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Economy & Business - March 2004
VENEZUELA: Change of tone
A sign that the
tension in the country may be easing was the announcement by Telefónicas
Móviles that it would invest US$1bn in its subsidiary Telcel. The company
wants to double its number of subscribers from the current level of
6m to 12m by 2009. Both the government and the company were aware of
the significance of the investment: Telefónica's head of mobile business,
Antonio Viana-Baptista, said that the Spanish company was casting a
vote of confidence in Venezuela. He met the country's vice-president,
José Vicente Rangel, before making the announcement.
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- VENEZUELA: Change of tone
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