Download Venezuela June 2013

VENEZUELA
JU N E 20 13
INTERNATIONAL
SUPPORT
KIT OF
OPPORTUNITIES
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
Business environment and key factors
Business environment
Ease of doing busine ss
180/185
(Doing Business 2013 ranking)
Caracas
Investor protection
Cross-border trade
Contract fulfilment
Economic Freedom
181/185
166/185
80/185
174/177
(Economic Freedom 2013 ranking)
Competitiveness
126/144
(Global Competitiveness Index 2012-2013 ranking)
Basic Requirements
Infrastructure
Institutions
120/144
144/144
Efficiency Enablers
117/144
Innovation and Sophistication
135/144
Cosec (Risk group)
7
Grade 1 (lowest risk) to 7 (highest risk)
Standard & Poor´
´ s (Rating)
(AAA rating (lowest risk) to D (highest risk, default))
Long term debt in local currency
Long term debt in foreign currency
Outlook
B+
B+
Stable
Capital: Caracas
Population (Millions): 29.5 (2012)
Time Zone: UTC -4.30
Type of Government: Presidential Republic
Religion: Catholicism (majority)
Official Language: Spanish
Surface Area: 916 thousand Km 2
Currency: VEF (bolívar forte)
N. of States: 23
Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage.
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03
VENEZUELA
Macroeconomic Indicators
GDP
Current prices
EUR billion
GDP real growth rate
Percentage
Unemployment Rate
2011
2012
2013E
2014E
2015E
227.3
297.4
268.8
256.3
265.8
4.2
5.5
0.1
2.3
2.3
8.2
7.8
7.8
7.8
7.8
26.1
21.1
27.3
27.7
25.5
6.0
5.2
8.0
8.0
8.0
6.2
7.7
6.2
-13.2
-10.3
-8.7
Percentage of working population
Inflation Rate
Percentage
Exchange Rate
EUR/VEF
Current Account
7.7
2.9
Percentage of GDP
Fiscal Balance
Percentage of GDP
-12.2
-18.9
E
Estimates.
Sources: IMF, Bloomberg.
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04
VENEZUELA
Economic summary
The Venezuelan economy is centred on the extraction, production and export of oil. The country is among the leaders in terms of
oil and natural gas reserves and, in 2012, it was the 11th largest producer of oil. Venezuela is also rich in other minerals such as
iron, coal, gold and diamonds.
Venezuela’s GDP shows a strong correlation with oil export volume and the price of oil in international markets (in 2012, oil
represented around 92% of total Venezuelan goods exports).
In 2011 and 2012, the economy grew by 4.2% and 5.5%, respectively. In 2013, is expected a grew by 0.1%.
The USA is Venezuela’s main trading partner, with a share of 29% of goods imports and of 48% of goods exports, in 2012. In that
year, China was the 2nd largest importer and exporter of Venezuelan goods.
Portugal’s trade relations with Venezuela have increased in recent years, in particular in relation to exports of “Machinery and
equipment”, “soya beans” and “Medicaments” (the compounded annual growth rate, between 2007 and 2012, of the exports of
goods was 34.2% ).
Sources: IMF, AICEP, ES Research – Sectoral Research.
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05
VENEZUELA
International Integration
ALADI – Latin American Integration Association
Seeks to gradually and progressively establish a Latin American market by means of
the implementation of a Preferential Regional Tariff system.
It comprises:
Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Paraguay, Peru,
Uruguay and Venezuela. www.aladi.org/
IADB – Inter-American Development Bank
Established in 1959, it is the largest source of development funding in Latin
American and the Caribbean, promoting a program of reform which aims to increase
the level of development in the region. www.iadb.org/
MERCOSUL – Southern Common Market
Seeks to promote economic and social progress amongst member states, through
the gradual formation of a Common Market. The founding members are: Brazil,
Argentina, Paraguay and Uruguay. Venezuela has signed an accession treaty and
this awaits ratification. www.mercosur.int/
SELA – Latin American and the Caribbean Economic System
Comprising 27 Latin American countries, SELA seeks to accelerate economic and
social development among member states through intra-regional cooperation and
the establishment of a permanent system of consultation and coordination in relation
to economic and social issues. www.sela.org/
OAS – Organization of American States
Founded in 1948 by 35 nations in the American Continent, it aims to promote good
government practices, improve human rights, foster peace and security, expand
trade and find solutions for problems resulting from poverty. www.oas.org/
Sources: AICEP, ES Research - Sectoral Research.
