Chávez threatens foreign companies unwilling to transfer technology

Venezuelan President Hugo Chávez warned foreign companies unwilling to transfer technology to Venezuela that their contracts would be terminated.

He said, on the contrary, that his government would hire foreign firms willing to accept technology transfer.

"I am giving the following instruction: if any foreign company refuses to transfer technology, the contract is over," Chávez said during his live weekly radio and TV show Aló Presidente (Hello, President). He explained that the Italian companies that are building trains in Venezuela are failing to transfer their technology. He said that there are some Russian companies willing to build trains in Venezuela.