Conindustria President Tito López indicated that 75% of these companies belong to the primary sector, mainly farms and food-producing units.

Venezuela’s industrial sector has identified around 902 companies that were expropriated and came under state administration, and is requesting that these assets be returned to their former owners.

According to Tito López, president of the Venezuelan Confederation of Industrialists (Conindustria), returning these assets could help boost productive activity and ease pressure on public finances.

López detailed that 75% of the identified companies belong to the primary sector, mainly farms and food-producing businesses, although the registry also includes companies in sectors such as processed foods, pharmaceuticals, and plastics.

The business association leader said talks on possible returns are moving forward and that the commission tasked with reviewing state assets is working on the process. He also noted that a representative from the industrial sector is taking part in discussions related to the recovery of these companies.

However, he was emphatic that the return process must be accelerated, since former owners should have priority when the assets are offered. “They should be offered to their former owners first,” he said, adding that transferring these assets to the private sector would allow the state to reduce the burden of managing them and free up resources for other fiscal obligations, Bloomberg Línea reports.

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