This factor does not make easy for Crystallex to raise capitals .

Chavez has got to turn around pretty quick if he wants new money in his country.

Sunday, February 08, 2009

US investment is virtually zilch; Venezuela has become one of the least attractive nations...

VHeadline Venezuela News: American-Venezuelan Chamber of Commerce (VenAmCham) general manager, Carlos Tejera has told reporters that that United States investment in Venezuela has decreased to between $70-80 million from all time highs of $3-4 billion and had already dropped to $170 million in 2007.

• Tejera says that the situation is so dramatic that Venezuela has become of the hardest countries in which to do business ... a survey, published by the World Bank, puts Venezuela at 174 among 181 countries listed.

Asked if the situation has generated a stampede by US companies to get out of Venezuela, he said that the country is taking all pressures and rule-changes across the board although business interchange between United States and Venezuela in 2008 had achieved record levels "despite all the rhetoric that there's been!"

US-Venezuela trade in 2007 has reached $50 billion and last year surpassed $67 billion mostly because of high oil prices ... this year there is a negative tendency because oil proces have dropped but VenAmCham says it's worried because "there are now no foreign investments in Venezuela and the country needs capital to move forward. The country is only getting resources for essential maintenance and production and we're noticing that consumption is going way down ... that's a bad signal indicator!"

Tejera emphasizes that the Venezuelan-American Chamber wants to work with the Executive and to offer information generated by 42 regional committees throughout Venezuela in an effort to find solutions. At a VenAmCham Economic Perspectives event in Valencia, he said members get updated to be able to face upcoming challenges due to the change in rules that are very volatile. "We have been lucky to find high profile lecturers, who openly say what they think although the Chamber has always maintained it's a-political position and our mission is to protect economic freedom and private ownership."