ISKO Venezuela
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06
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
Sectoral Structure of GDP
The weight of the oil and manufacturing sectors in the economy stands out.
Breakdown of GDP by sector (2012)
13.2%
State
12.3%
Oil & Gas
0.5%
Mining
6.8%
Community, social
and personal
services
15.7%
Manufacturing
10.9%
Real Estate and Rental
Services
2.5%
Electriciityand Water
6.2%
Financial
Institutions and
Insurance
9.0%
Construction
7.5%
Telecommunications
4.0%
Transport and
Warehousing
11.2%
Distribution and Repair Services
Source: Central Bank of Venezuela.
ISKO Venezuela
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08
VENEZUELA
The economy’s sectoral structure (I)
The Central Bank of Venezuela’s key objectives include price stability and the internal and external
stability of the currency. The Sudeban – Superintendencia de Instituciones del Sector Bancario is the
authority responsible for supervision and control of the banking sector.
At the end of 2011, there were 35 Banking Institutions operating in the country, of which 20 were
Universal Banks, 6 were Commercial Banks, 8 were Development Banks and others. Twenty-five
institutions were privately-owned, 71.3% of the banks in the sector (Ten banks were state-owned).
The largest banks operating in Venezuela, 2012
FINANCIAL
SYSTEM
Sources: Mercantil Servicios Financeiros, EIU, Banco Central
de Venezuela, “The Banker”, World Economic Forum.
Banco
Total Assets
(USD billions)
World Rank
(Tier 1)
Mercantil Servicios Financieros
23.9
323
BBVA Banco Provincial
16.6
FO
Banesco Banco Universal
18.5
554
Banco Occidental de Descuento
8.0
658
Banco de Venezuela
20.6
733
Banco Bicentenario
13.0
792
FO (Foreign Owned): This bank has significant presence in Colombia, but consolidates with its parent company.
ISKO Venezuela
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09
VENEZUELA
The economy’s sectoral structure (II)
The Venezuelan economy is centred around the extraction, production and export of oil, with GDP
well correlated with export volumes and the price of oil on the international markets. In 2011, oil
represented around 97% of the value of Venezuela’s goods exports, and the economy grew by 4.2%
(In 2010, GDP contracted by 1.5%).
GDP at current prices and oil exports, 1980-2014E
OIL & GAS (I)
400
100
350
90
80
300
70
250
Venezuela’s GDP
(USD billions)
Left-hand scale
200
150
60
50
Oil exports
(USD billions)
Right-hand scale
40
30
100
20
50
E
0
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
E
0
E
10
Sources: IMF, BP Statistics.
E
Estimates.
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010
VENEZUELA
The economy’s sectoral structure (III)
Venezuela is a founding member of OPEC and an important player in the sector worldwide.
Venezuela is one of the leading countries in terms of oil and natural gas reserves. In 2011, Venezuela
was the 11th largest producer of oil worldwide and is one of the USA’s main oil suppliers and has also
increased its oil exports to China.
R/P1 (top 5)
(Years)
Oil production (Top 15 countries), 2011
(Milllions of barrels)
OIL & GAS (II)
11.2
11th largest producer
worldwide
10.3
Middle East
North America
41.7
Africa
41.2
7.8
World
Sources: BP Statistics, AICEP.
