Chavez has insisted that the US is trying to turn Venezuela's neighbour Colombia into the 'Israel of Latin America' and said it was 'regrettable' that the Bogota government 'lent itself' to that purpose.

The Venezuelan president Friday headed the military parade in honour of Navy Day and the birth of the liberator Simon Bolivar in the eastern coastal city of Cumana.

The event, in which 2,000 military personnel took part along with warships, combat aircraft, helicopters and military vehicles, lasted almost two-and-half hours and included speeches by the high command and the president.

Israel is the foremost recipient of aid from the US, while Colombia gets around $500 million a year in US military assistance.