Venezuela Strengthens Support for Industry, Announces Possible Nationalizations

[Joanne98]

Mérida, May 4, 2007 (venezuelanalysis.com)—
http://www.venezuelanalysis.com/news.php?newsno=2289

Venezuelan President Hugo Chávez announced the possibility of new nationalizations, including private banks and the steel industry, at an event to celebrate the industrial program Fábrica Adentro yesterday. The purpose of the event was the granting of funding to 49 different "productive companies" with the intention of reactivating and expanding national industry. The President threatened with the nationalization of private monopolies that do not cooperate with the construction of the new industry.

President Chávez arrived yesterday to Invetubos, a new pipe factory in Valencia, along with several of his ministers. There he spoke in front of employees of the factory at an event to inaugurate the plant and to finance 49 new companies. In this occasion the government granted US$ 600 million, with the purpose of restoring idle factories and expanding productive capacity.

"The Invetubos factory is an example of what Fábrica Adentro has done up to now," said Chávez. "It was completely abandoned since 1995, until last January (2006) when it received financing of more than 21 billion bolivars ."

The action is part of the Fábrica Adentro (Inside the Factory) program which has so far provided financing of more than US$ 233 million to industry throughout the country, creating nearly 110,000 new jobs and preventing the loss of another 37,000. The purpose of the program is to break the foreign economic dependence of the country by building domestic industrial productive capacity. At the same time, the new factories are part of the new "socialism" being promoted by the Chávez government. The factories, called "social production enterprises", are structured to give workers partial ownership of the company.
http://www.venezuelanalysis.com/news.php?newsno=2289

[Donnachaidh]

1. World Bank Officials DIE from projectile-defecating

heheheheheehhe -- go Chavez GO! :bounce:

[Peace Patriot]

2. Yeah, I think you get the picture. Thriving local industries drive global corporate predators

into apoplexy (if not into soiling their diapers).

Now if we can just start busting up some monopolistic enterprises HERE (after we restore our right to vote and throw predators Diebold and ES&S out of our election system)! And start MAKING THINGS AGAIN. What a joy it will be!