Argentina’s new policies to elevate local knowledge sector
BUENOS AIRES, ARGENTINA — Argentina’s President Javier Milei recently introduced a series of economic reforms aimed at enhancing the country’s knowledge economy.
Entrepreneurs across Argentina are optimistic, foreseeing a surge in employment and an increase in exports within the sector.
A recent survey conducted by Argencon revealed that 80% of companies anticipate export growth following the new policy initiatives focused on liberalization. Notably, half of the respondents expect this growth to surpass 10%.
The survey, which took place in the first quarter of 2024, involved 28 companies from various segments of the knowledge economy, including information technology, professional services, marketing, audiovisual services, bioscience, and other areas.
Argencon’s report from the first half of 2023 highlighted that exports of knowledge-based services had already seen an 8.8% annual increase, reaching US$8.06 billion.
This year, 70% of companies surveyed predict a rise in employment, with more than half projecting an increase of over 10%.
Professional services companies are particularly optimistic, with 33% estimating growth of more than 20%.
However, challenges such as difficult access to foreign currency and the lack of exchange rate unification have been identified as significant hurdles.
Argencon President Sebastián Mocorrea emphasized the positive impact of Milei’s reforms, stating, “The results confirm that with the elimination of foreign exchange restrictions, the stabilization of the exchange rate, the simplification of regulations and the reforms announced in the labor market, the knowledge economy will see a significant improvement in its international competitive capacity.”
Despite the optimism, companies also highlighted obstacles such as regulatory complexity, the inability to pay salaries in U.S. dollars, and deficiencies in digital talent training and English language skills.
Nevertheless, 45% of respondents believe that the demand for knowledge-based services in Latin America will match or exceed global growth, underscoring the potential for Argentina’s knowledge economy to thrive under President Milei’s economic reforms.
Read more here.
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