MACRI SIGNS DECREES TO SLASH BUREAUCRACY, ATTRACT INVESTMENT

President Mauricio Macri this week signed an extensive decree package aimed at slashing bureaucracy and attracting investment. The package is designed to attract investment by improving importers’ access to local markets. It also authorises the ANSES welfare fund to invest in financial services, among other changes. The national government hopes the measures, designed to “simplify” and slash bureaucracy, will reduce productive costs by one percent of the country’s Gross Domestic Product (GDP) over two years, Production Minister Francisco Cabrera told reporters on Wednesday afternoon. Some of the proposed changes will be implemented from as early as Thursday. Among them, the government will automate 314 import licences and create a so-called Secretariat for Production Simplification. The decree package includes measures that will affect the operations of the Central Bank, eight ministries (Modernisation, Production, Labour, Finance, Transport, Culture, Agriculture and Mining), as well as two decentralised state entities (ANSES and the Administrative Agency of State Assets).In the area of transport, the government aims to “reduce logistical costs” by 20 percent and allow trucks to carry an additional 10 tonnes, to a maximum of 60 tonnes. The package includes a decree that will allow ministries to open up ports without the authorisation of president, while commercial operations for nine airports were also authorised. Controversially, the government weakened measures to punish businesses that infringe labour regulations by reducing the period of time a company or individual can be included on the Public Record of Employers with Labour Infractions (REPSAL) and removing firms or individuals who obstruct inspection processes.