Venezuela creates five special economic zones ZEEs with tax and customs incentives

Maduro is seeking alternatives to attract capital in light of U.S. financial sanctions imposed on Venezuela, which include a ban on trade in Venezuelan oil for U.S. companies and citizens that started in 2019.

President Nicolas Maduro on Wednesday established special zones with tax and customs incentives to "attract investment" to Venezuela in the face of U.S. sanctions - an initiative the president said mimics "experiences" in China and other Asian countries.

This is a "way to attract productive investment," Maduro said at the signing of the Special Economic Zones bill passed by the ruling parliament in late June.

"We know the experience that China has had for 40 years, the experience of South Korea, the experience of Vietnam and others (...) that inspired us to take this step," the socialist leader said.

After Venezuela . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?