Chavez urges Venezuelan private sector to partner with state in factories, businesses

President Hugo Chavez is encouraging Venezuela's private sector to work with his government to create new businesses and factories that would produce consumer goods. The socialist president says he's open to joint ventures with private companies in 'non-strategic' areas of the economy. He gave no other details. Chavez on Tuesday said he hopes the cooperation will spur growth, which hit a four-year low of 4.8 percent in the first quarter. Annual inflation in the oil-rich country reached 29.3 percent in April. Chavez has nationalized the country's largest steel, cement and electricity companies in the last two years. He plans to unveil a set of new economic measures and could name a new finance minister on Wednesday.