Buenos Aires is granting the investing and exporting technology sector free access to foreign currency

The Argentine Ministry of Economy has launched an incentive program for the knowledge industry, granting advantages in liquidating foreign currency to companies that make new investments or increase their exports.

With these measures, the government of Alberto Fernández hopes the sector will export US$10 billion by 2023 “and consolidate itself as Argentina’s third largest export cluster,” the head of the Ministry of Finance said on Oct. 3.

The so-called Regime for the Promotion of Investment for Exports of Knowledge Economy Activities exempts companies that invest more than US$3 million to create new businesses from paying 20% of foreign exchange in the foreign exchange market.

At the same time, the enterprises are free to use 30% of the foreign exchange generated by the increase in exports.