LatinNews Daily - 21 July 2022

In brief: Five ‘special economic zones’ created in Venezuela

* Venezuela’s President Nicolás Maduro has announced the creation of five special economic zones which he said would attract foreign investment and reduce regional inequalities. The five special economic zones are the Paraguaná peninsula in Falcón state; the neighbouring port cities of Puerto Cabello and Morón in Carabobo state; La Guaira state; the island of Margarita; and the island of La Tortuga. Maduro said that the development of these zones will act as “a path to the progress and development of our country’s productive forces, as a means of attracting productive investment.” His announcement followed his promulgation the same day of the ‘law on special economic zones’, which was approved by the national assembly on 30 June and provides tax and customs incentives to businesses. Maduro said that the government is considering creating more such zones.

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