1
1.8
Kazakhstan
2.0
Norway
2.2
Brazil
2.5
Nigeria
2.7
Venezuela
2.8
Iraq
2.9
Kuwait
2.9
Mexico
3.3
UAE
3.5
Canada
China
4.1
Iran
USA
Russia
Saudi Arabia
4.3
78.7
54.2
Canada
100
Venezuela
100
Kuwait
Iran
UAE
97
95.8
80.7
Reserves-to-production ratio: number of years known reserves are expected to last, given current production .
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011
VENEZUELA
The economy’s sectoral structure (IV)
Tourism is an important sector in the Venezuelan economy and the country possesses considerable
potential in this sector (varied geography, including beaches, plains and mountains). In some areas,
investment in infrastructure is required (namely in relation to business travel). In 2012, the tourism sector
made a direct contribution of 3.1% and an indirect contribution of 8.6% to the country’s GDP. The main
market for Venezuelan tourism is South America, from where 34.2% of tourists arrivals originated, in
2010. However, the number of tourists visiting Venezuela, around 400 thousand in 2010, is much lower
that the number of local tourists: 1.3 million in that year.
Foreign tourists, 2001-2010
(Thousands)
Direct contribution of tourism to GDP, 2012
TOURISM
World
Country
Rank
2012
2012
(USD billions)
(% of GDP)
5
Brazil
76.9
3.4
8
Mexico
68.3
5.8
World Average
17.2
5.2
33
Venezuela
12.3
3.1
41
Chile
7.7
2.9
43
Peru
6.8
3.4
71
Costa Rica
2.2
4.8
75
Cuba
2.0
2.7
564 552 561
477
470
486
427
393
402
328
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Sources: World Tourism Organization, World Travel & Tourism Council (WTTC), Ministerio del Poder Popular para el Turismo.
ISKO Venezuela
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012
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
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VENEZUELA
International Trade – Partners
Venezuela's imports by country, 2012
Venezuela's exports by country, 2012
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
Ranking
Country
2012
(EUR Million)
Share
(%)
CAGR07-12
(%)
1
U. S. A.
13 709.2
28.7
13.0
1
U. S. A.
30 591.6
47.9
0.4
2
China
7 244.5
15.2
28.5
2
China
11 242.5
17.6
38.2
3
United Kingdom
4 589.7
9.6
65.9
3
India
9 426.5
14.8
89.0
4
Brazil
3 931.3
8.2
2.7
4
Singapore
2 939.4
4.6
62.6
5
Colombia
2 068.4
4.3
-11.5
5
Spain
1 339.5
2.1
-2.4
6
Argentina
1 730.4
3.6
15.1
6
Dominican Republic
946.6
1.5
74.5
7
Mexico
1 646.9
3.4
-0.7
7
Brazil
775.1
1.2
25.2
8
Spain
1 541.6
3.2
22.5
8
Malaysia
584.1
0.9
94.8
9
Italy
1 093.0
2.3
7.5
9
United Kingdom
563.2
0.9
-4.9
10
Peru
932.8
2.0
10.8
10
Germany
537.5
0.8
-10.4
…
…
…
…
…
…
…
…
…
…
23
Portugal
313.4
0.7
81.1
24
Portugal
162.5
0.3
68.0
Source: UNComtrade.
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14
VENEZUELA
International Trade – Goods Imports and Exports
(World)
Venezuela's Top 10 imports, 2012
Venezuela's Top 10 exports, 2012
2012
(EUR Millions )
Share
(%)
CAGR08-12 (%)
2012
(EUR Millions )
Share
(%)
CAGR08-12 (%)
2710 - Petroleum oils, not crude
2 918.3
6.1
124.6
2709 - Crude petroleum oils
48 991.9
76.7
4.3
3004 - Medicament mixtures (not 3002, 3005, 3006),
put in dosage
1 404.0
2.9
10.4
2710 - Petroleum oils, not crude
10 183.5
15.9
-2.9
8708 - Parts & access of motor vehicles
1 149.1
2.4
29.0
2601 - Iron ores & concentrates; including roasted
iron pyrites
706.3
1.1
19.5
8517 - Electric app for line telephony,incl curr line
system
1 132.4
2.4
56.2
7203 - Ferrous prod obt by dir reductn of iron ore
(minimum pure iron of 99.9
575.7
0.9
6.5
2909 - Ethers, ether-alcohols, ether-phenols &
peroxides & thier derivatives
936.5
2.0
104.8
2905 - Acyclic alcohols and their derivatives
571.1
0.9
44.3
8430 - Moving/grading/scraping/boring machinery for
earth
717.8
1.5
28.1
2713 - Petroleum coke, petroleum bitumen & other
residues of petroleum oils
337.7
0.5
n. a.
