The President of the Republic, Nicolás Maduro, promulgated this Wednesday the Organic Law of Special Economic Zones (LOZEE), a legal instrument approved by the National Assembly (AN) to promote productive development in delimited areas under special incentives.
"The Organic Law on Special Economic Zones has been the subject of intense debate within the National Assembly with proposals, modifications, additions for its final approval, and it has been the subject of a large national consultation," said the International Center for Productive Investment (CIIP), located in El Rosal, Caracas.
He said that the Law aims to build new territorial and regional economic engines based on the "growth of the productive, real economy, in order to provide real conditions for economic confidence to incoming investors."
"Venezuela is taking and resuming with a new impetus the path of building special economic zones, as a way to promote productive areas in our country, for the productive path, which will lead to the high development of trade in our country," he added.
He affirmed that these zones will promote industrial development, will contribute to the economic recovery process and will promote investments.
"I congratulate all productive sectors and call on them to work. There is only one objective: peace and development in Venezuela," he said.
Five defined zones
In the working day, where governors, deputies and ambassadors from several countries participated, the president announced the creation of the first five Special Economic Zones.
These zones were defined in Paraguaná, Falcón state; Puerto Cabello-Morón, Carabobo state; La Guaira, Margarita and one in the insular territory of Isla de la Tortuga.
"I am not exaggerating when I say that the Tortuga Island project is the largest and most important tourism project in the Caribbean and the world today," he said.
He said that it is the "most important ecological virgin project in the entire world" and invited investors from all over the world to join in.
After highlighting the experiences with special incentive zones in countries such as China, Maduro urged the development of Special Economic Zones with a "Venezuelan stamp."
"They have to be areas with a high scientific and technological investment component, with high scientific and technological development, that is what guarantees our transition to the future," he said.
He announced that the activation of other special Economic Zones in several states.
Creation of Superintendence
Maduro also announced the creation of the Superintendency of Special Economic Zones, the institution that will supervise and exercise leadership over these territorial production spaces.
"He announced that he has signed the decree, which must be published in the Official Gazette, creating the Superintendency of Special Economic Zones, which will be the institution that will have the leadership, the command (...) of the Economic Zones," he said.
He insisted that the LOZE came "at the right time," after highlighting that Venezuela is undergoing a process of economic growth.
"When Venezuela's economic growth figures are known, the world will tremble. Venezuela has returned to the game of economic growth. We have returned in style, in grand style," he added.
Credibility building
Deputy Jesús Faría, president of the Permanent Commission on Economics of Parliament, said that the launch of these zones will serve to "consolidate confidence and credibility in the country."
He stressed that the LOZE was widely discussed by all economic, social and political factors.
"We are pleased with the enormous consensus that has been reached with this law, which will serve to further consolidate confidence in the country," added the deputy, who also highlighted the contributions that the law will make in terms of salaries and job creation.
He said that Venezuela is projected "with great strength and as a valid option for investment," after highlighting the progress made during a recent trip to South Africa.
The draft Law on Special Economic Zones was presented in April last year by the AN Finance Commission and approved on June 30 of this year by qualified majority.
The Special Economic Zones are delimited geographical areas that are intended for productive development, characterized by fiscal, customs, tax incentives and other incentives. They plan to diversify the economic apparatus and attract domestic and foreign investment.
In general, the Economic Zones prioritize scientific and technological, industrial and agri-food development.
I agree, but that these areas really serve to revive high-profile projects so that our country recovers, and that those people in charge really work for that...
As a retired teacher, I am committed to a comprehensive and inclusive training, formal and informal, in which various types of educational agents participate who provide the population with norms, values, principles and ethical, moral and legal codes that ensure, guarantee and ensure that the demon of corruption does not take over the associations and companies that are installed due to the entry into force of this law. As is well known, we have witnessed too often that many times bright and promising initiatives such as the one pursued with the LOZEE in our country have been truncated in their purposes and projects, due to the lack of a severe and rigorous application of what is established in the law and because the implementation of exhaustive follow-up and control mechanisms, capable of timely introducing the necessary corrective measures, to avoid inconvenient deviations is not complied with.
Let's bet on our country, for its commercial improvement and source of employment, but supervising all projects for its operation..
Let's bet on our country, for its commercial improvement and source of employment, but supervising all projects for its operation..
IN THEORY IT LOOKS FABULOUS. NOW IN PRACTICE WHILE THE CANCER OF CORRUPTION AND WORK IS NOT BETWEEN THE GOOD OF THE COUNTRY AND THE TRUE HONEST BUSINESSMEN WORK TOGETHER IN A SINGLE PURPOSE, WHICH IS TO ACHIEVE THE TOTAL RECOVERY OF THE COUNTRY, WE WILL SEE A VENEZUELA LIKE NEVER BEFORE. TO ENCOURAGE WORKERS WITH GOOD SALARIES SO THAT THEY HAVE A DIGNIFIED LIFE AND WORK HARD