Venezuela introduces special economic zones to boost domestic economy

Venezuelan President Nicolás Maduro ratified four decrees, initiating an equal number of Special Economic Zones (SEZs).

These SEZs aim to amplify Venezuela’s economic framework within their broader economic recovery strategy.

Maduro introduced the SEZ for La Tortuga Island (central-north) and appointed Contralmirante Aníbal Coronado Millán as its sole authority.

Additionally, the SEZ of Paraguaná (northwest) was activated with Sergio Quintero, a political analyst, as its head.

Maduro noted Paraguaná’s significance as a national hub for logistics, ports, airports, and tourism while labeling La Tortuga Island as an “untapped gem” primed for sustainable tourism.

He envisions the island as a pivotal destination within the Caribbean and Latin America and expressed interest in welcoming investors in its tourism sector.

Moreover, Maduro announced the Military Special Economic Zone in Aragua (central-north), assigning General Rosas Colón its leadership.

This military-focused SEZ aims to achieve advanced technological development, fostering knowledge creation to enhance the lives of Venezuelans.

Lastly, a decree was signed for the La Guaira SEZ (central coast) with Marcos Meléndez Mata as its authority.

This zone has three main pillars: agro-tourism and fishing, industrial and logistical services, and tourism and real estate.

The directives indicate these SEZs aim to foster a novel national production model, promoting diversified exports, stimulating productive chains for global market access, reinforcing the industrial sector, and substituting imports.

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