Conindustria expects the Venezuelan industrial sector to grow 7% in 2023, if access to credit in foreign currency is allowed. “You could grow a little more, that’s key,” said Francisco Acevedo, vice president of the union.
Francisco Acevedo, first vice president of the Venezuelan Confederation of Industrialists -Conindustria-, celebrated that the year 2022 closed with growth in its economy. “A small recovery and the industrial sector has not been oblivious to that,” said.
“Our installed capacity has been rising significantly from levels of 18% that we are close to 40% of capacity used,” he specified in an interview on the program On time from Union Radio.
Although he qualified that “there is still a lot of room to improve in Venezuela, to grow for new investments but it is necessary to generate more trust and legal certainty.”
He stressed that one of the variables to be developed is credit. “The banking system has reduced a significant size and today it has a demand for credit that is three times what it can allocate,” highlighted the station.
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stressed the need to allow “loans in currencies of those that are stored in custody accounts and part of that money could be lent to the industrial sector to be able to help this economic reactivation and start to grow in that used capacity.
He specified that the sectors that have grown the most have been petrochemicals, liquors, pharmaceuticals and agri-food.
He warned that it is very difficult for Venezuelan products to compete due to imports because “there is a large amount of permits and the use of only 40% of the installed capacity while other countries use 90%, it is very difficult to compete under unequal conditions.” .
Acevedo assured that there is a lot of optimism regarding 2023. “We believe that the industrial sector could grow 7% If this access to credit is achieved, it could grow a little more, that is key.
Regarding the deficiency of public services, he said that the sector has solved on its own “it is one of the great situations that Venezuela has and that the political agreement that is taking place is going to be key, with that investment of 3 billion dollars (of the resources blocked abroad) for services, mainly for electricity, is also key.
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