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Regulation and legal protection of investment
The restructuring and reform process which began in the Bolivarian Republic of Venezuela in 1999 has been accompanied by the establishment of a body of norms which seek to, among other things, promote investment and distribute it fairly among both national and foreign investor. This is the reason why legal security is needed to facilitate the growth of private investment in the country. As a consequence investment (foreign and national) is protected by the Constitutions of the Bolivarian Republic of Venezuela through the promotion and protection of investment laws: Statutory decree number 2095 and in decisions numbers 291 and 292 of the Andean Community of Nations.

Constitution of the Bolivarian Republic of Venezuela
 

The Constitution of the Bolivarian of Republic of Venezuela, approved by a national referendum in December 1999, is aligned with international principles that regulate investment among which the following are highlighted:
· Non-discrimination between national and foreign investor.
· Transparency of the judicial and administrative sectors.
· Guarantee of legal security.
· Economic freedom
· Prohibition of monopolies
· Guaratee of the right to make use of and freely enjoy property.

   
LAW ON PROMOTION AND PROTECTION OF INVESTMENTS (October 1999)
 

The law on promotion ans protection of investment constitutes a mechanism that governs national and foreign investment. This law provides investments and investors a secure and stable legal framework, which is also transparent, and permits interaction with the state with the aim of improving national development. In this sense, the law establishes the obligations on the part of the State to promote investments, through the creacion of policies which act as incentives to investment in predetermined sectors that contribute to the specific national objectives of development.
Thus, establishing the possibility of entering into a legal established contract with the Republic over a time frame of ten years with the aim of guaranteeing the investment and the stability of the deal. Similary, with regard to problem solving this law provides for the possibility of diplomatic solutions, natinal or international arbitration, as alternative mechanisms for the solution of this type of dispute.
The Venezuelan law covering intellectual property is one of the most modern of this type. Its reform was approved in 1993, and contained profound changes to protect intellectual property. In 1996 the national profound changes to protect intellectual property. In 1996 the national directive on intellectual property, in conjunction with Police Authorities (PTJ), created the antipiracy command (COMANPI). The COMAMPI function is the control of intellectual crime. Its distinct modalities protect the following aspects of intellectually property, computers programs (including technical documentation and manuals), databases; audiovisual and radiophonic (video, records, audiovisual, soap operas, musicals, radio programs, photographs, slides); books, leaflets and other written materials, works of science and art, conferences, dramas and musicals, choreography and pantomimes, musical compositions; musicals interpretations and performances, actors and singers; drawings; paintings, architecture, recordings, lithographs; works of art that are not models of industry; illustrations and maps; plans and works of plastic and sketches, related to geography, to topography, to architecture or the sciences.