The government recent move toward nationalization endangers private investment, the levels of which "has been relatively low over the past few years" and may shrink even more, said Edgard Jardine, the chair of the Venezuelan American Chamber of Industry and Trade (Venamcham).

"While nobody questions the government right to expropriate, provided that there is fair indemnity for the property, nobody is to invest a significant amount of money and told eventually that it is a strategic sector and will be taken out," said Jardine.

The business leader said that the announcement have "a serious matter of concern" for the private sector. "We are very worried about investment."