Falcón Construction Chamber seeks legal reforms to attract private capital to oil industry

The president of the Construction Chamber in Venezuela's Falcón state, Orlando Dávila, is urging a significant overhaul of the country's legal framework. He believes this restructuring is essential to draw private investment into the struggling oil industry.

Dávila articulated that adapting existing laws will offer crucial legal security to potential investors, thereby facilitating the influx of much-needed economic resources into the region. "Important investments are coming, but for that, we also need important regulations in the legal framework so that all investors come to the oil industry and we can use that resource to develop other sectors," he stated, according to Unión Radio. He expressed hope that the necessary legal framework will be defined within the current and next year to encourage investor confidence and economic recovery.

The business representative further emphasized that revitalizing oil extraction and refining will inject liquidity into other productive areas within Falcón. The construction sector specifically proposes channeling oil-driven revenues toward enhancing tourism infrastructure and stimulating the region's export capacity.

“

Important investments are coming, but for that, we also need important regulations in the legal framework so that all investors come to the oil industry and we can use that resource to develop other sectors. We hope that during this year and the next, the necessary legal framework can be defined so that investors come (...) and we can have an economic rebound.