Argentina’s Lower House Backs Milei’s “Super RIGI” Investment Plan

Economy

Argentina’s Super RIGI cleared a first big hurdle in Congress this week, as President Javier Milei’s plan to lure billion-dollar projects with three decades of guaranteed tax breaks won approval in the lower house and moved a step closer to becoming law.

Argentina took a concrete step toward one of Milei’s signature economic bets on June 24. The Chamber of Deputies gave the bill what Argentines call “media sanción,” or half-approval, the first of the two congressional votes a law needs.

The tally was 130 in favour, 106 against and seven abstentions, according to the Chamber’s own record. The government’s bloc was joined by allied centre-right and provincial parties.

What the Super RIGI actually offers

The name is shorthand for a Spanish phrase meaning the Regime of Incentives for Large Investments in New Industries. It is a second-generation upgrade of an investment scheme Argentina first passed in 2024.

The core promise is stability, the quality Argentina has most lacked for investors. Qualifying projects lock in tax, customs and foreign-exchange rules for thirty years, insulating them from the policy swings that have repeatedly burned foreign capital.

The financial terms are generous. Approved firms pay income tax at fifteen percent, against the twenty-five to thirty-five percent others face, and enjoy fast write-offs, zero import duties on project goods and a phased freeing of access to dollars.

The entry bar is steep, though. Each project must be worth at least one billion dollars, five times the floor of the original regime, and firms must spend a fifth of that within the first two years.

How it differs from the original RIGI

The first RIGI, passed in 2024, was built around natural resources and infrastructure, and it has drawn real money into oil, gas and mining. The Super RIGI deliberately points somewhere else.

It is aimed at what the government calls the industries of the future, activities that barely exist in Argentina today. The list runs from artificial intelligence, data centres and semiconductors to lithium-battery production, electric vehicles and clean-energy hardware.

Crucially, the new regime excludes projects that merely expand existing plants. The point is to attract genuinely new capacity rather than subsidise activity that would have happened anyway.

Private-sector estimates cited in the Argentine press put the potential pull at fifteen to thirty billion dollars over five years if the regime works as designed. That figure is a hope, not a commitment.

The opposition’s case against it

The vote was far from unanimous, and the criticism was pointed. Opposition lawmakers framed the scheme as a special regime that showers decades of benefits on large corporations while ordinary firms keep paying full rates.

Some warned it cedes too much for too little, granting extraordinary perks without binding guarantees of local jobs, technology transfer or domestic suppliers. Others questioned the fiscal cost of the tax that the state would forgo.

The government’s answer is that the cost is close to zero, because without such incentives these investments would simply go elsewhere. That argument, that Argentina is competing for capital it does not currently attract, is the heart of the case.

Why a foreign reader should care

For an investor weighing Argentina, the lower-house vote matters as a signal of political durability. It shows Milei can still assemble a majority for his economic agenda, a question that hangs over every long-dated bet on the country.

The caution is that this is only half the journey. The bill must still pass the Senate, and the thirty-year promise is only as good as the political consensus behind it, which is why the bond market still prices doubt about what follows Milei.

Frequently asked questions

What is the Super RIGI?

It is an upgraded Argentine incentive regime offering thirty years of tax, customs and currency stability to brand-new projects worth at least one billion dollars. It targets high-technology and strategic industries such as artificial intelligence, semiconductors and lithium.

Has the Super RIGI become law?

Not yet. The lower house approved it on June 24 by 130 votes to 106, but it still needs Senate approval before it can take effect.

How is it different from the original RIGI?

The 2024 RIGI focused on natural resources and infrastructure with a lower entry threshold. The Super RIGI raises the floor to one billion dollars and shifts the focus to new high-technology industries, excluding expansions of existing operations.