Tuesday 28 March 2023

Regime change in Venezuela would open business opportunities for Costa Rica

Venezuela is a market that could be important for Costa Rica.

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28 March 2023 - At The Banks - BCCR

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There is no certainty that the Venezuelan political regime is about to change.

However, the events of the last few weeks would increase the likelihood of a transition to an economic system in which the market plays an important role, which encourages Costa Rican merchants.

Venezuela President Nicolas Maduro (left) and self-proclaimed president, leader of the opposition, Juan Guaidó. Photo montage by La Republica

Venezuela is a country whose oil resources are among the largest in the world, as well as vast tracts of fertile land, located just 1,000 kilometers from Costa Rica.

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Meanwhile, bilateral trade has deteriorated in recent years, due to Venezuela’s internal problems.

Between 2012 and 2018, exports from Costa Rica fell by 93%, from US$82 million to US$5 million, according to Cadexco. Imports also decreased in that period, going from US$40 million to US$14 million.

“Corruption reduces the possibility of the private sector to export to Venezuela, but no doubt a more peaceful regime would solve the problems of hunger and commercial ties that are today,” said Vladimir de la Cruz, political scientist and former Costa Rica Ambassador in Caracas.

The main Costa Rican exports to Venezuela in 2018 were medicines, aluminum sheets and medical devices and main imports were aluminum, bitumen and asphalt and carbon.

“It is not good that the neighborhood is burning, the ideal is that a change of regime occurs with a peaceful and democratic solution, both in Venezuela and Nicaragua, because otherwise Costa Rica would be like a cockroach on a hinge,” said Francisco Barahona, political scientist.

Experts all agree, Venezuela is a market that could be important for Costa Rica.

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Source: La Republica

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