Argentine president Cristina Fernandez received strong support from the industrial sector for her latest policy of eliminating subsidies which are widely extended in the economy, but manufacturers also called for prudence and gradualism.
Over 80% of the Argentine electorate ratified on Sunday the current economic course, ‘which we must all support’ said the president of the powerful Argentine Industrial Union, Jose Ignacio de Mendiguren, who nevertheless called for a greater effort in “systemic competitiveness”.
The head of the Argentine Industrial Union (UIA), José Ignacio de Mendiguren, warned on Wednesday that Argentina “is starting to be affected” by the global financial crisis, furthering that the country “is not protected” against the situation.
Following on the steps of her Brazilian peer who this week unveiled an ambitious plan to prop industry, Argentine President Cristina Fernandez de Kirchner met with the country’s leading business and corporate representatives and promised her government would take all the necessary measures to defend the market from the massive influx of outer region imported goods.
Economic activity in Argentina expanded 7.8% in March compared to the same month a year ago and 0.5% over February, according to the provisional percentages from the government’s National Statistics Institute, INE.
Argentina’s business sector does not expect major changes in the country’s current economic course following the death of former president Nestor Kirchner who was considered the man behind the scenes steering the main policy decisions.