The Government is preparing to start a new phase in their relationship with multinational and foreign companies propose to reinvest in Venezuela of the profits that provide repatriate to their headquarters.

The Vice President Elias Jaua said that "we are thinking in ways that are obviously not binding, are proposed," adding that the two most important variants are "turn those profits into action to form joint ventures with the Venezuelan state" and "expanded its production capacity with support from the national government."

Asked about the sectors where the government is willing to partner to create joint ventures, states that "primarily in areas that are strategic to the life of the people, food, auto parts and also the issue of what to do with telecommunications."

The Vice President said if the executive will propose the creation of joint ventures where the state holds a majority stake and simply noted that "it is an open negotiation."

Elias Jaua held a meeting with representatives of foreign companies to start the payment process requests for repatriation of dividends.

In the ceremony held at the Hotel Alba Caracas recognizing the demands of 33 companies in the order of $ 100 million, among which are Heinz Foods, Proagro, Oster and Kimberly Clark.

Cadivi President Manuel Barroso, said the total number of applications for repatriation of dividends that have not been authorized, including all years prior to 2011, representing 2 billion dollars.

Ricardo Menéndez, minister of science and intermediate industries, will begin a series of meetings to "establish mechanisms and timing of settlement" of the currencies requested Cadivi.

However, Elias Jaua made clear that the government thoroughly reviews each application indicating that it comes to "cross the profits reported by them with respect to income tax or the application stated dollars through Cadivi or import licenses."

This is explained Elias Jaua, "to verify that all the data they handle the various institutions where companies must report the match as utilities that are seeking repatriation of dividends."

Analysts believe that policies such as exchange controls, which just limits the freedom to repatriate dividends, have moved away foreign investment.

In addressing this issue Elias Jaua stressed that "control of change is a strategic policy for development."

Also highlighted that "the only thing we demand is that private enterprise respects the constitution, the sovereignty and laws of this country and superimpose the interests of capital accumulation to the interests of the people to feed, clothe."

vsalmeron@eluniversal.com vsalmeron@eluniversal.com