8502 - Electric generating sets and rotary converters
639.8
1.3
60.9
3102 - Mineral or chemical fertilizers, nitrogenous
289.3
0.5
29.5
0402 - Milk and cream, concentrated or sweetened
626.7
1.3
4.7
7202 - Ferro-alloys
218.8
0.3
3.7
1005 - Maize (corn)
620.3
1.3
27.4
7601 - Unwrought alumimum
217.3
0.3
-18.3
0102 - Live bovine animals
617.3
1.3
18.0
2814 - Ammonia, anhydrous or in aqueous solution
172.4
0.3
165.0
Products (H.S. 4)
Products (H.S. 4)
Source: UNComtrade.
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International Trade – Bilateral relations with
Portugal (I)
VENEZUELA
Portugal’s trade balance with Venezuela, 2007, 2011 and 2012 (EUR millions)
Compound Annual Growth Rate (CAGR)
CAGR07-12 of exports = 34.2%
CAGR07-12 of imports = 54.3%
Surplus balance
19th
(share: 0.7%)
522
209
120
313
Exports of goods and services
Services
(40%)
Goods
(60%)
32
2011
29%
Imports
182
2007
35th
(share: 0.3%)
Exports
315
21
In 2012,
298 companies
exported goods to
Venezuela
EUR 340 million
2012
17
1Services
047
(9%)
165
Goods
(91%)
2012
In 2011,
231 companies
exported goods to
Venezuela
Imports of goods and services
Ranking and share as Portugal customer and provider (goods)
Sources: INE, Banco de Portugal.
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VENEZUELA
International Trade – Bilateral relations with
Portugal (Goods) (II)
Top 10 Portuguese imports from Venezuela, 2012
Top 10 Portuguese exports to Venezuela, 2012
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
Products (H.S. 4)
2012
(EUR Millions )
Share
(%)
CAGR07-12 (%)
150.9
91.6
n.a.
8504 - Electrical Transformers, Static Converters, E.G.
Rectifiers, And Inductors; Parts Thereof
82.7
26.4
n.a.
7203 - Ferrous Products Obtained By Direct
Reduction Of Iron Ore And Other Spongy Ferrous
Products, In Lumps, Pellets Or Similar Forms
8.2
5.0
n.a.
23.7
7.6
92.1
7311 - Containers Of Iron Or Steel, For Compressed
Or Liquefied Gas
2.6
1.6
n.a.
22.2
7.1
268.9
7202 - Ferro-Alloys
2.1
1.3
n.a.
8471 - Automatic Data-Processing Machines And
Units Thereof; Magnetic Or Optical Readers
22.1
7.0
537.4
2403 - Manufactured Tobacco And Manufactured
Tobacco Substitutes And "Homogenised" Or
"Reconstituted" Tobacco
0.4
0.2
-11.0
3004 - Medicaments Consisting Of Mixed Or Unmixed
Products For Therapeutic Or Prophylactic Uses, Put
Up In Measured Doses
17.8
5.7
169.4
7801 - Unwrought Lead :
0.3
0.2
n.a.
1507 - Soya-Bean Oil And Its Fractions, Whether Or
Not Refined (Excl. Chemically Modified)
11.8
3.8
n.a.
