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Trinidad: Venezuela owing TT manufacturers US$979,000

Trade and Industry Minister Paula Gopee-Scoon says two local companies are owed approximately US$979,000 by Corporación Venezolana de Comercia Exterior (CORPOVEX) – the Venezuelan trade agency responsible for paying for TT goods shipped to the South American nation.

In May 2016, TT and Venezuela signed a trade agreement on a US$50 million revolving fund, which Venezuela would use to buy critical manufactured goods from this country for its citizens. To date, more than $800 million in TT-made goods have been sent to Venezuela since the May 2016 signing.

Contacted by Newsday yesterday, Gopee-Scoon said, “To date, US$15.5 million, or over TT$100 million, worth of goods is estimated to have been traded with Venezuela…as of (August 28), four companies have been paid in full – National Flour Mills, Old Mac Agro Supplies Ltd, Arawak Ltd and John Dickinson and Co. Ltd.”

The minister said two companies are currently owed payments which have been outstanding under the second tranche – VEMCO and Langston Roach Industries Ltd. “In total, the outstanding payments amount to approximately US$979,000 between both companies.”

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