Argentina’s finance minister, Domingo Cavallo, has urged foreign companies to increase investment in his country, especially the transport, energy and communications industries.
At a Multisectoral Investment Meeting in Buenos Aires, Cavallo stressed that foreign investment improves trade relations and provides access to technology and skilled management.
He added the increased investment would encourage both small and medium Argentine businesses to adapt their products to world markets at competitive prices.
On a domestic level, Cavallo confirmed his government’s continuing commitment to deregulation, saying almost all taxes would be eliminated during the next two years.
The exceptions are value added, business and personal taxes. However, even these will be made more uniform, thereby eliminating much red tape. Business taxes and income tax, for example, would be totally integrated and set at a fixed rate, he said.
Participating in the 3-day meeting were businessmen from many nations. The largest delegations came from the U.S., Germany, Italy and Austria.
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