Wilbur Ross: Venezuela Needs a Regime Change, Then I'd Take a Look
The economic and political unrest in Venezuela continues to cripple the country, causing several companies, including Coca-Cola (NYSE:KO), to suspend operations. Inflation is sky-rocketing and is currently the highest in the world, according to the International Monetary Fund.
However, billionaire Wilbur Ross, who made his fortune investing in distressed assets, said he isn’t worried about the political and economic turmoil in the South American country.
“There’s no inherent reason that Venezuela shouldn’t be a very successful country; it just needs a change in management—a very radical change in management,” Ross told the FOX Business Network’s Liz Claman. Ross said he would consider investing in the country if there is a regime change.
Vast natural resources and oil are reasons to not overlook Venezuela over the long-term, Ross advised, adding that better times could be on the horizon.
“I think Venezuela could be turned around but it has to take a popular uprising to do it,” he said. “I think the sad thing—remember after the last regime came in—the military put them out briefly and then somehow let them back in. I could never figure out why they did that. It’s sad for the country and it’s very sad for the people of Venezuela.”