0.0
0.0
-12.2
8474 - Machinery For Sorting, Screening, Separating,
Washing, Crushing, Grinding, Mixing Or Kneading
Earth, Stone, Ores Or Other Mineral Substances
11.5
3.7
312.6
0.0
0.0
-24.4
1604 - Prepared Or Preserved Fish; Caviar And Caviar
Substitutes Prepared From Fish Eggs
9.0
2.9
109.5
8480 - Moulding Boxes For Metal Foundry; Mould
Bases; Moulding Patterns; Moulds For Metal
0.0
0.0
n.a.
0203 - Meat Of Swine, Fresh, Chilled Or Frozen
6.4
2.0
n.a.
2103 - Sauce And Preparations Therefor; Mixed
Condiments And Mixed Seasonings; Mustard Flour
And Meal, Whether Or Not Prepared, And Mustard
0.0
0.0
-9.6
9403 - Furniture And Parts Thereof, N.E.S. (Excl.
Seats And Medical, Surgical, Dental Or Veterinary
Furniture)
6.1
1.9
136.0
Products (H.S. 4)
2709 - Petroleum Oils And Oils Obtained From
Bituminous Minerals, Crude
2208 - Undenatured Ethyl Alcohol Of An Alcoholic
Strength Of < 80%; Spirits, Liqueurs And Other
Spirituous Beverages
7005 - Float Glass And Surface Ground Or Polished
Glass, In Sheets, Whether Or Not Having An
Absorbent, Reflecting Or Non-Reflecting Layer
7308 - Structures And Parts Of Structures "E.G.,
Bridges And Bridge-Sections, Lock-Gates, Towers,
Lattice Masts, Roofs, Roofing Frameworks, Doors
8418 - Refrigerators, Freezers And Other
Refrigerating Or Freezing Equipment, Electric Or
Other; Heat Pumps
Source: UNComtrade.
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17
VENEZUELA
Goods export opportunities (I)
Set of products (merchandise) identified as needs (imports) of Venezuela for which Portugal has
production and export capacity, thus representing opportunities to increase the volume of
Portuguese exports to Venezuela.
Top 10 export opportunities to Venezuela
3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting
Products And Plant-Growth Regulators, Disinfectants And Similar Products
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G.
Operating Tables, Examination Tables, Hospital Beds With
Mechanical Fittings And Dentists' Chairs
9406 - Prefabricated Buildings, Whether Or Not Complete
Or Already Assembled
0713 - Dried Leguminous Vegetables,
Shelled, Whether Or Not Skinned Or Split
9018 - Instruments And Appliances Used In Medical,
Surgical, Dental Or Veterinary Sciences, Incl.
Scintigraphic Apparatus
1701 - Cane Or Beet Sugar And Chemically Pure
Sucrose, In Solid Form
8537 - Boards, Panels, Consoles, Desks, Cabinets And
Other Bases, Equipped With Two, For Electric Control
Or The Distribution Of Electricity, Incl. Those
Incorporating Instruments
8501 - Electric Motors And Generators (Excl. Generating
Sets)
8433 - Harvesting Or Threshing Machinery, Incl. Straw
Or Fodder Balers; Grass Or Hay Mowers; Machines For
Cleaning, Sorting Or Grading Eggs
3822 - Diagnostic Or Laboratory Reagents On A Backing, Prepared
Diagnostic Or Laboratory Reagents Whether Or Not On A Backing
Sources: UNComtrade, OECD, ES Research - Sectoral Research.
