Venezuela announced its first five Special Economic Zones

Venezuelan President Nicolás Maduro today approved the enactment of the Organic Law of Special Economic Zones and signed a decree establishing the first five zones that will operate under the special productive development regime.

Venezuela’s five new Special Economic Zones are Paraguaná (northwest), Puerto Cabello-Morón (center-north), La Guaira (central coast), Margarita (island northeast), and La Tortuga Island (island center-north).

“I am sure that this law comes to build new engines, territorial, regional forces, in the function of giving special conditions for the economic confidence to investors coming from all over the world, that is why we have invited all the diplomatic corps,” Maduro underlined through the state television.

From the International Center for Productive Investment in Caracas, the President called on his team to guarantee “that the laws do not remain a dead letter, but that they are activated with great energy and strong political will”.

“We will give a very clear message to the world so that they come to Venezuela, those who are already in the country to deepen their investments, and those who are not, it is time to come to Venezuela,” exclaimed Maduro.

Furthermore, the Head of State expressed his commitment to “build the Special Economic Zones with a national seal, with creativity, innovation, and inventiveness; they must be zones with a high investment component and high levels of scientific and technological development”.

He also announced the creation of the Superintendence of Special Economic Zones, which will be in charge of the institutional coordination of the new development regions and will be in charge of any regulations that may be necessary.

After reiterating his invitation to investors from around the world, the President emphasized that the steps taken today are “just the beginning of a tremendous path of integral development of the real economy of Venezuela”.

With information from Xinhua

More: Brazil news in English, every day from The Rio Times.