investors familiar with latin america have long been aware of venezuela 's competitive advantages , which include : low-cost energy from abundant hydroelectric power and large reserves of fossil fuels ; major deposits of minerals such as iron ore , bauxite , gold , diamonds , coal and others ; the largest proved reserves of crude oil outside the middle east , plus large gas deposits ; a modern physical infrastructure ; a young work force and a corps of managers experienced in international business ; a good location for reaching markets in the us , europe and latin america ; a relatively small population -lrb- about 20m -rrb- with manageable problems .