Handout picture released by the Venezuelan Presidency showing President Nicolas Maduro presenting fresh currency in the framework of new economic measures, during the broadcasting of a television programme at the Miraflores presidential palace in Caracas on August 17, 2018. Venezuela will start issuing new banknotes on Monday after slashing five zeros off the crippled bolivar -- but analysts warn the measure will do nothing to arrest a worsening economic crisis. President Nicolas Maduro has described the move as a
Agence France-Presse

Venezuela hopes to develop a nationwide 4G system with the help of Russian and Chinese technology, particularly from the Asian country’s Huawei, Venezuelan President Nicolas Maduro has said.

The Venezuelan president stated that Caracas is aiming to develop its satellite technologies.

“There are a lot of things that I should address. The first one is the creation of a telecommunications corporation… I have ordered to make an investment and, together with China’s technologies, Huawei technologies and the technologies of Russian companies, bring telecommunications [to a new level] and make a nationwide 4G network a reality in Venezuela to ensure Venezuela has fast communications, internet, and telephony”, Maduro said in an address

During Maduro’s visit to Russia last December, Moscow and Caracas agreed to launch the Russian navigation satellite system GLONASS in the Latin American country.

However, the situation in the Latin American country deteriorated in January when opposition leader Juan Guaido proclaimed himself interim president, with Washington and its allies recognising him and seizing billions of dollars’ worth of Venezuelan oil assets.

Addressing the crisis, Russia, China, and some other countries have voiced their support for Maduro as the only legitimate president of Venezuela.

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