Venezuelan President Nicolas Maduro witnessed the signing of a Memorandum of Cooperation between the Venezuelan National Administration of Special Economic Zones (SEZs) and the China Research Center for Special Economic Zones at Shenzhen University on September 9.
The Memorandum aim to formulate a strategy for cooperation, development, and modernization of special economic zones, and implement a joint action mechanism based on China's experience.
The signatories of the memorandum were Professor Tao Yitao, Director of the China Research Center for Special Economic Zones at SZU, and John Carlos Alvarez Marques, Director of the Venezuelan National Administration of Special Economic Zones.
During the signing ceremony, Maduro highlighted the unique characteristics and potential of four newly established SEZs in Venezuela, underlining their role in stimulating the country's economy. He also noted that the signing of the memorandum will contribute to the effective implement of economic zone measures.
"We are embarking on a new path which Shenzhen has already taken," Maduro said, adding that the city's 43-year experience in building SEZs is valuable for Venezuela.
In 2022, Venezuela enacted a Special Economic Zones Law, to encourage foreign investment and revitalize the national economy.