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Cash Bait: Incentives for Argentine Fisheries

Economics +1 more

ARGENTINA - Argentina announced an 80 million US dollars support plan for the fishing industry to help pre finance exports with a special credit line from Banco Nacion which acts as a development bank.

However there’s a catch, says Mercopress, only companies that agree to keep the current number of workers will have access to the soft credits.

According to the news organisation, president Cristina Fernandez de Kirchner made the announcement during a meeting Wednesday in Mar del Plata with representatives from the fishing industry, the governors of the Patagonian provinces of Chubut and Rio Negro, Production and Interior ministers Deborah Giorgi and Florencio Randazzo and the mayor of Mar del Plata Gustavo Pulqui.

“The idea is that the effort of all Argentines towards fisheries, is also the effort of the entrepreneurs who have enjoyed strong profits during the good years”, Mrs. Kirchner told Mecropress, adding that workers are not only in the payroll of a company “but are also consumers, which sometimes is hard to grasp when jobs are considered the only adjustment variable”

Cristina Fernandez recalled that fisheries in Argentina is one of the most dynamic export sectors since fish consumption is very low domestically and therefore “we need the instruments to promote the industry and pre financing exports we believe is a good option”.