Venezuela to enact new laws to boost economy

CARACAS - Venezuelan President Nicolas Maduro said Tuesday that he would enact 28 new economic laws to diversify the country's industry, according to the official Venezuelan News Agency (AVN).

"I'm going to sign 28 laws for the diversification, growth and development of the economy," Maduro said in a televised speech, citing the need for urgent national reforms.

The laws to be enacted by decree aim to strengthen the country's economy amid low oil prices and record-high inflation.

Maduro said he wanted to see the country "resolve the fundamental problems, the knots, the delays in economic processes."

Prior to this new set of laws, Maduro enacted eight laws by decree, according to AVN, five on Thursday and three on Monday, including one to cut down on red tape.

Also on Tuesday, Maduro inaugurated two chemical plants at the Hugo Chavez Petrochemical Complex in coastal Carabobo state.