Argentina announces plan to boost tech exports

Argentina’s Economy Minister Sergio Massa departs after attending a meeting with International Monetary Fund (IMF) Chairperson and Managing Director Kristalina Georgieva at the IMF headquarters in Washington, U.S., September 12, 2022. REUTERS/Evelyn Hockstein/File photo

BUENOS AIRES  – Argentina on Monday announced measures aimed at boosting technology exports to $10 billion in 2023, as it seeks to support growth of the “knowledge economy”.

The measures, implemented through a presidential decree, will make 20 percent of the foreign currency entering the country and 30 percent of the money resulting from export growth available for investment projects focused on exports.

They were announced on Monday by Economy Minister Sergio Massa and Ariel Sujarchuk, Knowledge Economy secretary.

That would be a sharp rise from current technology exports. Latin America’s third-largest economy plans to export around $7.4 billion worth of technological goods in 2022, up from $6.2 billion in 2021.

The measures come as the government is trying to help its central bank shore up its embattled foreign reserves.

Massa said the plan would be achieved by direct investment in infrastructure and capital goods for new or expanding technology projects. The plan also aims to formalize jobs in the tech sector.