Space technology and resources are used around the world to address societal challenges. Space provides valuable satellite services, unique scientific discoveries, surprising technology applications and new economic opportunities. Venezuela formally recognizes the advantages of space resources and pursues national level activity to harness them. Venezuela space cooperation has grown in the past several years, contributing to debates over Venezuela’s rising influence in the Latin America. This paper summarizes the establishment and current development of space activities in the Bolivarian Republic of Venezuela, these activities are focused on the areas of telecommunications, Earth observation, research and development space and has as a primary goal the satisfaction of social needs. This analysis offers the elements most important of the Venezuelan space policy: technological transfer, capacity building and human training and international cooperation including the new participation of Venezuela in the international charter on space and major disasters. Our analysis shows that Venezuela has the potential to become a space leadership country, promoting the social welfare, integration, and sustainable development of Latin American countries.