Venezuela, with a population of approximately 32 million (2023), is a country endowed with vast natural resources, particularly known for its extensive oil reserves, which are among the largest in the world. The economy has historically been dominated by the petroleum sector, accounting for a substantial portion of government revenue and export earnings. However, the nation also has significant agricultural resources, producing coffee, cocoa, and various tropical fruits. With a GDP of around $45 billion and a per capita income of approximately $1,400 (2023), Venezuela has faced significant economic challenges in recent years, including hyperinflation and political instability. Its strategic location on the Caribbean coast facilitates trade with both regional and international partners, although economic sanctions have impacted its global trade relationships.

The Venezuelan government and business community can engage with the World Business Council to explore pathways for economic recovery, enhance sustainable practices in resource management, and foster international partnerships to diversify the economy.