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Obstacles to get foreign currency and import inputs have
changed the operation patterns of some Venezuelan franchises.
According to Alfonso Riera, Venezuelan Franchise Chamber
(Profranquicias) Director, although one of the goals of such
trade is to purchase local commodities, the reality shows
that for some franchisees imports substitution is not easy.
Franchises linked with the food sector and services such
as dry cleaning are the most dependent on goods not manufactured
in Venezuela. Therefore, they have had to improvise ways to
overcome the paperwork delays at the Foreign Exchange Management
Committee (Cadivi) and the Ministry of Light Industry and
Trade (Milco).
Karen Armando Cohen, the Director-General of Wendy's, said
that the company has made "additional efforts" in order that
the import substitution policy sponsored by the Venezuelan
government does not imply shortages or deteriorated quality
of their products.
Oil Scenario
HYDROCARBONS Rafael Ramírez, Venezuela's Minister of Petroleum and Mining and president of state-run oil company Petróleos de Venezuela (Pdvsa) specified that oil exports to China would be equal to current shipments of Venezuelan oil to the United States.
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