HomeEconomyCongress of Colombia approved strengthening investment agreement with Venezuela

Congress of Colombia approved strengthening investment agreement with Venezuela

The text promotes the promotion and reciprocal protection of Investments, and was signed in Caracas, on February 3, 2023

The Colombian House of Representatives approved this Wednesday a bill that establishes an agreement to strengthen investments between Venezuela and the neighboring country.

According to one publication of the aforementioned instance, The aforementioned agreement promotes the promotion and reciprocal protection of Investments, an agreement that was signed in Caracas, Venezuela, on February 3, 2023, of which the Ministries of Foreign Affairs and Commerce are authors.

The president of the National Association of Businessmen of Colombia (Andi), Bruce MacMaster, intervened in the chamber session, clarifying that the business sector has taken a judicious look at the articles and the conclusion is support for said initiative.

“We find ourselves in a situation where for business it is much better to have it than not, because historically situations have arisen that we could have avoided with treaties,” he added.

For his part, the Minister of Commerce of Colombia, Germán Umaña, thanked the representatives for the approval since “it influences the reduction of absolute poverty, monetary poverty and everything that means a reduction in informality. It is known that international institutions contribute to protecting trade and ensure the protection of Colombians in Venezuela and Venezuelans in Colombia,” he stated.

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