Builders: Investment in private construction may drop to zero in 2012

Juan Francisco Jiménez, the president of the Venezuelan Construction Chamber, said that investment in private construction "may be close to zero" in 2012 because there are no conditions for economic growth in the sector.

Jiménez believes that the government does not encourage private investment. On the contrary, the laws enacted by the National Assembly and the climate of legal uncertainty in Venezuela are undermining private initiative, according to the Venezuelan builder. "Private investments are gradually disappearing due to the latest laws adopted by the government and legal uncertainty," the Venezuelan businessman said to private radio station Unión Radio.

Housing, health, and tourism projects with the participation of private sector capital are the sectors most affected by the current situation, he said.