According to Deputy Nicolas Maduro Guerra, of the United Socialist Party of Venezuela (PSUV), there are positive experiences of this model in the world in China, Singapore, Vietnam, South Korea, Germany, Japan and Finland. “We expect all public, private, cooperative, and foreign investors to come to Venezuela to invest in the special economic zones,” Maduro Guerra said in statements to the Últimas Noticias newspaper.

The deputy added that the law will allow generating trust, guarantees and the necessary legal framework to reinvigorate the transition towards a new economic model.

The Constitutional Chamber of the Supreme Court of Justice of Venezuela decreed the constitutional nature of the Law of Special Economic Zones approved the previous week by the National Assembly.

The regulation must be promulgated by the Executive in the coming days, and its contents define the plans, areas and districts are applicable for the creation and development of special economic zones and the recruitment of participants.

It also established the criteria for the activation of the geographical potential and connection of land, lake, air and sea, in addition to the importance of natural resources that can be considered raw materials to be transformed into products.

The law also contemplated the creation of incentives in fiscal, customs matters and for the freedom of import and export.

According to parliamentary sources, the law ratified the principles of sovereignty and security for national and foreign investors, in addition to promoting the breaking of the obstacles associated with the coercive measures implemented by the United States against Venezuela.

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