Venezuela, Bolivarian Republic of
- Reactive approach to business
- Open on a highly restricted basis under all programs
|Nominal GDP||492.00 Billion USD|
|Currency||Venezuelan Bolivar Fuerte (VEF)|
|Merchandise Imports from Canada||633.20 Million CAD|
|Canadian direct investment||406 Million CAD|
|Main imports||Intermediate, Capital & Consumer Goods|
|Canadian companies assisted||13|
|International buyers insured||1|
|Business volume||100.41 Million CAD|
Venezuela's excessive dependence on oil, high inflation, restrictive access to foreign exchange, and ongoing nationalizations have increased the risk of doing business in Venezuela. Accordingly, there has been a sharp decline in exporter and investor interest in this Andean market. The Government has significantly increased its control over the country’s assets over the past decade. The business climate is turbulent and President Maduro's administration has been openly hostile towards private capital and foreign direct investment. This situation is not expected to change over the short term.
How we can support your business
Through our representation in Bogotá, Colombia, we provide regional support to Canadian companies planning on or currently doing business in Venezuela. Our regional representatives have developed strategic relationships with major buyers in key sectors as well as an extensive network of local contacts in the market.
- We are positioned to help Canadian companies through a range of financing and risk management services.
- Learn more about our service offering.
Consult our interactive Country Risk Quarterly report.
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