Venezuela is heading towards a diversified economic model with the recent approval of the Non-Petroleum Export Promotion Law last Wednesday, July 17.

The country’s economy has depended on hydrocarbons for decades. However, the government of Nicolás Maduro seeks to direct the South American nation towards new sources of exports.

The main purpose is for Venezuela to stop depending on oil, a key energy source worldwide.

The Non-Oil Export Promotion Law will lay the foundations for the promotion of measures to simplify “all the procedures necessary or related to the export of non-oil goods and services” as well as “to bring exporters the necessary information about the development of the process” that will be in the hands of the Ministries of Economy and Finance, and Foreign Trade.

According to statements by Deputy Nicolás Maduro Guerra, said law provides that “in 60 days a procedure can be carried out through the Single Window for Foreign Trade (VUCE).”

M.Pino

Source: finanzasdigital

(Reference image source: Bernd 📷 Dittrich in Unsplash)

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La entrada National Assembly of Venezuela approved law to promote non-oil exports apareció primero en Bitfinance.