Saturday, June 29, 2013

Prensa Latina News Agency - Nicaraguan Petrocaribe Summit to Shape Economic Zone

Prensa Latina News Agency - Nicaraguan Petrocaribe Summit to Shape Economic Zone

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Nicaraguan Petrocaribe Summit to Shape Economic Zone29 de junio de 2013, 10:48Managua, June 29 (Prensa Latina) Petrocaribe, an unprecedented energy pact, will shape today the establishment of its economic zone during the 8th Summit of Heads of State and Government of the bloc.
Delegations from 20 countries of Latin America and the Caribbean are attending the event in Managua, started yesterday with technical debates and continuing today with a ministerial meeting prior to the presidential forum.
For the closing tomorrow, a special session has been scheduled on occasion of the eighth anniversary of Petrocaribe, created on June 29, 2005, and to pay tribute to late Venezuelan President Hugo Chavez, a main architect of the initiative along with Cuban leader Fidel Castro.
According to Nicaraguan Minister of Finances and Public Credit, Ivan Acosta, a main effort is aiming the construction of technical-legal foundations for the creation of the economic zone, proposed by Venezuelan President Nicolas Maduro.
"We are focused on establishing more integration and trade in order to promote socioeconomic development based on solidarity, complementariness, recognition of asymmetries, technology transfer and reinforcement of productive chains, Acosta told journalists.
Deputy Manager of the joint venture Alba Nicaragua S.A. (Albanisa), Francisco Lopez, said the shaping of the economic space envisages promoting agricultural production, tourism, investments in energy, communications, infrastructural works, science and technology, among other areas.
He said that economic and commercial analysis respond to the common will to reduce and eliminate longstanding gaps of unfairness in Latin America and the Caribbean.
Petrocaribe groups Venezuela, Cuba, the Dominican Republic, Antigua and Barbuda, Bahamas, Belize, Dominica, Grenada, Guyana, Jamaica, Suriname, Saint Lucia, Guatemala, Saint Kitts and Nevis and Saint Vincent and the Grenadines.
According to official figures, Venezuela's state-run oil and gas firm Petroleos de Venezuela S.A. (PDVSA) supplies members of the bloc 3.5 percent of the three million crude barrels it produces daily for export.
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