Conindustria warned of the “damage” of sanctions to the sector

EFE Agency

*** The president of the Confederation asked to separate politics from the economic part of the country

Representatives of Venezuela’s private industry yesterday pointed to international sanctions – without specifying which ones – as one of the main factors that “have harmed” the sector, and reiterated their request that they be lifted.

Luigi Pisella, president of the Venezuelan Confederation of Industrialists (Conindustria), stressed the need to “understand” that politics “must go in a different direction” from the economy, “as has occurred in many other countries that have their political issues and the economic part does not stop.”

According to the Venezuelan Anti-Blockade Observatory, Venezuela is subject to 930 sanctions, although half of them, 50.32%, are personal and have no effect on public companies, state assets or institutions, that is, 468 measures, according to official figures.

The United States reinstated its oil and gas sanctions in Venezuela, the country with the largest proven crude oil reserves on the planet, in April after six months of relief, although Washington has since issued licenses to international companies to operate in the South American nation.

Despite everything, Venezuela’s private manufacturing industry has registered, in recent years, improvements in its operations and production levels, among other indicators, according to studies prepared by Conindustria, which indicated on Thursday that the sector operated at 39.9% of its installed capacity, on average, “the highest range since 2019.”