Venezuela's economic rebirth appears to be a reality today.

Recent data confirm that more than 25 global companies already have firm plans to invest, expand or return to the country. Although this movement is an undeniable relief for the economy, it also opens a profound debate over whether we are facing a genuine productive revival or a passing enthusiasm driven solely by the global energy urgency and the foreign policy of the United States toward Venezuela.

The engine of this new interest is, unsurprisingly, the oil and gas sector. The agreements reached touch very important nerves of the economy. For example, Chevron leads the way with a plan to inject more than $7 billion with the aim of doubling its local production. Added to this are large-scale alliances such as Shell's in offshore gas fields and the memorandums signed between Repsol and PDVSA. Even new companies such as Geopark, in partnership with the Gilinski Group, have entered the game with 25-year contracts in the Orinoco Belt. This avalanche shows that Venezuela's subsoil remains an irresistible magnet that compels major powers and investors to set aside political tensions in the name of energy business.

This oil awakening has triggered an immediate domino effect on the country's connectivity, which is the second pillar of this reactivation. The return of American giants such as American Airlines and United Airlines after nearly eight years of absence is especially striking. In addition, the arrival of airlines such as Qatar Airways and the reactivation of regional routes by Avianca, Latam and Wingo break the international isolation the country has suffered for so long. When planes start landing again, confidence in other commercial sectors tends to rise.

The phenomenon is already beginning to reach mass consumption and infrastructure. Companies such as Grupo Nutresa project sales in the millions, while Cementos Argos and Andimallas are preparing to join the physical reconstruction of the country. The picture is, visually, the most dynamic in a decade. However, I believe it is vital to keep our feet on the ground and not fall into blind optimism. Corporate return is advancing steadily, but the Venezuelan macroeconomic environment continues to show extreme weaknesses that threaten the sustainability of these investments in the long term. No economy can flourish healthily with high levels of instability.

Moreover, country risk remains high despite the figures reflected in the latest assessment by JP Morgan, at 6,700 points, a 50% decline from the close of 2025. Companies that are betting on Venezuela today do so under hyper-specific arrangements, almost always with tight control over their own capital and under heavily shielded international licenses. This means that, although money is flowing into key projects, that cash flow does not automatically translate into widespread well-being for the population or into financing the deteriorated essential public services.

Venezuela's corporate reactivation is excellent news that demonstrates the power of commercial pragmatism over geopolitics. Nevertheless, for this "rebirth" to be real and not a fleeting oil bubble, the country needs to go beyond signing extraction contracts. It urgently needs to stabilize the national currency, curb inflation and build solid legal security that protects both the large foreign investor and the ordinary citizen. The corporate world has already taken the first step and bet again; now it is up to the state's institutions to show whether they are ready to sustain that vote of confidence.