ISKO Venezuela
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18
VENEZUELA
Goods export opportunities (II)
Top 10 export opportunities to Venezuela
(Amount and rank of Venezuela’s world imports)
2006
(EUR Million)
2011
(EUR Million)
CAGR06-11
(%)
Rank 2011
Share
(%)
9018 - Instruments And Appliances Used In Medical, Surgical, Dental Or Veterinary
Sciences, Incl. Scintigraphic Apparatus
104.2
630.5
43.3
3
2.4
8433 - Harvesting Or Threshing Machinery, Incl. Straw Or Fodder Balers; Grass Or Hay
Mowers; Machines For Cleaning, Sorting Or Grading Eggs
17.2
507.3
96.7
5
1.9
3822 - Diagnostic Or Laboratory Reagents On A Backing, Prepared Diagnostic Or
Laboratory Reagents Whether Or Not On A Backing
16.8
251.4
71.9
17
1.0
8501 - Electric Motors And Generators (Excl. Generating Sets)
56.1
235.4
33.2
20
0.9
8537 - Boards, Panels, Consoles, Desks, Cabinets And Other Bases, Equipped With Two,
For Electric Control Or The Distribution Of Electricity, Incl. Those Incorporating Instruments
53.8
171.9
26.2
29
0.7
1701 - Cane Or Beet Sugar And Chemically Pure Sucrose, In Solid Form
26.0
139.9
40.1
38
0.5
9406 - Prefabricated Buildings, Whether Or Not Complete Or Already Assembled
7.2
125.9
77.2
47
0.5
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G. Operating Tables,
Examination Tables, Hospital Beds With Mechanical Fittings And Dentists' Chairs
7.3
121.6
75.4
49
0.5
3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting Products And
Plant-Growth Regulators, Disinfectants And Similar Products
51.8
111.0
16.5
56
0.4
0713 - Dried Leguminous Vegetables, Shelled, Whether Or Not Skinned Or Split
43.7
78.2
12.4
83
0.3
Products (H.S. 4)
Sources: UNComtrade, OECD, ES Research - Sectoral Research.
ISKO Venezuela
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19
VENEZUELA
Goods export opportunities (III)
Cloud of Export Opportunities to Venezuela
Machines and apparatus
8432 - Agricultural, Horticultural Or Forestry Machinery For Soil Preparation Or Cultivation
(Excl. Sprayers And Dusters)
8424 - Mechanical Appliances, Whether Or Not Hand-Operated, For Projecting, Dispersing
Or Spraying Liquids Or Powders
8437 - Machines For Cleaning, Sorting Or Grading Seed, Grain Or Dried Leguminous
Vegetables; Machinery Used In The Milling Industry Or For The Work ing Of Cereals Or
Dried Leguminous
8441 - Machinery For Mak ing Up Paper Pulp, Paper Or Paperboard, Incl. Cutting Machines
Of All Kinds, N.E.S.; Parts Thereof
8503 - Parts Suitable For Use Solely Or Principally With Electric Motors And Generators,
Electric Generating Sets And Rotary Converters, N.E.S.
Iron and Copper
7214 - Bars and rods, of iron or non-alloy steel, not further work ed than forged, hot-rolled,
hot-drawn or hot-extruded, but incl. those twisted after rolling
7202 - Articles Of Glass, N.E.S.
7321 - Stoves, Ranges, Grates, Cook ers, Incl. Those With Subsidiary Boilers For Central
Heating, Barbecues, Braziers, Gas Rings
7312 - Stranded wire, ropes, cables, plaited bands, slings and the lik e, of iron or steel
(excl. electrically insulated products and twisted fencing wire and barbed wire)
7314 - Cloth, Incl. Endless Bands, Grill, Netting And Fencing, Of Iron Or Steel Wire,
Expanded Metal Of Iron Or Steel
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International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
Vehicles and vessels
8712 - Bicycles And Other Cycles, Incl. Delivery Tricycles, Not Motorised
8714 - Parts And Accessories For Motorcycles And Bicycles And For Carriages
For Disabled Persons, N.E.S.
