Businesspeople: Private investment-to-GDP-ratio may be boosted to 20%

Jorge Botti, the president of the Federation of Trade and Industry Chambers (Fedecámaras), said it is possible to raise the private investment-to-GDP-ratio to 20%.

During a ceremony to relaunch the Progress and Welfare Plan, which was introduced by Fedecámaras last year, Botti said that since the 1970's private investment in Venezuela has fallen steadily.

"Private investment in Peru and Colombia exceeds 20%. Under such circumstances, we could raise the production capacity of industries," Botti said during the 68th General Assembly of Fedecámaras.

Increasing the operating capacity of the industrial sector from 52% to 70%; creating a million jobs and about 100,000 companies in the next three years were some of the objectives outlined by Jorge Botti at the 68th General Assembly of Fedecámaras.

He added that boosting private investment requires some changes in the country's economic policy, including eradication of expropriations, "decriminalization" of the foreign exchange system, and replacement of labor freeze with labor stability.