[TELAM] Gvt announced ambitious 10bn USD economic program

[Naio90]

National News Agency Argentine Republic

President of Argentine announces new economic development program with a total investment of over 10 billion USD BUENOS AIRES - Adolfo Cambiasso, current president of the Argentine Republic announced today an ambitious plan to move towards the complete independence from foreign imports in key industrial sectors. This would allow for Argentina to be capable of withstanding any disruption in international trade, mantaining their economy and productions chains active and functioning on an efficient level. The program includes, among other strategic sectors, energy, aerospace and pharmaceutical industry, as well as the increase of extraction of processing of several key minerals and components to serve the national manufacturing industry. Some of the meassures included in the plan are the reduction of taxes and tariffs reductions for the included sectors, subsidies for the employment of workers, infrastructure projects (linked to other ongoing projects), subsidies and scholarships for students and interns in the affected industries, the establishment of tariffs and taxes for imported goods, export facilitation, subsidies and state oriented marketing to increase international customers and provide additional income and the creation of new industrial parks The total investment is well over 10 billion USD and marks a record for the Argentine Republic in their efforts to keep growing the national economy in a robust and sustainable way. This project can clearly be classe as a "Import substitution industrialization" (ISI) trade and economic policy. This plan advocates replacing foreign imports with domestic production and is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. ​