Bancoex: Software exports to reach US$350mn in 2004

The Venezuelan government's foreign trade bank Bancoex has launched a program that aims to encourage software and information technology (IT) exports of US$300mn-350mn in 2004, Bancoex president Victor Alvarez told government news service Venpres. The bank is investing US$7mn in the program, which covers the export of software, consulting services, engineering, franchises and cultural goods. This will be the bank's "star program" next year, he said, adding that it involves partnerships with a number of public and private bodies including the production and trade ministry and the intellectual property service, SAPI. "With the launch [of this program], many of the highly qualified and talented Venezuelans, which sometimes opt to work in other countries, will be able to continue providing service to their overseas customers, from Venezuela," Alvarez said.