http://english.eluniversal.com/2011/03/14/chavezs-import-substitution-plans-have-failed.shtmlVenezuelan imports almost increased fourfold between 2003 and 2010
Imports are the Venezuelan government's life jacket to supply the local market, amidst rickety domestic production capacity. Far from diminishing imports, the Executive Office appears willing to invest oil revenues to purchase foreign products. Last week, the government issued a resolution under which over the next 12 months state agencies and public entities will be exempted from the regular procedures set forth for imports.
Although the resolution is intended to ensure "timely supply of goods and merchandises," particularly in sectors such as food, health and housing, the measure encompasses "those areas that serve to improve people's welfare."
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"We cannot continue to rely on an external variable such as the price of oil," Chávez said in his inauguration day on February 2, 1999. So far, the Economic Cabinet has prepared at least five import substitution plans. However, the analysis of official data shows that imports have increased steadily.