Law for the Promotion of Non-Petroleum Exports approved by National Assembly
The National Assembly of Venezuela approved this Tuesday in first discussion the Law for the Promotion of Non-Oil Exports, as well as the creation of a National Fund for Exports administered by the Export Promotion Agency
In an ordinary session this Tuesday, the National Assembly of Venezuela approved in first discussion the Law for the Promotion of Non-Petroleum Exports, presented by the president of the Permanent Commission of Economy, Finance and National Development, deputy Jesús Faría.
As the deputy explained, “this legal framework is a response to the international sanctions imposed against Venezuela in recent years, which affected the oil industry, and to the dependence on crude oil in the country’s economy, which has the largest proven reserves on the planet.”
The Law to Promote Non-Petroleum Exports, which has yet to be discussed by the legislative body, contemplates strategic sectors for the country such as “petrochemicals, metalworking, steel, iron and aluminum.”
It is estimated that the legal instrument will come into force in 2024, the year of presidential elections “for a new six-year term that will begin in January 2025.”
The parliamentarian also highlighted that “the project establishes the creation of a National Export Fund, which will be assigned and administered by the Export Promotion Agency.” This fund will have access to the resources that enter Venezuela from the marketing of oil abroad.
With information from national media and social networks
(Reference image source: @Asamblea_Ven, on social network X)