The Venezuelan Association of the Chemical and Petrochemical Industry (Asoquim) proposed a $10 billion investment in the sector over the next 10 years to strengthen activity in the country and boost national production.

Private capital would be key to this investment, the association stated when presenting the ambitious plan during the recent Expo Asoquim 2026. “The goal is to recover the installed capacity of the plants and create new production centers to diversify the economy,” they said.

Asoquim President Reinaldo Gabaldón indicated during the association’s annual assembly held in Caracas that “the development of the sector is not only a technical challenge, but also an economic and institutional one.”

According to Gabaldón, the Venezuelan petrochemical industry has the capacity to generate between 10 and 15 times more value than the primary production of natural gas. In this regard, economist Richard Obuchi, who led the study presented, explained that “the chemical sector has a cross-cutting impact on critical areas such as health, food, agriculture, and construction.”

He emphasized the need for private capital investment to maintain a path of sustainable growth and mentioned the approval of these proposals by allied chambers such as Avipla, Cavenvase, Avhi, and Avpg.

Asoquim estimates that immediate reactivation requires policies in areas such as licensing and foreign exchange allocation; financing and taxes, including the granting of bank loans; and industrial protection to “curb smuggling and review tariffs to protect national production against exempt imports.”

M.Pino

Source: ultimasnoticias

(Reference image source: Christian Harb on Unsplash)

Follow our news on Google! For current, interesting, and accurate information, click here to see all the content on Bitfinance.news. You can also find us on X/Twitter and Instagram

La entrada Venezuelan petrochemical association proposes $10 billion investment in the sector apareció primero en Bitfinance.