Companies will use the so-called “techno dollar” basically to pay salaries

Before beginning to explain the new system established by the government in relation to access to foreign currency for companies linked to the Knowledge Economy, it is well worth clarifying Luis GaleazziExecutive Director of Argencon who asks “don’t call it” techno dollar to avoid confusion. “Because one thinks that it trades like other types of dollars, for example the CCL, however in this case there will not be a particular dollar for the area of ​​technology companies, but rather it is a stimulus for exporting companies,” he added. .

Having made the clarification, Galeazzi commented the new scheme, although he clarified that the text of the DNU is not yet there. “A company of the sector will have access to freely available foreign currency over 30% of the increase in exports registered in relation to the previous yearR. That is to say that it does not have the obligation to settle it in the official dollar,” he commented. With which those dollars would no longer be fixed at the value of the official currency around 140 pesos, but rather over the 280 pesos (approximately) that they registered alternative dollar prices.

The silent revolution of the knowledge economy

In another order of things, the head of Argencon recalled that this export data It will be measured quarterly.

“Each quarter will be compared in relation to the same quarter of the previous year. “Another important fact is that this measure does not have a time limit, but will continue to work, which is a modality that gives a little more predictability,” he explained.

The pace of exports continues

The exports of the Knowledge Based Services (SBC), reached, in the second quarter of 2022, 2,060 million dollars, which represents 22.6% more than in the same period of 2021 and 19.2% compared to 2019, as reported today by the Ministry of Economy in recent days

This was the fifth consecutive year-on-year rise, and “It was the quarter with the highest SBC exports in history,” they claimed from the portfolio directed by Sergio Massa.

In the talk with Perfil, Galeazzi explained that according to Argencon’s view, growth was largely due to an increase in prices, rather than the amount of service exported, “We are in an order of important growth basically driven by inflation in dollars In other words, since the operating costs are higher, especially salaries, what cost 100 dollars last year now costs 130,” he explained.

In relation to the data provided by INDEC, it is worth remembering that the measure of the volume exported is not known, but rather the value. “We do not have that data in the system, but it can be inferred that the volume has even been maintained or could have decreased, but there was an increase in prices,” Galeazzi explained.

In this line of analysis, he clarified that this “has a lot to do with the brain drain, because the companies that export it are the ones that suffer the most from the loss of personnel who go to work in the informal market or with foreign companies.” , added.

The great pitfall of talent that comes out of the formal cycle

“That cycle has accelerated,” described the head of Argencon and graphed that what is being seen in the companies is “on the one hand, flight of personnel and on the other, the same companies taking a lot of personnel to compensate for this flight. It is a hot market. There is an open tap “, he detailed.

Another worrying issue is the number of employees of Knowledge Economy companies who leave the formal circuit and do not reintegrate (and who are estimated to work informally or for foreign companies). “Last year at Argencon we had estimated that 1.8 billion dollars had not entered the official BCRA statistics. If we think that the sector’s exports were around 6.4 billion dollars, that is an impressive percentage. This year we believe that these first six months, that situation has not changed,” he explained.

The new regime to promote the Knowledge Economy

In relation to the measure taken by the National Government to encourage companies to improve their export rate and benefit them with a percentage of freely available dollars, Galeazzi explained: “It is a positive step. Companies need a “funding” in dollars to pay salaries, basically. But you have to remember that it is subject to growing exports. The picture will be different for each company and depending on each quarter,” he explained.

Thus he recalled that it is a condition subject to the growth of exports. “No company has linear growth, with which this makes it difficult to set a salary policy that requires stability. Having this access to dollars is good, but even so it does not solve the whole problem of job flight“, affirmed the head of Argencon.

Why the IT sector is so attractive beyond salary promises

And along the same lines, he added that “until the formula of more output than personnel income is changed, growth will be limited.”

Finally, Galeazzi assured PROFILE that the biggest bottleneck for companies in the sector continues to be retaining talent by competing with companies that pay in dollars. “The possibility of sustaining a volume of growth is tied to maintaining and growing the intellectual capital, which is the heart of the activity,” he explained.

The 7 highlights of the stimuli to the growth of the Knowledge Economy

1. Promotes direct investments in infrastructure, capital goods and working capital for the start-up of new projects or expansion of existing projects.

2. The ‘Investment Promotion Regime for Exports of Knowledge Economy Activities’ is created.
3. Availability of 20% of the currencies that enter the country for direct foreign investment projects of more than 3 million dollars.
4. Availability of 30% of the currencies that enter due to the increase in foreign sales, to be applied to the payment of the remuneration of personnel in a dependency relationship.
5. One-time transfer of the tax credit bonus on employer contributions, exclusive for registered companies that export at least 70% of annual turnover.
6. Companies can adhere to the new Regime until June 30, 2023.
7. They have 24 months to carry out the investments (extendable for up to another 2 years).