Home' Trinidad and Tobago Guardian : July 3rd 2014 Contents JULY 2014 • WEEK ONE www.guardian.co.tt BUSINESS GUARDIAN
NEWS | BG7
Venezuelan ambassador to T&T, Coromoto Godoy,
is hoping that Venezuela s presence at the Trade and
Investment Convention (TIC) this year will lead to the
diversification of the traditionally energy-dependent
economies of T&T and Venezuela.
"Venezuelan participation in the TIC 2014 is being
co-ordinated by the Venezuelan Ministry of Trade,
through its export bank, Bancoex, with the aim of
bringing together the productive capabilities of two
brother countries of Venezuela and T&T. It has as its
main interest strengthening of the non-oil economic
relations, as has already been done in the fields of
energy, political, social and cultural," she told the Busi-
ness Guardian by phone on Monday.
This year s TIC, which will run from July 2-5, is the
first year Venezuela will have a major presence.
The T&T Manufacturers Association (TTMA) pres-
ident Nicholas Lok Jack, speaking at a pre-budget
breakfast meeting at the Queen s Park Oval two
Wednesdays ago, said it is important T&T does business
with countries like Venezuela and Cuba which it has
"good political relations with."
Godoy said participants from 60 Venezuelan com-
panies will be present at TIC 2014.
"Of this total of companies, there will be sales rep-
resentatives to participate in the B2B business match-
making, which make up a business delegation of 45
people, who will be accompanied by the team of Ban-
coex, responsible for carrying forward the Venezuelan
submission in this edition of the TIC 2014, which
includes sampling products," she said.
Godoy said the Venezuelan trade delegation has
brought more than 450 quality products and involves
more than 60 companies from such sectors as food,
automotive, beverages, technology, construction, chem-
icals, appliances, packaging, home, industrial products,
health and textile.
"These products are part of the offering of Venezuela
beyond oil and its derivatives or products that are
exported from the basic industries, such as minerals
and petrochemical industries, which have traditionally
been the basic products of Venezuelan trade," she said.
She said TIC gives the opportunity to develop not
only s T&T s economy, but also Venezuela s.
"However, the 2014 TIC provides an opportunity
for the development of productive chain of exchanges
between T&T companies and the Venezuelan, com-
panies with the aim of increasing economic integration
beyond the energy sector."
Bancoex and EximBank
Godoy spoke about the role of Bancoex, Venezuela s
Export Bank, which is in charge of the Venezuelan
delegation and its trade promotion programme,
"The programme, Venezuela Trade, from the
Venezuelan "Banco de Comercio Exterior", Bancoex,
is unprecedented in the history of our country s
trade promotion. Its objective is to promote national
products for export in international markets and to
highlight the attributes of the merchandise and
industries where the country has commercial advan-
She said Bancoex is helping to diversify Venezuela s
oil dependent economy.
"Bancoex has marked a shift in the export pro-
motion, showing the new face of the Venezuelan
economy creating emphasis on the diversity of its
industrial production in order to boost the export
of non-oil products," Godoy said.
In fact, just before the Venezuelan delegation
arrived in T&T last Friday, they concluded US$3
million in trade deals at an international trade con-
vention in El Salvador.
Godoy said Bancoex s officials will also be meeting
with T&T s EximBank.
"All during the expo, Venezuelan exporters attending
the TIC 2014 will hold business meetings with importers
which have been previously co-ordinated by specialists
from Bancoex. Moreover, Bancoex invited the Eximbank
of T&T to establish a line of credit which will benefit
the T&T companies that choose to do business with
Venezuelan companies on very favourable terms for
Godoy spoke about a paradigm shift that moves
T&T and Venezuela beyond their energy dependent
"The programme, Venezuela Trade, is a shift from
the Venezuelan trade promotion and has been proposed
to show the economic capabilities of the country more
than its apparent energy potential in the region. The
TIC is the most important industrial fair in the Eng-
lish-speaking Caribbean and it was natural that within
the paradigm shift, which means Venezuela Trade, we
are present in the most important commercial event
of the region, which provides the ideal framework for
relaunching and strengthening of bilateral trade rela-
Godoy said both countries have "comparative advan-
tages" they can use to boost their economies.
"Both countries have important comparative advan-
tages, which can further boost the increase of trade
between the two countries that can complement its
markets as well as a clear geographical proximity, and
with the presence of products from new industries
that today are not available."
She spoke about concerns some people have about
getting their money out of Venezuela once business
is done there and how the government is now trying
to streamline the currency control systems.
Some airlines and other international companies
have complained they have been having problems get-
ting their money out of Venezuela because of strict
"First, Venezuela maintains control of its currency
to ensure the correct use of the currency as the vast
majority, as much as 96 per cent, come from the oil
sector. The participation of Venezuela Trade in T&T s
TIC aims to increase the participation of non-oil
Venezuelan exports to boost bilateral trade, which we
understand passes through the acquisition of certain
inputs and raw materials to continue the industrial
processes, which can be purchased in T&T.
"In any case, these negotiations shall be framed in
the institutional framework and rules for the use of
currency of Venezuela, with the support of Bancoex
from Venezuela and Eximbank, guarantee the flow of
bilateral trade," Godoy said.
contingent looks to TIC
to diversify its economy
Venezuelan trade delegation has
brought more than 450 quality
products and involves more than 60
companies from such sectors as food,
automotive, beverages, technology,
construction, chemicals, appliances,
packaging, home, industrial products,
health and textile.
Venezuelan ambassador to T&T.
PHOTO: KRISTIAN DE SILVA
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