Doing Business in Venezuela

The purposes of the subject “Foreign Trade and Business in the Bolivarian Republic of Venezuela” are the following:

1. To analyze the Venezuelan Economy and Global Trade;
2. To know the business opportunities in the Bolivarian Republic of Venezuela;
3. To explore the Venezuelan trade relations with the country of the student;
4. To know the Venezuelan Trade Agreements;
5. To examine the profile of Venezuelan Companies;
6. To develop a business plan for the Venezuelan Market.

The Subject “Foreign Trade and Business in Venezuela” belongs to the following Online Higher Educational Programs taught by EENI Global Business School:

Masters (MIB): International Business, Foreign Trade.

Doctorate (DIB): American Business, World Trade.

Learning materials in (or Venezuela Venezuela Venezuela).

1. Credits of the subject “Foreign Trade and Business in Venezuela”: 1 ;
2. Duration: one week.

1. Venezuela and the Latin American Economic Area;
2. Venezuela is a member of the MERCOSUR since 2012. Today is Suspended;
3. Association of Caribbean States (ACS);
4. Union of South American Nations (UNASUR);
5. Latin American Integration Association (ALADI);
6. Latin American and Caribbean Economic System (SELA);
7. Bolivarian Alternative (ALBA);
8. Global System of Trade Preferences among Developing Countries (GSTP);
9. CARICOM (Observer State).

1. World Trade Organization (WTO)
   1. WTO Agreement on Sanitary and Phytosanitary Measures (SPS);
   2. WTO General Agreement on Trade in Services (GATS);
   3. WTO Agreement on Technical Barriers to Trade (TBT);
   4. WTO Agreement on Preshipment Inspection (PSI);
   5. WTO Agreement on Safeguards (SG);
   6. WTO Trade Facilitation Agreement (TFA).
2. World Customs Organization (WCO)
   1. Revised Kyoto Convention (RKC).
3. Convention on the Carriage of Goods by Sea (Hamburg Rules, UN).

American Trade and Economic Organizations:

1. Inter-American Development Bank (IDB);
2. Organization of American States (OAS);
3. Economic Commission for Latin America and the Caribbean (ECLAC);
4. Community of Latin American and Caribbean States (CELAC)
   1. European Union-CELAC Summit.
5. Forum for East Asia-Latin America Cooperation (FEALAC);
6. Summit South American-Arab Countries (ASPA);
7. Africa-South America Summit (ASA).

Global Economic Organizations:

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD);
   2. International Trade Centre (INTRACEN);
   3. Commission on International Trade Law (UNCITRAL);
   4. World Intellectual Property Organization (WIPO).
2. World Bank (WB);
3. International Monetary Fund (IMF);
4. Arab League (LAS) - Observer State.

The Bolivarian Republic of Venezuela (America):

1. Venezuela consists of twenty-three federal states and a capital district (Caracas);
2. Borders of Venezuela: Brazil, Guyana, and the Republic of Colombia;
3. Venezuelan official language: Spanish;
4. Venezuelan Population: 27.3 million people;
5. Area of Venezuela: 16,445 square kilometers;
6. Independence of Venezuela from Spain: 1810;
7. Venezuelan Currency: Bolivar (VEF);
8. Abolition of Slavery in Venezuela: 1854;
9. African Diaspora in Venezuela: 0.8 million people (2.8% of the Venezuelan population);
10. Deep social, political and economic crisis.

Religion in Venezuela: Christianity (Catholicism: 27 million).

Venezuela belongs to the Latin American Economic area of the Western Civilization.

Venezuelan Economy

1. 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;
2. The main Venezuelan economic activity is the exploitation of petroleum refining for export;
3. The Venezuelan Petroleum is processed by the State Petroleum Company: Petroleum of Venezuela (PDVSA);
4. The Bolivarian Republic of Venezuela is rich in agricultural, animal husbandry, fishing, and forestry resources;
5. Top trade partners of the Bolivarian Republic of Venezuela are the United States, Colombia, Mexico, and Brazil.

Caracas.

1. With a population of two million people, Caracas is the political and economic capital of the Bolivarian Republic of Venezuela;
2. In Caracas are concentrated the core functions of the Executive, legislative and judicial branches of Venezuela;
3. In Caracas, all kinds of activities are located (educational, financial, commercial, industrial and services);
4. A large majority of the workforce is employed in the public sector related activities;
5. Industrial activity is also crucial in Caracas;
6. 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);
7. Caracas generates 19% of the gross domestic product in the Bolivarian Republic of Venezuela;
8. Important Venezuelan companies like “Petroleum Venezuela” or CANTV, has its headquarters in Caracas.

Economic Profile of the States of Venezuela.

1. Maracaibo (Zulia state capital) has a population of three million people (second largest city in the Bolivarian Republic of Venezuela).
   1. Maracaibo is one of the largest cities in Venezuela;
   2. It is home to largest companies, such as Banco Occidental de Descuento;
   3. One of the main economic activities of Maracaibo is the petroleum exploitation (sites in the Basin of Lake Maracaibo).
2. The Carabobo State is one of the most vibrant of the Bolivarian Republic of Venezuela.
   1. The industry and agricultural production of Carabobo are among the largest in Venezuela;
   2. The main economic activity of the Carabobo State is industrial manufacturing (automotive, metalworking, chemicals, agribusiness, food, and consumer products).
3. La Guaira (Vargas State) is the largest gateway to the Bolivarian Republic of Venezuela; the Port of La Guaira is one of the largest Venezuelan ports;
4. 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;
5. Barquisimeto (Lara State) is a major city strategically located, being a significant area in public service, trade, banking, and logistics.
   1. There are largest industrial companies (metallurgy, agribusiness, textiles, cement, etc.);
   2. MERCABAR, the largest wholesale market in Venezuela is in Barquisimeto.
6. Valencia (1.5 millions inhabitants) is regarded as the industrial city of the Bolivarian Republic of Venezuela.

Venezuelan Companies.

1. “Petroleum Venezuela,” the state-owned corporation of the Bolivarian Republic of Venezuela, is the responsible for the efficient, profitable, and dependable exploration, production, refining, transportation, and hydrocarbons distribution. The company keeps a strong presence abroad through five offices situated in Argentina, Brazil, Cuba, the United Kingdom, and the Netherlands;
2. Telephones of Venezuela is the leading integrated telecommunications services provider in Venezuela. Telephones of Venezuela had 3.6 million lines in service, 8.2 million mobile subscribers, and 528,000 broadband subscribers.

(c) EENI Global Business School (1995-2023)
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