Venezuela to attract investors after elections, Branson says

Oct 21 (Reuters) – British billionaire and Virgin Group owner 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.

• The country will attract more investment once it holds elections, Branson said, but for now investors are waiting for more legal certainty.

• “A lot obviously depends on the next 18 months,” Branson said, adding that Venezuela will have a “tremendous opportunity” once elections occur and rule of law is established. He did not elaborate on a possible timeline.

• “Investment needs certainty. It needs a proper judicial process and legal security. It needs transparency,” Branson said. “And an access to capital needs to know the capital is secure.”

• 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.

(Reporting by Reuters Staff, Writing by Iñigo Alexander, Editing Natalia Siniawski)