Economic zones law portends productive development in Venezuela

Economic zones law portends productive development in Venezuela

Caracas, July 5 (Prensa Latina) The law on special economic zones passed by the National Assembly today aims to develop productive sectors to boost the diversification of Venezuela’s economy, MP Ramón Lobo said.

The member of Parliament’s Finance, Economy and National Development Commission described the regulation as a new tool in the hands of the executive to continue the process of economic recovery after several years of systematic attacks on the country.

In an interview with Venezolana de Televisión, Lobo explained that the Special Economic Zones represent strategic spaces endowed with a preferential regime of taxation and taxation, with incentives aimed at promoting competitive advantage in order to achieve an increase in commodity production.

Legislators from the United Socialist Party of Venezuela urged domestic and foreign investors to seize the opportunities and opportunities that arise after the application of the legislation.

The special economic zones – he added – will make it possible to offer territorial places or opportunities that will affect the production chain and job creation related to the labor regime of the current legal provisions.

He recalled that the law recently passed was the result of an intense debate between all Venezuelan socio-economic sectors.

The legislative initiative ratified the principles of sovereignty and security for domestic and foreign investors, and also promoted the overcoming of obstacles associated with the United States’ coercive measures against the South American nation.