Despite the fact that Venezuela is a country that has been going through complicated situations in recent years, there are still opportunities for growth. The political and economic situation in 2021 it seems to be evolving; a growth of 4% of the GDP is estimated for this year (in a favorable scenario) being the first growth that the country has had since 2013, this due to the fact that the government has distanced itself from its regulatory policies that characterized it, now moving to a more friendly approach with the private sector. Since there is a need to attract foreign investment to the country, the government has been relaxing certain restrictions such as price controls, looking to increase the employment rate. Now, there is a multi-currency environment in the country, where the dollar and other foreign currencies circulate freely within the territory.
Venezuela has an impressive capacity for recovery and economic growth, although it depends on: i) investor confidence, ii) the geopolitical environment, iii) the possibility of implementing structural changes, and iv) the outcomes of the pandemic.
The country has a privileged position in the region, which makes it the perfect place to exploit the tourism industry with a wonderful climate, and most importantly, a friendly, literate population, (many with college education or technical knowledge) willing to excel.
The existence of different natural resources, e.g., oil, gas, gold, coltan, iron, as well as the existence of good lands for the development of agricultural and livestock activities. Despite the difficulties, the country has an infrastructure capable of growth, the developments prior to the last few years were important enough to «resist» during the difficult times of the past 20 years.
Also, from a legal point of view, civil and commercial law are very similar to Ibero-american countries, inspired by the French and Franco-Italian system of obligations. The Civil and Commercial Code are important bastions of contractual and economic freedom, and although they have not been modified in decades, they perfectly allow the development of any business model. Autonomy is maintained to this day in each Code, which delimits the disciplines without confusing the specific competences of each one.