Venezuelan Parliament to debate special economic zones law

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The National Assembly (Parliament) of Venezuela on Tuesday will hold the first debate on the Special Economic Zones draft bill a legal initiative to promote the reactivation of production in the country.

The draft bill is vital in the scenario caused by the economic, commercial and financial blockade imposed by the United States Government on this nation, the president of the Permanent Commission on Finances and Economic Development in Parliament, Jesus Faria, said.

In recent statements to Hinterlaces website, the Venezuelan lawmaker and economist highlighted the objective of creating a new national economic system, beyond dependence on oil exports, moving towards diversification and boosting new production chains.

The expert said that Special Economic Zones have been implemented in many countries, with success in attracting investments, generating jobs, and increasing production and technological development.

In Venezuela, there are Special Economic Zones in the states of Lara (Palavecino and Iribarren), Tachira (San Antonio-Ureña), Falcon (Paraguana), Cojedes (Tinaquillo-San Carlos) and Miranda (Guarenas-Guatire) so far.

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