Kicillof announced a bill to create a RIGI of the province of Buenos Aires

On Monday morning, the governor of the province of Buenos Aires, Axel Kicillof, declared that there has been an “industricide” since the beginning of President Javier Milei’s administration and made it clear that “all national production is at stake.” In this way, during the conference in which he was accompanied by part of his cabinet, the president detailed the productive, economic and social situation that the province is going through and highlighted the importance of the construction of the liquefied natural gas (LNG) plant in Bahía Blanca.In response to a “formal” letter from the Executive on the acceptance of the Large Investment Incentive Regime (RIGI), he indicated that these benefits are at the national level, although “he will do everything in his power” and highlighted the investment of 50 billion dollars for the LNG plant. They also announced the sending of a bill for the creation of a “Provincial Regime for the Promotion of Strategic Investments linked to large investments, production and work in the province of Buenos Aires.” We intend to encompass requirements that companies need to carry out the project in Bahía Blanca: it includes tax stability for a period similar to that offered by the national regime and proposes improvements in the tax regime for large investments,” he explained. Although he mentioned that he has not spoken with the governor of Río Negro, Alberto Weretilneck, he declared the importance of “strengthening trust” so that YPF and Petronas, the oil companies linked to the project, work “with total professionalism.” “The investment, needs and conveniences must be evaluated so that when we have more accurate news and more complete information, we will be able to evaluate the convenience of the province and the different possibilities,” he added. And, finally, he indicated that the Province “is suffering one of the strongest recessions in its history with Milei’s economic plan” and that “there is a 30% drop in construction, in addition, wages fall, pensions fall, the income of the majority falls and that causes consumption and demand to fall. This is what is happening in Buenos Aires businesses, which are suffering from almost a 60% drop in sales. For all these reasons, production and employment are also falling. In the Province we observe an acceleration in the decline of jobs, since 50% of the industry is developed in Buenos Aires territory.”

Original source in Spanish