8903 -Yachts And Other Vessels For Pleasure Or Sports; Rowing Boats And
Canoes
Articles of stone and ceramic products
6802 - Monumental Or Building Stone, Natural (Excl. Slate), Work ed, And
Articles; Mosaic Cubes Etc. Of Natural Stone
6805 - Natural Or Artificial Abrasive Powder Or Grain, On A Base Of Textile
Material, Paper, Paperboard Or Other Materials
6907 - Unglazed Ceramic Flags And Paving, Hearth Or Wall Tiles; Unglazed
Ceramic Mosaic Cubes And The Lik e, Whether Or Not On A Back ing
6910 - Ceramic Sink s, Washbasins, Washbasin Pedestals, Baths, Bidets, Water
Closet Pans, Flushing Cisterns, Urinals And Similar Sanitary Fixtures
Others
6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G. Operating Tables,
Examination Tables, Hospital Beds With Mechanical Fittings
6206 - Women'S Or Girls' Blouses, Shirts And Shirt-Blouses (Excl. Knitted Or
Crocheted And Vests)
20
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
BES Group's Internationalisation Support (I)
BES is the largest national bank with international presence and with the best international offering: for the 7th
consecutive year was awarded the prize "The Best Trade Finance Bank".
Spain:
Branch
United Kingdom:
Branch
BES and ESIB
France:
Subsidiary
BES Vénétie
Luxembourg:
Branch
USA
New York:
Branch
BES and ESIB
Italy:
Associated
Banco delle
Tre Venez ie
Poland:
Subsidiary
BES and ESIB
Strategic
Triangle:
Africa-Brazil–
Iberia
China:
Representative
office
Miami:
Subsidiary
ES Bank of Florida
Hong Kong:
Subsidiary
ESIB
Macau:
Subsidiary
BES Oriente
Mexico:
Representative Office
BES and ESIB
Mumbai:
ESIB
Venez uela:
Branch
Braz il:
Subsidiary
and ESIB
Cape Verde:
BES Cape
Verde
Morocco:
Associated
Banque
Marocaine du
Commerce
Extérieur
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
Libya:
Algeria:
Associated Subsidiary
Aman Bank
Banque
Extérieur
d'Algérie
South Africa:
Representative
Office
BES
Angola:
Subsidiary
BES Angola
Moz ambique:
Moz a Banco
22
VENEZUELA
BES Group’s Internationalisation Support (II)
The Venezuela Branch’s objective is to be the principal Bank for the Portuguese Community resident in Venezuela, guaranteeing
adequate support for Portuguese companies with business in the country and for Venezuelan companies with business in
Portugal.
▪
BES’s Venezuela Branch is in operation since January
2012 as an Universal Bank, with a Branch in Caracas
open to the public in general and with specific areas for
Companies and Private Banking.
▪
An important market, where the Portuguese community
comprises over 500 thousand residents in Venezuela.
Descendants of first-generation Portuguese are a
significant part of the community.
▪
Although an Universal Bank, it is focused on supporting
the Portuguese community both in terms of Personal
Banking and Portuguese companies with business in the
country, in addition to Venezuelan companies with
business in Portugal.
▪
A complete range of products and services is being
implemented by the end of 2012, including:
Day-to-day management (current accounts and
deposit accounts) and internet banking;
Transactional banking services in the domestic
market (cheques, cards and transfers);
Treasury Management and local foreign exchange
services;
Appropriate credit products for the local market.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
23
VENEZUELA
BES Group's Internationalisation Support (III)
International Premium Unit (IPU) offers Portuguese companies specialized services to aid and support their
internationalization process (exports or foreign direct investment), finding solutions for multiple requests in various foreign
markets.
IPU is organized in 5 international desks, geographically specialized and consisting of experienced, multi-skilled international
managers.
