Agreement signed with Bancoex to stimulate competitiveness in the Venezuelan plastic sector

(Caracas, March 8, 2012).- As part of its commitment to strengthening the competitiveness of its shareholder countries CAF - Latin American development bank - signed a technical cooperation agreement with the Venezuelan Foreign Trade Bank (Bancoex) which grants non-reimbursable funds for a competitiveness study of the Venezuelan plastics sector with a view to promoting exports from Venezuela to the region. The agreement was signed by CAF President & CEO Enrique García and Bancoex President Eyilde Margarita Gracia.

García said CAF - as part of its integrated agenda for sustainable development - promotes business development as an effective way of improving productivity in Latin America.

"In the framework of our Competitiveness Support Program, we have developed a range of activities in the region aimed at strengthening and expanding goods-and-services producing chains in a context of sound public policies," García said.

"A component of the development model we are promoting from CAF – García added – is a productive transformation that expands the region’s export offering which is very highly concentrated on a few products."

The Bancoex president thanked CAF for its support in designing and financing the project, which is "a study of the competitiveness of the plastics industry in four countries in Latin America and the Caribbean. It is a very important pilot experience for targeting Venezuela’s export strategy in this sector."

The study of the competitiveness of plastics companies will specifically cover manufacturers of polythene bags for automatic food and agricultural packaging. The research project will develop a diagnosis of exporting companies and potential exporters located in the Capital District and the states of Aragua, Carabobo, Miranda, Tachira and Zulia. The study will also cover international markets in Colombia, Nicaragua, Dominican Republic and Trinidad and Tobago, along with the design of internationalization strategies.

Bancoex is a financial institution set up by the Venezuelan government in 1996, now attached to the Ministry of People's Power for Planning and Finance, as executing arm of foreign trade policies.