The leader in terms of market size, infrastructure development, and availability of human resources, Venezuela''s capital emerges as one of the main cities in the country that are potential destinations for investment. This information was revealed by Conapri''s Executive Director, Mercedes Briceño, during the presentation of the study, "Most Attractive Cities for Investing in Venezuela," conducted with the support of the Corporación Andina de Fomento (CAF) and the Caracas Chamber of Commerce, Industry and Services.
This fourth edition of the study undertaken by Conapri indicates a shrinking in the indicators of the cities measured compared to those for 1995, 1997, and 2002. "Owing to the size of its market, Caracas would seem to have coped better with the overall shrinkage recorded since 2002, which has allowed it to take the place of Valencia, the leader in earlier studies," explained Briceño.
Conapri''s investment attraction index ranks Valencia and Maracay after Caracas, followed by Maracaibo, Ciudad Guayana, Barquisimeto, San Cristóbal, Barcelona - Puerto La Cruz, and Mérida, all fairly close to one another. Lagging somewhat further behind are Punto Fijo, Porlamar, Maturín, and Cumaná, in that order.
The ranking of the thirteen most attractive cities for investing in Venezuela was developed based on 27 indicators divided up into seven sub-indicators: market (with a weighting of 30%), infrastructure (25%), human resources (22%), basic services (11%), costs (7%), and quality of life (5%). All the data used in the study were obtained from official sources.
Advantage was taken of the presentation of Conapri''s study to announce proposals being made by the city''s key mayors to boost the capital''s economy. Present at the event were the Mayor for the Metropolitan Area, Juan Barreto, and the Mayors of the Municipalities of Chacao and Baruta, Leopoldo López and Henrique Capriles Radonski.
Barreto opened the round of presentations by the mayors with the announcement that a City Promotion Office was to be opened shortly, which would initially aim to reposition Caracas as a tourism destination. Reference was also made to the Strategic Development Plan for Caracas, which would include the design of a ring road to relieve traffic congestion in the city.
López and Capriles Radonski presented a series of architectural projects aimed at improving the quality of life in their municipalities and tax incentive schemes for attracting industries and commercial establishments. Capriles also announced that the municipal offices would be moving shortly to the Baruta''s Colonial sector.
The event, organized by Conapri, concluded with a presentation by Adrián Pandal, the Director of the Foundation for the Historical Center of Mexico City, who explained how the public and private sectors have coordinated efforts to recover this space, which has been declared by UNESCO to be part of the Cultural Heritage of Mankind.
"Restoring buildings was not the most important part of the project, it was making the historical sector a place that is habitable and self-sustainable", explained Pandal. During the course of the meeting, Conapri''s representatives also mentioned Buenos Aires, Rosario, Curitiba, Quito, Bogotá, and Panama City as examples of urban recovery in Latin America.
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It is one of the largest countries in the world, with about 32 million residents. It''s 350,000 square miles in area, and it leads when it comes to scenery and richness of culture. It boasts stunning waterfalls, grasslands, dense tropical rainforests, and pristine beaches.
Venezuela is home to the largest oil reserves on the planet. It is the world''s top oil exporter. It''s also among the top eight suppliers of natural gas worldwide. Its society greatly depends on oil exports giving it the position it has in the world''s market. Oil exports comprise most of the country''s export earnings. The land also holds other natural resources such as iron, gold, diamonds, and other minerals. Despite having these resources, the country still has many problems.
Caracas is the capital and largest city with over 4 million residents. It is also the center of health, schooling, government, and manufacturing. Caracas also has a large service industry.
Maracaibo is the second-largest city with about 3 million residents and the largest seaport. This city is the core of the oil industry and has been for a number of years.
Valencia City is the primary link between the west terrain and the rest of the country. It also has some of the most fertile lands. It is well known for cattle breeding and growing several crops.
Farming is a key industry. The main crops produced are sugarcane, rice, corn, and sorghum. The petrochemicals sector is also growing fast.
In addition, there are the gold mining, oil, manufacturing, plastics, and pharmaceuticals industries. The country also produces steel, tobacco products, paper, and textiles. Still other products include cement, food, woven goods, rope, drinks, and soaps.
There are large tracts of untouched arable land and vast bodies of water. Moreover, the country has rich sources of iron ore, gold, natural gas, and various minerals.
There are also plans to revive the production of coffee and cocoa for export. Currently, exports include corn, soybeans, wheat, cotton, and cooking oils. Furthermore, rice, fish, fruits, pork, beef, and coffee are also in demand. The country''s main export partners are China, Brazil, Colombia, Mexico, and the United States.
Venezuelans are highly literate. As a result, the country has a skilled labor force. Still, there is a broad income gap among its citizens. This gap leaves almost all locals below the poverty line. Locals cannot afford to buy basic supplies. The country has fancy neighborhoods. But, it also has scores of shanty dwellings for the people who live in poverty.
Despite these social challenges, this country has a lot of promise. For example, investors can consider putting their money into oil production, which is a growing industry. Exports also continue to grow.
A very high percentage of citizens live in cities. More than a quarter of the people are under 15. More than half are between 15 and 65. The average citizen lacks essential items like toiletries, flour, and milk. Many citizens also have no access to potable water. Prices have ballooned and are expected to increase even more.
Still, this country has a market of almost 30 million. There''s great potential to form local joint ventures. Although there is potential, keep in mind that people cannot afford the prices set by local business owners. Most grocery stores have empty shelves due to shortages of food and basic supplies.
There are several reasons to grow your business in this state. For one, there''s its location. Venezuela is easy to access via the Caribbean. It also has many other gateways.
In addition, oil exports continue to improve despite some minor setbacks. Reserves of tar sands, bitumen, and crude oil are good options to explore. The energy market is growing, but the non-petroleum products sector needs enhancing. Despite the challenges, travel, tourism, farming, food supplies, and info tech are excellent bets for investors.
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