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ECONOMY | 04-06-2019 18:05

Business groups: 50 Argentine firms closing a day as a result of crisis

Business chambers criticise government's 'anti-industrial economic model,' demand effort to 'reconstruct' productive industries.

Around 50 small- and medium-sized companies are closing each day in Argentina due to the economic crisis, two business chambers have reported.

Criticising the government, the Assembly of Small and Medium Employers and the Association of National Entrepreneurs (Asamblea de Pequeños and Medianos Empresarios; la Asociación de Empresarios Nacionales) said "current policies had inevitably lead to an economic, productive and social crisis like the one the country is currently suffering from." 

Recent turbulence for small- and medium-sized businesses had been sparked by policies of "speculation, indebtedness and concentration," the groups claimed, which in turn prioritised "economic 'foreignisation'" over "the work and wellbeing of Argentines."]

The state of the economy is leading to the "closure of 50 companies per day, [through which] are lost, month by month, thousands of jobs."

The two groups will hold a joint event on Wednesday, at the Complejo La Plaza in the San Nicolás neighbourhood of the capital, to publicise their claims. Opposition lawmakers, union leaders and social groups are expected to attend, with demands for effort to "reconstruct" Argentina's productive industries expected to escalate.

"We are driven by the conviction that this is the way to overcome the devastation generated, once again, by an  exclusive and anti-industrial economic model such as the one promoted by the current Government, whose sole objective is the transfer of 
resources from the labour and production forces to concentrated and speculative forces, both local and global," said the entitities in a strongly worded statement.

2 out of 3 SMEs founded by entrepreneurs under 40

Two out of every three small- and medium-size businesses (SMEs) in Argentina are founded by entrepreneurs aged under 40 years old, official data released by the government revealed this week.

The information – released to coincide with a meeting with representatives from the sector at the Casa Rosada hosted by Cabinet Chief Marcos Peña – also indicated that exports from SMes bring in around US$6.3 billion to the economy every year.

- TIMES/NA

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