"The Productive Foreign Investment Law enables a closer relationship and provides the legal security investors require", Foreign Trade Vice-Minister Silva said.
On Tuesday, during the Second Russia-Venezuela Bussiness Forum, the Venezuelan Foreign Trade Vice-Minister Hector Silva offered guarantees to protect Russian investors
President Nicolas Maduro's administration expressed its interest to increase Russian investments in sectors such as farming, mining, and energy. It highlighted the country's strong and effective legal framework for the protection of foreign investors.
The 2000 Productive Foreign Investment Law allows the Bolivarian government to seal business deals and confidentially sign contracts, which protect transnational investors from the U.S. arbitrary sanction.
"It enables a closer investment relation and provides the legal security that Russian investors require... We are sure that Russian businessmen will be interested in the projects portfolio we presented", Silva said and added that "we are confident that our products will satisfy the needs of the Russian consumer".
On #12Oct, 2002, Venezuela broke with the so-called "Columbus Day" or "Day of the Race" with Hugo Chávez declaring the "Indigenous Resistance Day."— venezuelanalysis.com (@venanalysis) October 12, 2021
The country commemorates the struggle against colonialism while celebrating indigenous peoples' history, culture, and identity. pic.twitter.com/QvscyCOKTx
Over the last 15 years, Russia and Venezuela have signed more than 260 businesses agreements, mainly in the oil and mining sector.
The meeting was held ahead of the 15th meeting of the Russian-Venezuelan High Level Intergovernmental Commission (CIAN), which will take place on Oct. 14 and 15.
During the Non-Aligned Movement (NAM) summit held in Serbia, Venezuela's Foreign Affairs Minister Felix Plasencia also met with the Russian Foreign Affairs Vice-Minister Sergey Vershinin. In their encounter, they the strengthening of bilateral relations between their countries.