Argentina’s struggle for transformational change
A leading Buenos Aires law firm Wiener Soto Caparros writes of the nation’s struggle for transformation. From a dark past of 70 years of Peronism, high levels of corruption and a weak legal system the new business friendly Macri government’s program of incremental change has some serious challenges ahead.
Argentina has had many booms & busts and U-turns around market liberalisation, and voters would react against a radical overhauling of the Venezuela-style benefits they became used to under the previous government. The Macri government has therefore concentrated instead on working with the private sector to foster growth – for example, it has lowered export duties, repaid its creditors and created the world’s biggest tax amnesty. As a result, opportunities are presenting themselves for overseas investors in specific sectors of the economy – provided they set up their partnerships carefully.