Venezuela works on strategy to add value on its iconic products

By E.C.V. & ASOCIADOS

During the 2022 Cocoa and Rum Miranda Fair, Venezuelan government authorities and local producers showcased the future steps to be taken to increase the value and potential of the countries in these two areas.

The exhibition, which took place from July 13 to 17, 2022, looked to encourage and promote the development capacities of national producers in general and Miranda producers specifically.

Located in the north-central part of Venezuela, Miranda is the second most populous state of the country and a center of economic development based on the excellence of its soils, which has allowed the boom in agriculture.

In a year were Venezuela has opened its economy and adopt U.S. dollar as a primary currency, the 2022 Cocoa and Rum Miranda Fair stressed the excellence of Venezuela cocoa and rum, and the need of public entities, producers, companies and exporters to work together for the international recognition of the products.

Venezuelan rum is a protected designation of origin, granted by the national intellectual property office (SAPI) since 2003 to the rum brands of Venezuela that meet certain quality and origin requirements: the use of natural sweeteners such as fructose, sucrose and glucose; caramel only used as a colorant; and rum must be aged in white oak barrels in the aging warehouses of a registered rum producer, among others.

During the fair, government officials also announced a set of new policies to encourage exports of cocoa and its derivatives through the exemption of taxes and fees and more agile procedures at ports and airports.

Tthe Venezuela Committee of the World Farmers Organization stated that they expect to gradually increase cocoa production by 60,000 tons in the next three years, which would mean doubling the currently existing production.