Three weeks ago, the Catamarca Chamber of Deputies had given half sanction to the project, in a process that was delayed more than expected by the administration of Peronist Raúl Jalil, one of the governors most interested in complying with national regulations.
Catamarca approved its adhesion to the RIGI
In this way, after the approval of the Upper House, the northern province joins Rio Negro, Chubut, Mendoza and Jujuyamong others, which have already joined the RIGI in search of attracting large investments, especially in energy and mining.
The delay in the approval of the text occurred, in part, due to internal quarrels within Peronism, where various important figures in the district are involved. In addition to the president Jalil, the senator has her own power Lucia Corpacciwith a good relationship with the Patria Institute, and the mayor of San Fernando del Valle de Catamarca, Gustavo Saadi.
The provincial leader from Catamarca has shown himself to be in favour of the RIGI on different occasions. Months ago, in the midst of the discussion on the Bases law, he recalled that the approval of the regime was “a request from the lithium and copper tables. Governors from different parties asked for an incentive regime.”
In this regard, he defined the RIGI as a “a system that encourages foreign investment with a reduction in tax pressure similar to that of other countries.”
“Mining has one of the most important multiplier effects on the economy. In the case of Catamarca, through mining royalties we are improving the economic matrix through roads, connectivity, health and energy,” he commented.
And, in that sense, he added: “We must understand that we compete in a globalized world. Argentina has many benefits, it does not have social and religious conflicts. We have a mining investment law from the 90s, but this law improves in many aspects.”
Weeks ago, the governor urged the approval of the project, since otherwise Catamarca “would be at a disadvantage compared to other provinces.”
The national government regulated the RIGI
The Government, for its part, made official this Friday the regulation of the Large Investment Incentive Regime (RIGI). He did it through the Decree 749/2024 published in the Official Gazette. It should be noted that the project was approved in August, within the framework of the Basic Law with its corresponding set of fiscal measures.
The objective of the RIGI is to offer incentives and establish a system of protection of acquired rights for those responsible for a single investment project exceeding US$200 million.
As soon as the RIGI was approved in Congress, Río Negro became the first province to join, in the midst of a dispute with Buenos Aires to keep the Liquefied Natural Gas (LNG) plant, which finally occurred.
Jujuy and Mendoza later joined in. Chubut did the same, but maintained its ban on mining.
Source: Ambito
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