklist in May.

Ross said during a visit to Brazil this week that responses could come as soon as next week.
U.S. Commerce Secretary Wilbur Ross says that the United States has "a blueprint" to recover Venezuela's economy if Nicolás Maduro leaves office as the nation's disputed President.