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The pace of expropriations has not slowed down in Venezuela. The government has seized 384 companies so far this year, according to the Venezuelan Confederation of Industries (Conindustria). "This is a matter of concern. The Venezuelan government has plundered or seized so far this year 384 private companies, which is higher than all the expropriations carried out throughout 2010," said Carlos Larrazábal, the president of Conindustria. According to Conindustria records, the number of seizures in 2011 climbed 64.10 percent over the 234 businesses that were expropriated in 2010. These estimates do not include the farms that are "regularly seized under the so-called recovery of lands," Larrazábal said. In his closing speech at the annual meeting of Conindustria, the business leader said that there has not been "an adequate compensation" in "most cases," as provided by law. Larrazábal insisted that such policy has failed, as it has led to a lower supply of goods in the market and a declining production of inputs in seized companies. "We have repeatedly complained about the negative impact of state control policies on the economy and the seizure and nationalization of the national production sector. These policies have not proven effective to solve the serious supply problems that have plagued the country. On the contrary, these policies have worsened the situation." Larrazábal added that without the participation of the private sector it will be difficult to have a sustained economic growth, curb growing inflation, and solve the problem of shortage of supplies. "The private sector has made a sustained contribution to the development of our society. We meet the multiple needs of the population with the production of items and we generate over 80 percent of jobs in Venezuela and contribute with about 50 percent of Venezuelan tax revenues." "There is an official discourse aimed at criminalizing private ownership and initiative," Larrazábal added.

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