The Economy Minister of Argentina, Sergio Massa, announced a new dollar differential to stimulate the wine industry.
The so-called “wine dollar” promises to strengthen the export and regional economies linked to viticulture.
One of the intentions is to strengthen the competitiveness of Argentine wine in the world, expand access to international markets, consolidate development, and even guarantee more than 330,000 jobs.
However, the local press reported that a similar announcement was made in November last year and was never implemented.
Still, the minister presented other measures for the sector, such as new credits for harvesting and transportation.
A $10 billion credit line will be granted to farmers affected by the frost, with a term of 30 months and a subsidized fixed rate in Argentine pesos and with an 18-month grace period from the loan.
There will also be $540 million in economic assistance and emergency prevention assistance.
Wine tourism, an important driver of Argentina’s economy, should receive an investment of $300 million by the end of 2023.
Other investments are related to new technologies, such as the so-called Industry 4.0, which will leverage the development of viticulture based on digital platforms, and may receive a public investment of $3.5 million.
The minister’s statements were made during the breakfast held by the Argentine Wine Corporation (Coviar), which also pointed out that the government agreed with the United States to lift the trade disputes that weighed on exports, which directly affected the wine industry.
With information from Revista Adega