Uruguayan Economy Minister Fernando Lorenzo.
The Uruguayan government announced on Thursday that it would bring forward subsidies to help the country’s industries being affected by the Argentine trade barriers.
Uruguay’s Economy minister, Fernando Lorenzo, informed their plans to enact fourteen different measures, which include immediately bringing forward 2012’s $5 million dollars annual subsidies in order to help the clothing industry.
The Mujica administration will also offer Uruguayan companies easy access to insurance in case of an eventual reduction in the employees’ work time, which would affect the company’s production levels.
Another measure looking to favour the Uruguayan industry is looking to increase the clothing and footwear import tax from 8 to 15 percent.
“The Government’s strategy is being put in place in order to soften the negative impact that Argentina’s new measures may have on companies, businesses and workers,” Lorenzo said.
Uruguayan companies, from the auto industry to the printing industry, are facing strong trade restrictions applied by Argentina, who increased its requirements for imports.
buenosairesherald.com