Venezuela to Overhaul Foreign Investment Laws, Minister Says

By Steven Bodzin

July 9 (Bloomberg) -- Venezuela needs to reform its laws governing foreign investment so the country can ensure that investments include technology transfer and don’t create “oligopolies,” Trade Minister Eduardo Saman said.

The country should allow foreign investment only in “productive sectors” and not in distribution or commercialization, Saman said in a speech on state television.

To contact the reporter on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net.

Last Updated: July 9, 2009 11:32 EDT