Over 3 billion pesos in contributions and financing will be allocated to the  Development of Industrial and Technological Parks. 

Argentina’s President Alberto Fernández announced new economic measures to strengthen the industry sector amid the COVID-19 pandemic.

The measures include promoting the development of industrial and technological suppliers to encourage greater production chains at a local level. For this, the government will allocate 1.400 million pesos addressed to those who aspire to be suppliers in high-growth sectors such as oil, gas, mining, automotive, and the rail and shipbuilding industry.

Fernández explained that the Argentinian industry had suffered a years-long halt that generated unemployment by thousands, a situation worsened by the COVID-19 pandemic.

“We have become accustomed to looking at lists of infected and dead, and we stop seeing how bonds are doing, how stocks are doing, but if we saw it, we can also see that they suffered the same fate as people,” Fernández remarked.

 “The Government announced new measures to strengthen the productive sector. Developing the industry and generating employment is the way to rebuild the country.”

Moreover, the president recalled that before the beginning of his term, in the sector, “it was much easier to make money speculating financially than investing and producing.” Likewise, “the debt had multiplied exponentially.”

The government will create a Development Banking system to assess productive credits, and both public and private financial and non-financial sectors will be able to participate in this new structure.

On the other hand, an industrial platform named Argentina 4.0 will be created to develop technology centers, assisting companies in its projects, and offering training.

Furthermore, over 3 billion pesos in contributions and financing will be allocated to the  Development of Industrial and Technological Parks, a nationwide program that will offer support for 48 parks. The initiative aims at developing 300 new spaces for the next three years.

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