Bukele’s weapons to boost El Salvador’s economy

Nayib Bukele’s recent statements have served as a prelude. In the interview he held a few days ago with American journalist Tucker Carlson, the Salvadoran president drew attention to Russia’s ability to overcome the sanctions imposed by the West.

Bukele’s comments were widely replicated by the Russian media. They served as support during the visit that Vice President Félix Ulloa made to the Asian giant to participate in the 27th Saint Petersburg International Economic Forum, which took place between June 5 and 8. There he met not only with Russian Foreign Minister Sergei Lavrov, but also with businessmen from that country.

As Ulloa commented in X, during his trip he held meetings with companies interested in investing in El Salvador, to which they offered “an environment for productive growth.” in areas such as the digital economytourism, industry, commerce, electricity and others.

The vice president’s statements are made in a context in which the economic growth of the Central American country stands as one of the main goals of this second Bukele government. In that sensethe adoption of bitcoin as legal tender and the creation of a legal framework that favors foreign investment are the key strategies that will be used to address economic challenges, as Ulloa noted.

These are strategies that the official highlights as part of a “robust framework to promote investments and transparency”, in order to strengthen trade relations with Russia. All this “with an emphasis on companies focused on innovation”, an area in which the Salvadoran government places its greatest commitment.

According to the Vice Presidency, the idea is to increase the percentages of trade with the Asian country, which was reduced by 20% during 2023 due to the war between Russia and Ukraine. A conflict about which El Salvador maintains a neutral position, since he refrained from making any statement about it before international organizations.

Ulloa revealed that – despite the war – Russian-Salvadoran relations They have remainedthanks to the fact that there are companies from that country working on the hydroelectric dams of El Salvador.

“Now we are facing an excellent opportunity for the Russian industry to be presented to the world,” he added during an interview, while the possibility of Bukele visiting Russia or Vladimir Putin going to El Salvador is on the table.

We have been able to see in robotics, in the use of artificial intelligence, all the advances that the Russian industry has, and that is an alternative for other projects from other regions of the world and makes this market more competitive. So for us it is a good opportunity and it seems to me that it has been successful.

Félix Ulloa, vice president of El Salvador.

Bitcoin is an important part of the strategy

The rapprochement between Russia and El Salvador occurs amidst the criticism leveled by Bukele at the West, particularly at the United States. As CriptoNoticias has reported, for the so-called bitcoiner president, the Western system is eroding, to the point that can collapse at any time.

These statements seem to explain the closeness that now exists between El Salvador and Russia, possibly in search of new international alliances that not only mark a greater distance with the United States, but rather support the plan to overcome some of the economic problems facing the Central American country. Most of them are related to low foreign investment, low economic growth and a deficit trade balance.

As a way to confront the situation, the country has been in negotiations with the International Monetary Fund (IMF) for several years, but relations have been hindered by the policy that Bukele is carrying out with bitcoin, and that – as the government- they are not willing to negotiate.

In this way, even against the IMF’s requests, Bukele will continue betting on digital currency in the next 5 years, keeping it as part of your strategy. He said this during his recent meeting with American businesswoman Cathie Wood, where she offered data on how bitcoin and Artificial Intelligence (AI) tools will serve to promote economic and educational reforms.

To investigate this issue further, this medium requested comments from the National Bitcoin Office and is awaiting responses. From what is known so far, the plan is for the country to become a kind of oasis for communities that revolve around digital currency and Artificial Intelligence, two of the greatest economic and technological revolutions in history.

Steps towards this goal have been taken in the cryptocurrency sector, enacting laws favorable to its use, investing in BTC, mining bitcoin, promoting education and encouraging the arrival of investors and bitcoiners of all the world.