National Assembly of Venezuela Approves Special Economic Zones Law

This Thursday, June 30, the Venezuelan National Assembly unanimously approved the Special Economic Zones Bill on second discussion.

“It is approved by an evident qualified majority, consequently the Organic Law of Special Economic Zones is declared sanctioned and is immediately submitted to the Constitutional Chamber of the Supreme Court of Justice, in accordance with the provisions of article 203 of the Constitution of the Republic, for the purposes of its analysis to be sent to the Executive and then it will be issued by the National Executive,” said the president of the National Assembly, Jorge Rodríguez.

#EnVideo📹| En segunda discusión de la Asamblea Nacional quedó aprobada la Ley Orgánica de las Zonas Económicas Especiales.#PrevenciónMeteorológica pic.twitter.com/U3RsPBg7YV
— VTV CANAL 8 (@VTVcanal8) June 30, 2022

Before the unanimous approval of the bill, Rodríguez emphasized that “Sooner rather than later we will begin to see what this means in a process of Bolivarian socialism, like the one we are building together, we will see the establishment of Special Economic Zones. Thank you deputies,” he stressed.

According to comments coming from the National Assembly, the Organic Law of Special Economic Zones (LOZEE) aims to regulate the creation, organization, operation and administration of these zones, including their development areas, production chains, development projects, economic incentives, project approval institutions, controlling and coordinating bodies, economic benefits, and monitoring and evaluation processes.

For his part, the president of the Permanent Commission of Economy, Finance and National Development, deputy Jesús Faría, stressed that this law seeks to preserve the independence of the Republic and is fully in tune with the economic development of the nation.

He also said that the norm was widely debated by all sectors of the country, including the working class.

This bill was approved in its second discussion, after being submitted by the president of the Permanent Commission of Economy, Finance and Development, Nicolás Maduro Guerra, who explained that the objective of this bill is to stimulate innovation in the economic activity of the country and to promote direct investment to contribute to the process of economic recovery.

After its approval, the project will now be sent to the TSJ, which will then send it to the National Executive, where it will be evaluated for a period of no more than 180 days before its formal entry into law.

Definition of areas
Deputy Nicolás Maduro Guerra also stressed that it is still necessary to define to which territories the law will apply in each state.

“There are many successful experiences in various countries of the world; China, Germany, Finland, are some of them and they have been key in the productive development of their countries,” he said.

He also noted that this legislation is expected to be the backbone of the drive for economic development, since it will generate confidence in national and international investors.

(Últimas Noticias) by Janna Corredor

Translation: Orinoco Tribune

OT/JRE/KW