“We’ve been preparing for exactly this moment,” says Thilo Schmitz, a 59‑year‑old Caracas‑born entrepreneur with German‑Venezuelan roots. Schmitz, who runs a family business in stationery that has diversified into gluten‑free foods and German medical technology, expects substantial opportunities in Venezuela over the next five years. His firm, which has about 50 employees and once reported roughly $45 million in revenue, is already getting small orders and inquiries that reflect renewed commercial appetite.
For Schmitz, the turning point came after an event on January 3 that he describes as the US removal of President Nicolás Maduro. Though interim president Delcy Rodríguez remains in charge of day‑to‑day governance, Schmitz believes the United States now plays a decisive role in shaping Venezuela’s economic direction.
Since late January, Caracas—home to the world’s largest oil reserves—has begun opening its energy sector to foreign investors after two decades of strict state control. Washington has sent delegations, and international financial institutions such as the World Bank and the IMF have resumed relations. The transitional government is seeking outside expertise and capital to jump‑start reconstruction.
Still, the on‑the‑ground picture is complicated. The German‑Venezuelan Chamber of Commerce and Industry (CAVENAL) estimates only around ten German companies remain active in the country today. Venezuela was once a stable gateway for German industry into South America, but the turn toward state control under Hugo Chávez from 1998 and further under Maduro after 2013 prompted many firms to pull back amid growing US sanctions and domestic instability. Major German corporations either declined to comment or confirmed they no longer operate in Venezuela.
Some local entrepreneurs are optimistic but cautious. Schmitz highlights the desperate need to rebuild public infrastructure, naming hospitals as a priority where medical‑technology suppliers could make immediate impact. An anonymous German businessperson in rural Venezuela warns that removing Maduro is “only cutting off the head of the Hydra”; the old ruling elite and everyday operational problems—frequent blackouts, fuel shortages and long queues at gas stations—remain, and must be addressed to sustain confidence and encourage the return of emigrants.
The scale of the country’s decline is stark: years of economic mismanagement and political turmoil triggered a mass exodus—some eight million Venezuelans have left—depriving the country of many skilled professionals. Around 28 million people still live in Venezuela, while the economy has contracted sharply and inflation topped 400% in 2024.
Energy and raw materials are seen as immediate avenues for foreign engagement. Engineers and business figures point to power‑system modernization as a cornerstone of recovery. Siemens, GE and other firms have been mentioned in recent negotiations over grid repairs and upgrades. One Venezuelan engineer estimates that rebuilding a sustainable electricity system could require $30–50 billion in investment—money that would also catalyze broader reconstruction and growth.
Key questions remain unresolved: will international banks start lending again, will skilled workers return from exile, and can political stability be sustained long enough to attract sustained private capital? Schmitz sees the shortage of trained personnel as one of the biggest constraints. Many exiles hold critical technical and managerial skills, and their repatriation is widely regarded as essential for a lasting recovery.
For now, a small number of local companies are positioning themselves to take advantage of potential reconstruction. But analysts and entrepreneurs alike emphasize that meaningful recovery depends on more than policy statements: it will require reliable public services, predictable legal frameworks, and tangible improvements that convince both investors and Venezuelans at home and abroad that the country is on a durable path to rebuilding.