Mature
Markets,
China
Eastern
Europe, Asia,
Middle East
Latin
America
Northern
Africa,
Turkey
Africa
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
24
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
VENEZUELA
BES Group's International Offering
A Global and Innovative Offering to Support the Internationalisation of the Portuguese Companies
ES Research:
Market Data
Investment Banking
Multipessoal Group
Macroeconomic surveys
Project Finance
Recruitment of specialists (M Search)
Sectoral surveys
M&A
Market research
Corporate Finance
Outsourcing, temporary work, training and
consulting services with presence in Angola
and Spain
Commercial Banking
Business Development
Support to Account Opening / KYC
Support to treasury monitoring /
centralisation
Venture Capital
Support as partner in internationalisation
projects
Tranquilidade
International Transport Insurance
ES Ventures
FX Risk Hedging
Support to Exports/Imports; Trade Finance;
Import Financing
Bank Guarantees / Stand By Letters of
Credit
International Factoring – agreement to use
Eurofactor’s European network
Support to business partners’ search
ES Capital
2bCapital
Espírito Santo Rockefeller Global Energy
Fund
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
26
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
Disclaimer
This document was prepared by Banco Espírito Santo and/or any of its subsidiaries (“BES”) and is intended solely for release by BES to qualified investors. Its use is restricted to qualified investors, and their
representatives.
All information contained in this document was compiled in good faith by BES, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, with the exception of
information about BES makes no representation as to the accuracy or completeness of such information.
The opinions expressed in this document reflect BES’s point of view as of the date of its release and may be subject to change without prior notice. BES does not assure the update of this document.
This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are
indicative prices only and do not constitute firm bids or offers. BES may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may
be discontinued at any time without notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.
BES may trade for their own account or of their clients any instruments that may be referred to in this document, as well as they may have any business relationship with the entities referred on it. BES may act as
market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. BES may act as placement agent, advisor,
lender or in other capacities in with respect to financial instruments or issuers referenced in this document.
BES may trade for its own account and may also engage in securities transactions in a manner inconsistent with this document and with respect to financial instruments covered by this document.
BES has no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change without notice. This document is provided for informational purposes only. BES w ill not
accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.
The financial instruments discussed in this document may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary
and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect
the price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial
instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.
The financial instruments discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each
investor’s responsibility to ensure that it is authorized to invest in those financial instruments.
This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this
document is not allowed.
Additional information is available upon request.
Additional disclosures for US persons
The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financial instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The
financial instruments issued by Companies that may be discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in
said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.
The financial instruments discussed in this material may not be suitable for all investors. Investors should make their own assessment of the risks from a legal, tax and accounting perspective prior to investing in
such products. Past performance is no guarantee to future performance.
This document is being distributed to, and is intended solely for the use of, institutional investors. Notwithstanding the generality of the preceding sentence, this document is intended solely for the use of the
institutional investor to which it has been sent by BES and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it
immediately to BES.
The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. BES or its affiliates may choose to make a market for any such financial
instruments, but neither BES nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time w ithout notice. Certain information contained in this document has
been derived from public sources that BES deems to be reliable. Neither BES nor any of its affiliates, however, have independently verified such publicly available information nor do they take responsibility for its
accuracy or completeness.
Any U.S. person receiving this document and wishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through BES and not through any non-U.S. affiliate of BES.
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
28
International Premium Unit
Head
Latin America
Desk
Ricardo Bastos Salgado
[email protected]
Marta Mariz
International b usiness and
financial institutions Director
[email protected]
Pedro Silva
Nuno Ferreira
International b usiness
[email protected]
[email protected]
Isabel Linhares Cotta
Sílvia Vieira da Silva
[email protected]
[email protected]
Head
ISKO Venezuela
International Premium Unit/ES Research - Sectoral Research/International Unit Dev elopment
[email protected]
Francisco Mendes Palma
[email protected]
Susana Barros
[email protected]
Luís Ribeiro Rosa
[email protected]
Paulo Talhão Paulino
[email protected]
Conceição Leitão
[email protected]
João Pereira Miguel
[email protected]
Patrícia Agostinho
[email protected]
Salvador Salazar Leite
[email protected]
Miguel Bidarra
[email protected]
José Manuel Botelho
[email protected]
Celina Luís
[email protected]
Head Sectoral Strategist
Research Sectorial
Financial institutions
Miguel Frasquilho
29