Science & Technology

Samsun Signs Agreement with Venezuela to Jointly Produce Electronics

So that's what the game is


Venezuela signed a strategic alliance Wednesday with South Korean electronics giant Samsung, agreeing to jointly produce consumer electronics and major appliances after a week of raids on retailers and the emptying of store shelves by consumers taking advantage of government-forced discounts.

Rafael Ramirez, Venezuela's longtime oil minister and now vice president for the economy, signed the agreement with Samsung's regional president, Hyun Chil Hong, a day after the National Assembly gave President Nicolas Maduro powers to rule by decree for up to 12 months.

Economists consulted by The Associated Press said they expect Maduro will tighten government controls on the economy to the detriment of private enterprise.