Doing Business in Venezuela
EENI - Business School.
Subject (Course): International Trade and Business in Venezuela. Caracas. Syllabus:
- Introduction to the Bolivarian Republic of Venezuela.
- Venezuelan Economy.
- Venezuelan petroleum
- Economic Profile of the States of Venezuela.
- Venezuelan international trade: Imports and exports.
- Accession of Venezuela to the MERCOSUR
- Foreign Direct Investment (FDI) in Venezuela.
- Doing Business in Caracas.
- Case Study - Venezuelan Companies:
- Petroleum of Venezuela (PDVSA).
- National Telephone Company of Venezuela
- Introduction to Spanish
- Access to the Venezuelan Market
- Business Plan for Venezuela
Purposes of the subject “Doing Business in the Bolivarian Republic of Venezuela”:
- To analyse the Venezuelan economy and foreign trade
- To evaluate business opportunities in the Bolivarian Republic of Venezuela
- To explore Venezuela's trade relations with the student's country
- To know the Venezuela's Free Trade Agreements (FTA)
- To examine the profile of Venezuelan Companies
- To develop a business plan for the Venezuelan Market
Sample of the subject - Doing Business in Venezuela:
Carlos C. Contreras (EENI Professor)
Subject Description: Foreign Trade and Business in Venezuela:
The Bolivarian Republic of Venezuela (America):
- Venezuela is composed of twenty-three federal states and a capital district (Caracas).
- Frontiers of Venezuela: Brazil, Guyana, and the Republic of Colombia.
- Religion in Venezuela: Christianity (Catholicism:
- Venezuelan official language: Spanish
- Venezuelan Population: 27.3 millions of people
- Area: 16,445 square kilometres
- Independence from Spain: 1810
- Venezuelan Currency: Bolivar (VEF)
- Venezuela belongs to the Latin American Economic Area of the Western Christian Civilisation
- Abolition of slavery in Venezuela: 1854
- African Diaspora in Venezuela:
0.8 millions of people (2,8% of the Venezuelan population)
- The Bolivarian Republic of Venezuela is rich in mineral resources, whereas Venezuela
is more known for its hydrocarbons: ranks fifth in the World in petroleum reserve and seventh in natural gas.
- The main Venezuelan economic activity is the exploitation of petroleum refining
- Petroleum is processed by the State Petroleum Company: Petroleum of Venezuela (PDVSA).
- The Bolivarian Republic of Venezuela is rich in agricultural, animal
husbandry, fishing, and forestry resources
- Top trade partners of the Bolivarian Republic of Venezuela are United States, Colombia, Mexico, and Brazil.
- With a population of two millions of people, Caracas is the political
and economic capital of the Bolivarian Republic of Venezuela
- In Caracas are concentrated the core functions of the Executive, legislative and judicial branches of Venezuela.
- In Caracas, all kinds of activities are located (educational, financial, commercial, industrial and services).
- A large majority of the workforce is employed in the public sector related activities.
- The industrial activity is also crucial in Caracas.
- Caracas is the seventh largest financial centre of Latin
America (behind cities like São Paulo, Bogota, Santiago de Chile, Buenos Aires, Mexico City, and Rio de Janeiro).
- Caracas generates 19% of the gross domestic product in the Bolivarian
Republic of Venezuela.
- Important Venezuelan companies like “Petroleum Venezuela” or CANTV, has its headquarters in Caracas.
Economic profile of the States of Venezuela.
- Maracaibo (Zulia state capital) has a population of three millions of people (second biggest city in the Bolivarian Republic of Venezuela). Maracaibo is one of the largest cities in Venezuela. It is the home to major companies, such as Banco Occidental
de Descuento. One of the main economic activities of Maracaibo is the petroleum exploitation (sites in the Basin of Lake Maracaibo).
- Carabobo State is one of the most vibrant of the Bolivarian Republic of Venezuela. The industry and agricultural production of Carabobo are among the biggest in Venezuela. The main
economic activity of Carabobo State is industrial manufacturing (automotive, metalworking, chemicals, agribusiness, food, and consumer products).
- La Guaira (Vargas State) is the largest gateway to the Bolivarian
Republic of Venezuela; the Port of La Guaira
is one of the biggest Venezuelan ports.
- Barcelona is the capital of Anzoategui state, has a
population of 620,000 inhabitants and with Puerto La Cruz, Lecheria, and Guanta forms one of the largest metropolitan areas of Venezuela (1 Million
people). There are several industries: petroleum complexes and automotive factories
- Barquisimeto (Lara State) is a major city strategically
located, being a significant area in public service, trade, banking, and logistics. There are major industrial companies (metallurgy, agribusiness, textiles, cement, etc.). MERCABAR, the largest wholesale market in Venezuela is in Barquisimeto.
- Valencia (1.5 millions inhabitants) is regarded as the industrial city of the Bolivarian Republic of Venezuela.
- “Petroleum Venezuela,” the state-owned corporation of the Bolivarian Republic of Venezuela, is responsible for the efficient, profitable, and dependable exploration, production, refining, transport, and distribution of hydrocarbons. The company keeps a strong presence abroad through
five offices situated in Argentina, Brazil, Cuba, the United Kingdom, and Holland.
- Telephones of Venezuela is the leading
provider of integrated telecommunications services in Venezuela. Telephones of Venezuela had 3.6 million lines in service, 8.2 million mobile subscribers, and 528,000 broadband subscribers.
Venezuela's Free Trade Agreements (FTA).
- Venezuela is a member of the MERCOSUR since 2012
- Association of Caribbean States (ACS)
- Union of South American Nations (UNASUR)
- Latin American Integration Association (ALADI)
- Latin American and Caribbean Economic System (SELA)
- Bolivarian Alternative (ALBA)