Trade and industrial sectors in north-western Lara state anticipate incalculable, irreversible losses following a recent decision to declare in the public interest the Industrial Estate I, located in Barquisimeto, the capital city.

The move intensified upon the signing of a decree of expropriation of the local facilities of Polar, the major food industry in Venezuela.

Eduardo Cabré, Chief Executive Officer of the Chamber of Industries, told El Universal that the government decision resulted in inestimable damages, because investment is among the most sensitive issues in economy.

Cabré is afraid of a rush of investors. "Who is to invest a cent in such an industrial estate? This will not happen, at least this year. They might leave the city and even the country," he admonished.

There are more than 200 companies in the industrial estate. On Thursday, Amalia Sáez, the mayor of Iribarren municipality, Lara state, signed the decree on expropriation of the grounds occupied by Polar downtown Barquisimeto, for housing.

"We are following the orders of the president and the people of Lara, in need for houses," she told state-run TV channel VTV.

In a meeting held on Thursday at the Lara Engineers' Association, workers of the industrial estate voiced concern for not knowing their situation after expropriation.