Economy of Venezuela

Topics: Venezuela, Economy of Venezuela, Politics of Venezuela Pages: 17 (3694 words) Published: April 21, 2012
Economy of Venezuela

*Executive Summary2
1Venezuela Profiles3
1.1 Geography3
1.2 Population4
1.3 Political System4
1.4 Economic System4
1.5 Market Spotlight5
1.6 Trade Agreements6
2Doing business in Venezuela (Compare with China)6
2.1 Starting a business7
2.2 Dealing with construction permits8
2.3 Employing workers8
2.4 Registering property9
2.5 Getting credit9
2.6 Protecting investors10
2.7 Paying taxes11
2.8 Trading across borders12
2.9 Enforcing contracts12
2.10 Closing a business13
2.11 The ranks trend of 10 Factors from 2007 to 2010 in Venezuela13 2.12 The ranks trend of 10 Factors from 2007 to 2010 in China14 3Global Competitiveness Index15
3.1 The comparison (Score) of GCI with Venezuela and China in 201016 3.2 The comparison (Rank) of GCI with Venezuela and China in 201016 3.3 The trend of GCI (Rank) 2 countries from 2002 to 201017 3.4 The trend of GCI (Score) 2 countries from 2005 to 201018 4Conclusion18

4.1 Market Challenges in Venezuela18
4.2 Market Opportunities in Venezuela19
4.3 Experience from China19
4.4 Recommendation of Strategy20
4.5 Venezuela Economy: Impact of Nationalization20

*Executive Summary

My selected country Venezuela is the worst rank, in order to evaluate the business environment, first, I do some research for Venezuela profiles, which include basic information, population, political system, economic system, market spotlight, and trade agreement. Second, according to the data form doing business website, analysis related factors rank, Venezuela ranked 177 out of 183 countries in 2010. I draft an illustration to doing business in Venezuela, and compare with China based 10 dimensions, through comparison of doing business easily in 2 countries, China has only 2 factors weakly than Venezuela. 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. [pic]

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....
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