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Economy Of Venezuela Essay

3694 words - 15 pages

Economy of Venezuela

*Executive Summary 2
1 Venezuela Profiles 3
1.1 Geography 3
1.2 Population 4
1.3 Political System 4
1.4 Economic System 4
1.5 Market Spotlight 5
1.6 Trade Agreements 6
2 Doing business in Venezuela (Compare with China) 6
2.1 Starting a business 7
2.2 Dealing with construction permits 8
2.3 Employing workers 8
2.4 Registering property 9
2.5 Getting credit 9
2.6 Protecting investors 10
2.7 Paying taxes 11
2.8 Trading across borders 12
2.9 Enforcing contracts 12
2.10 Closing a business 13
2.11 The ranks trend of 10 Factors from 2007 to 2010 in Venezuela 13
2.12 The ...view middle of the document...

On the other hand, 4 indicators of Employee workers, getting credit, protecting investors, and paying taxes, which is in the bottom 15 countries. The third, GCI economic factors is divided into 3 stages, Venezuela is allocated into “Transition from 1 to 2”, and China is allocated into “State 2”. Compare GCI between Venezuela with China, we are easily to know all of the China’s pillars are better than Venezuela’s. The finally is my conclusion to do business in Venezuela, includes marketing challenge, marketing opportunities, experience from China, and my recommendation of strategy.

In balance, Venezuela is an un-developed country, there is lots of improvement needed, not only political system, but also economic system, so the government should adjust policies, change business environment, to attract FDI to invest, then advances Venezuela’s GCI.

Venezuela Profiles

1.1 Geography[1]

Located in the northern part of South America, Venezuelan continental territory limits are the Caribbean Sea to the North; the Atlantic Ocean and the Republic of Guyana to the East; the Republic of Brazil to the South and the Republic of Colombia to the West. Its total area of 917.450 square km (354.227,44 square miles) is approximately 2.5 times the State of California.

1.2 Population

Venezuela has an estimated population of 21 million. Caracas, the capital city, has a population of 2.8 million, inhabitants with unofficial estimates of 7 million. Other major cities are Maracaibo (1.4 million inhabitants), Valencia (1 million inhabitants), Maracay (0.8 million inhabitants) and Barquisimeto (0.8 million inhabitants).

1.3 Political System

The Republic of Venezuela is a representative democracy with division of powers as follows: Executive
Branch (referred to as the "National Executive") headed by the President and 22 Cabinet Ministers;
Legislative Branch, comprised of two Chambers, Senate and Deputies elected every five years; and a
Judicial Branch, headed by the Supreme Court of Justice.
The National Territory is divided into 22 states, 1 Federal District and 72 islands. Caracas, the capital of the Republic and the Federal District, is the permanent site of the headquarters of the National executive.

1.4 Economic System

The economic rights contained in the Constitution of the Republic of Venezuela include the right to exercise any lucrative or commercial activity. This right, however, is subject to the limitations stipulated in the Constitution and to those established by law with respect to security, health or other matters of national interest.

Notwithstanding, pursuant to foreign investment regulations and other related laws, there are some sectors of the economy reserved exclusively for national investors which will be discussed herein below Monopolies are not permitted in Venezuela, although certain exclusive concessions may be granted for a limited period of time, for the establishment and...

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