Argentina Announces Plan to Boost Tech Exports

Argentina unveiled plans to increase technology exports to $10 billion in 2023 in an effort to promote the development of the "knowledge economy".

The measures, which were put into effect by a presidential decree, will make 20% of the foreign currency coming into the nation and 30% of the revenue from increased exports available for investment in export-oriented projects.

Compared to current technology exports, that would be a significant increase. The third-largest economy in Latin America intends to export technological goods worth about $7.4 billion in 2022, up from $6.2 billion in 2021.

The government is taking these steps in an effort to support the central bank in bolstering its imperiled foreign reserves.

According to Massa, the plan would be carried out by making direct investments in capital equipment and infrastructure for new or expanding technology projects. The strategy also seeks to formalize employment in the tech industry.