December 12, 2017
Tuesday, August 12, 2014

UIA: gov't intervention bill puts 'investment, financing' at risk

Argentina industrial leaders and government authorities pose for the picture ahead of a meeting at the government house to discuss the sector''s problems.

The head of the Argentine Industrial Union (UIA) Héctor Méndez questioned the government-sponsored project that aims at moving forward with price watch policies. According to the industrial leader, such a move could jeopardise companies’ “investment” and “financing.”

The bill that has stirred controversy among manufacturers with the UIA chief voicing concern today, is currently being debated at the Senate and if sanctioned would pave the way to step up controls in “production and consumption relations” – within the new legal framework, the government would set utility margins and reference prices, seize, consign and even sell goods and services that are limited or under infraction, without prejudice to expropriate.

“We (manufacturers) want to discuss some things, such as the official project to pass a new supply law, that could affect investment and financing of companies. That is why we demand this proposal to not be rapidly debated,” Méndez told reporters today as he renewed his criticism of inflation, “a complicated matter that hurts not only workers but also business men.”

“It is difficult to work with this mechanisms and problems and problems with0 prices are starting to be noticed.”

“Clearly, (Domestic Trade Secretary Augusto) Costa does not agree with our project to reduce inflation. They can not solve the economic problem either, there are things they are missing,” the UIA head added.

Still positive

Still, Méndez said he considered yesterday’s meeting with secretary Costa “positive.”

“The meeting was positive. Dialogue is always positive, above all because we came from a little bit critical week following my statements and the ministers’,” he explained alluding to recent comments by Economy Minister Axel Kicillof who urged business leaders to not use Argentina’s bonds fight against vulture funds as an “excuse” to not invest, calling the private sector to “take risks and invest” in what is "productive."

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Tags:  UIA  Argentine Industrial Union  Héctor Méndez  investment  financing  risk  

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