Venezuela, with the focus on foreign investment and increasing exports

The Government and the private sector Venezuela have the focus on the same objective: that of promoting international investment and raising the exports non-oil companies, which fell 0.2% last year, after recovering in 2021, for which they promote meetings with their foreign peers, in order to offer opportunities in the country and products for foreign markets.

The big bet is to promote the “special economic zones” -some delimited areas that offer tax incentives-, where they have invited countries, including the BRICS (Brazil, Russia, India, China and South Africa), to invest in sectors such as tourism and agriculture.

The Executive also seeks to strengthen its cooperation with the Asian giant, where, recently, President Nicolás Maduro signed 31 agreements, including one of “protection of mutual investments”, which elevate the bilateral relationship to a “foolproof strategic partnership”.

Meanwhile, Fedecámaras, the largest Venezuelan employers’ association, has held meetings with representatives of bilateral chambers and foreign businessmen to advance possible agreements, which they hope will materialize with the subsequent visit of trade missions.

The president of the Commission of Binational Chambers of Fedecámaras, Jérôme Lellouche, told EFE that they are seeking the formation of “missions” or work groups made up of “potential investors” who visit Venezuela to learn about its market and its needs, as well as their Venezuelan peers, with the purpose of “create relationships.”

The idea, he continued, is to “attract these people to make economic flows with Venezuela” and “let them know the benefits” of the country and products with potential to be exported. A country with opportunities

In Venezuela, in Lellouche’s opinion, there are “many things to rebuild” and there are “many niches” that represent opportunities that must be presented to international companies.

“In a market where you have to rebuild, remake, there are opportunities, and, in addition to that, there are incredible Venezuelan businessmen here who have the knowledge of how to function in Venezuela, and that can be great support for those foreign companies”said.

Considers that tourism, on which a French company opted this year, is a “sector that can be rebuilt very quickly” In Venezuela.

The commitment – he noted – has been a result of the recent visit of a mission from the International Business Movement of France (MEDEF), which signed a memorandum of understanding with Fedecámaras for cooperation in different areas and the exchange of knowledge and experiences.

There’s also “many other sectors” in which the “chambers are very interested in developing”including the Caracas underground transportation service.

Furthermore, Lellouche mentioned the recent “Turkish export products expo” in Caracas, where more than 30 companies from Turkey participated, an event that the authorities saw as the result of the “important synergies” between productive sectors of both countries. Exports

Lellouche stated that there are producers who “They are now ready with their products to export to different countries” and satisfy different needs.

With this vision, Maduro delivered to parliamentarians, on September 21, a legislative project called “law to promote non-oil exports” which, he announced, has the objective of “ease” these operations.

The project establishes the creation of a national fund for non-oil exporters, a foreign trade analysis unit and an agency to promote this activity, in addition to “special incentives”, which he did not specify.

In this way, he expects non-oil exports to grow, which fell by 0.2% in 2022 compared to 2021, going from US$ 3,333 million to US$ 3,326 million.

In 2021, non-oil exports grew by 116.8% compared to 2020, when they reached US$ 1,534 million, according to official figures.

Representative Orlando Camacho, president of Fedeindustria, told EFE that the bill represents a “excellent opportunity for Venezuela”among other reasons because it will allow “know the realities of each sector and each region.”

In addition, it is considered beneficial to “accompany the State to the exporter, so that these products can be accepted in the countries where Venezuela has the best political relationship.”