Only a handful of Danish companies remain in Venezuela after years of turmoil. With President Maduro’s removal, some see hope for a fragile new beginning in the South American nation.
Fewer Than Ten Danish Companies Still Operate in Venezuela
Under ten Danish companies continue to operate in Venezuela today, highlighting how tough the nation’s economic and political environment has become. One of them is Biodan, a biotechnology firm connected to Søborg-based Sera Scandia. Its managing director, Stefan Bødtker Michelsen, sees the recent ouster of Nicolás Maduro as a potential turning point but remains cautious.
Michelsen, who was born in Venezuela, has deep ties to the country and runs the company his father founded in 1971 just outside Caracas. He called the Maduro regime deeply corrupt and warned that although the president is gone, many within the same structure remain in power. Despite this instability, he has no intention of pulling out, both for personal and business reasons.
From Animal Pancreases to Biotech Ingredients
Biodan’s story started with collecting animal pancreases in the 1970s, when insulin could not yet be produced synthetically. Today the company processes biological byproducts from slaughterhouses, turning them into ingredients for the food and life sciences industries. These types of exports contribute to Denmark’s strong position in global trade, driven by its specialized production sectors such as biotechnology exports.
Running a company in a place with frequent blackouts and unreliable suppliers takes toughness and patience. Biodan once employed 120 people in Venezuela. Now only 37 workers remain. The company has adapted by operating on a smaller scale while maintaining production.
Challenges: Power Outages and Cattle Theft
Venezuela’s economy has long faced severe problems. Biodan frequently struggles with interrupted deliveries from slaughterhouses, often forced to close due to power failures in the country’s aging energy grid. At other times, cattle theft prevents animals from reaching the facilities at all. This unpredictable environment makes it risky to invest heavily or expand operations.
Domestic political interference adds another layer of uncertainty. During certain periods, employees with close ties to regime-friendly unions tried to force management changes and demanded influence over the company’s operations. Standing firm against these pressures was difficult and occasionally dangerous.
Danish Industry Calls Venezuela a Tough Market
According to Danish Industry’s head of geopolitics, Peter Thagesen, Venezuela remains one of the world’s most hostile markets for foreign businesses. He estimates fewer than ten Danish firms are still active there. High corruption, inflation, and poor infrastructure have made investment nearly impossible, prompting most foreign companies to withdraw.
Even so, Thagesen believes there’s a small chance the country could enter a phase of renewed economic stability if political reforms follow the leadership change. For companies like Biodan, this could be a long-awaited opportunity to rebuild.
Other Danish Businesses Watching Closely
Another Danish company with operations in Venezuela is Ovodan from Odense, which runs a subsidiary called Danimex in Valencia. It produces egg-based ingredients for the local food industry. The company’s leadership is keeping close watch on developments, ensuring they can adapt rapidly to unfolding changes. Although Venezuela’s environment has remained volatile for years, Ovodan’s management hopes conditions may gradually improve.
Hope for a New Beginning
Back in Denmark, Michelsen remains optimistic that Venezuela can eventually rebuild. He envisions a country capable of returning to the market-driven prosperity it once had—the most capitalist economy in Latin America for many years. Venezuela’s people and resources, he says, could play a vital role in its recovery if stability finally returns.
Biodan’s survival reflects a broader resilience often seen in Danish industries abroad. Even under harsh conditions, some firms remain steadfast—combining pragmatic management, long-term ties, and a belief that difficult times can still give rise to renewed growth.
Sources and References
The Danish Dream: What Does Denmark Export? Unique Products Driving the Danish Economy
The Danish Dream: Banking in Denmark for Foreigners (Updated 2025)
DR: Han ejer en af de få danske virksomheder tilbage: Det er godt, Maduro er væk i Venezuela
