Venezuela debating bill to woo investors and defy 'economic war'

Venezuela's pro-government constituent assembly (ANC) has begun debating a foreign investment bill aimed at curbing a "US-led economic war" and boosting tax revenue.

The proposed legislation will provide judicial security to businesses while protecting the population from "price speculation," according to state-owned news service AVN.

The ANC has also approved a new mining bill designed to unlock investments in the Orinoco belt, AVN said.

It said Orinoco's gold, diamond, iron and bauxite deposits were valued at US$1.6tn.

"The Orinoco mining belt is essential to diversifying the economy by promoting mining as an economic alternative for the country while respecting and caring for mother earth," said Víctor Cano, the minister for ecological mining.

The government provided no further details about the bills.

Venezuela is grappling with hyperinflation, rampant crime and severe product shortages while Maduro has been accused of eroding the country's democratic institutions.

In July, the government empowered the ANC to override parliament and rewrite the constitution, prompting the US to impose financial sanctions on Maduro and brand him a "dictator."