Venezuela and Colombia sign agreement for the promotion and protection of investments | News

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The President of Venezuela, Nicolás Maduro, signed an agreement this Friday with the Minister of Commerce, Industry and Tourism of Colombia, Germán Umaña Mendoza, for the promotion and protection of investments between both nations.


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From the Miraflores Palace, the head of state stressed that "this agreement that we are signing today, the agreement for the promotion and protection of investments between Colombia and Venezuela, points in the right direction of promoting productive, commercial integration, high-quality investment draft" between the two countries.

"I feel that this new, very powerful, unprecedented investment promotion and protection agreement between Colombia and Venezuela points in the right direction for the union and economic integration of Colombia and Venezuela, and points in the right direction for the economic union, trade and monetary future of Latin America and the Caribbean," he emphasized.

The Venezuelan president recalled that one of the best news received in recent months was the reestablishment of relations of friendship, brotherhood and cooperation between Colombia and Venezuela, with the arrival of the Government headed by Gustavo Petro.

"Today we can also say that our business, commercial sectors have come closer and closer, that we are already beginning to look up what future projects are, that we are already beginning to visualize the paths that we have to travel for a powerful process of economic, commercial and productive integration", he commented.

Likewise, he ratified that Venezuela is cooperating widely in the achievement of total peace for Colombia and that it will give "everything within our reach and beyond for the construction of peace in our sister Republic of Colombia."

Likewise, he welcomed "Colombian investments in the entire economic body of the Bolivarian Republic of Venezuela" and urged his country's businessmen to "expand their investments" in the neighboring nation.

The Head of State reiterated that it is necessary to "think big" in the economic kingpin, taking into account "what has been a proposal for the construction of a binational zone of free trade, free investment, joint development between the North of Santander and the state of Táchira".

"That is pending and everyone wants it because they know that it will be a fundamental element for the growth of investment, trade and the growth of economic activities between the two countries, with a strong pole between Norte de Santander and the state Táchira", specified the Executive.

In addition, President Maduro considers that at this moment in the 21st century the conditions have been created again "to meet again, to reunite, to think big about the union of all of Latin America and the Caribbean, and one of the most important thoughts that we would have to build and cultivate is the construction of a great common economic zone of development between Latin America and the Caribbean".

The Executive recalled that "we suffered a lot when they tried to destroy and make the union and fraternal embrace bleed" between two sister nations such as Colombia and Venezuela, but affirmed that they were certain that "this day was going to arrive, when we would return to the path of union, brotherhood and complementary integration in the economic, commercial, and financial spheres".

For his part, the Colombian minister assured that this is a "historic milestone" that serves as an example for all of Latin America.

"This is truly a sign of integration, of industrial, productive, service complementarity, of creating that complementarity for the development of joint employment, (...) it will mean a new development model, not that globalization without a human face that we have lived for the last 30 years, but we have really done an important exercise to be able to achieve development," he said.

In addition, he expressed that they felt deeply proud of recovering "the path of integration between two brother countries that should never have been separated."

Later, he emphasized that this measure is "for Latin American integration because an investment protection and promotion treaty is signed, which is the only thing that will make the economic and commercial relationship truly permanent."

"Only when the economic agents make joint investments in the two countries, do they have the legal certainty that their investments will be respected and that they have the mechanisms in which any difference that has to be resolved, there are international and national courts that can resolve these disputes , make integration constant", he declared.

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