Venezuelan private industry warns of the “damage” that sanctions have caused to the sector

Caracas, Aug 15 (EFE).- Venezuela’s private industry on Thursday pointed to international sanctions – without specifying which ones – as One of the main factors that have “hurt” the sector, for which reason it reiterated its request that they be lifted.

“One of the factors that has hurt us the most is the issue of sanctions, (…) a huge impact. When I say us, I am referring to the country, I am not referring only to the industry,” said the president of the Venezuelan Confederation of Industrialists (Conindustria), Luigi Pisella, without explaining how foreign measures have harmed the sector.

In any case, he stressed the need for “it is understood” that politics “must go in a different direction” than the economy, “As has happened in many other countries (that) have their political issues and the economic part does not stop.”

According to the Venezuelan Anti-Blockade Observatory, the Caribbean country 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.”

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