DUBAI: Venezuela’s Vice President for Economy Calixto Ortega Sanchez said on Wednesday that his country needed vast foreign investment and sanctions relief to tap its huge oil reserves and restart its ailing economy.

“We know that the reference for Venezuela is that (it is) the country with the biggest oil reserves, and we want to stop being known for this, and we want to be known as one of the countries with the highest production levels,” Sanchez said.

Responding to questions by American journalist Tucker Carlson, Sanchez called the recent capture of Nicolas Maduro a “dark day” for the country but said Venezuela was working to reestablish a relationship with the US, which he described as a “natural partner” for the country.

“The Venezuelan people and authorities have shown that they are ready to peacefully move forward and to build opportunities,” he said during a session at the World Government Summit.

Sanchez, who headed Venezuela’s central bank, said the most pertinent issue facing his country is continued US sanctions.

Despite failing to result in regime change, the sanctions had effectively stifled the economy from growing, he added.

He said the Venezuelan government was now working to reform its laws to allow foreign investment and hoped the US would ease sanctions to aid their work.

“The first decisions that interim President Rodriguez took was to go to the National Assembly and ask for reform to the hydrocarbon law … this law will allow international investors to go to Venezuela with favorable conditions, with legal assurance of their investments,” he added.

“The economy is ready for investment. The economy is ready for the private sector; it is ready to build up a better future for the Venezuelan people.”

Sanchez played down inferences by Carlson that his government had been taken over, insisting that the regime still held authority in the country. He said the country had set up two funds to receive money from oil production that would fund better welfare and social conditions for Venezuelans.

“Allow us to have access to our own assets … we don’t have access to our own money,” he added.

“If you allow us to function like a regular country, Venezuela will show extraordinary improvement and growth.”