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Venezuela Manufacturing Industry plays an important role so far as the national economic growth is concerned. The manufacturing industry of Venezuela started to gain momentum from 1950 onwards.
About Venezuela Manufacturing Industry
Today, Venezuela manufacturing industry is one of the most developed industries of the nation and accounts for one sixth of the annual GDP. The role of government in promoting Venezuela manufacturing industry has been highly significant. Initially the manufacturing industry of Venezuela comprised the small scale and medium scale private firms. The trend of establishing large sized firms started during 1988.
Sectors of Manufacturing Industry of Venezuela
The manufacturing industry of Venezuela consists of four separate manufacturing sectors, which are the traditional or basic sector, capital goods and metal sectors, intermediate sectors and others. Automobile manufacturing forms an important part of the manufacturing industry of Venezuela. Automobile manufacturing started in Venezuela in 1950. Food manufacturing is also of great significance in Venezuela, especially the production of bakery food stuffs. Meat production, processing and preservation are also of particular importance in Venezuela. Other products that are manufactured in this country are rubber and plastic products, machineries, metal goods, chemical substances and paper products.
Another important fact about the Venezuela Manufacturing Industry, which deserves a special mention, is that it also absorbs large section of the workforce.
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