Although Canada is one of the most attractive countries to invest in regarding manufacture industries, it also offers important costs advantages on Research and Development. This country is an investment exporter which finds in Venezuela the best partner. Moreover, Canada’s investments it is a suitable complement for Venezuela’s strategic development.

Author: Carlos Delgado Celis


Caracas, April 9th, 2008.- Canada and Venezuela’s economies are complementary; therefore the Venezuelan market has always been attractive for Canadian enterprises. According to Canada’s Commercial Office in Venezuela, the sectors with greater business development potential are health, oil and gas, mining, telecommunications and food and agriculture area. In this last sector, Canada sales more to Venezuela than to any other South American countries whatsoever, including Brazil. Nevertheless, both countries have already seen cooperation and commerce opportunities in sectors like: Automobile parts, electric, aerospace, security, construction, paper; as well as Finance, Legal and Environment Services.
From all the aforesaid sectors, the Canadian enterprises have actively invested in the oil sector, paper manufacture, banking, telecommunications, and above all, mining, therefore the Canadian capital in Venezuela already surpasses 1000 million dollars.
Through out 60 years of diplomatic relationships between both nations, some cooperation agreements were settled in cultural, economic and technological affairs. Specifically, in the commercial area, there are two key agreements between Canada and Venezuela: promotion and protection of the foreign investment agreement and another one dedicated to double taxing avoidance. These agreements have noticeably contributed to bilateral investment promotion between both countries. There is also an aerial agreement between them that serve as a bridge and promotes business, tourism and education exchange.
The Canadian Embassador in Venezuela, Perry Calderwood, explains that “Both Canada and Venezuela are founding members of the World Commerce Organization (OMC), therefore, they are subscribed to this entity’s different agreements, which regulate most of the non-traditional products commerce between our countries. From the Regional point of view, the Province of New Scotland has recently subscribed an Understanding memorandum with PDVSA in order to promote oil and gas investment development”
Organizations that trascend
Among the most important and reknowned Canadian enterprises operating in Venezuela there are Crystallex, Gold Reserve Inc. and Medoro Resources. These are the main Canadian mining enterprises with important investments in Bolívar State. Likewise, Air Canada offers an aerial direct bridge between Toronto and Caracas.
Regarding, legal affairs, the lawyer’s office promotiong investments in Venezuela, Macleod Dixon, has a branch in Caracas since more than a decade. Meanwhile, regarding financial sector, Scotiabank is one of the most important banks in Canada present in some Latinamerican countries and is a minor stockholder of Bancaribe.
Moreover, one of the main engineering enterprises, the Canadian corporation SNC-Lavalin, has important projects in the country. One of them is currently carried out together with the National Rural Development Institute of Venezuela in order to design and build an irrigation integrated system, infraestructure and three villages: Guaitoco, San Ignacio y San José de Guaynabo, in Guárico State. The project, includes the design and 12.8 kilometers construction of an irrigation channel that already exists. Its cost is 597 million dollars and is expected to be completed in three years.

Calderwood also says that “Thanks to this contract, SNC-Lavalin is going to build new routes, schools and health centers. While contributing with capital, high-end technology and the creation of new jobs in Venezuela, the Canadian enterprises in the country are social investment leaders. They show a strong commitment with the local communities, as well as environmental care and their presence represents a benefit for all: the communities, the local government and the enterprise itself”

It's great to read Crystallex, Gold Reserve and SNC-Lavalin are the most important and renown Canadian Companies operating in Venezuela. Now just give us the Permit!!