Argentina's Economy Minister clarifies industry remarks, denies calling industrialists 'idiots'

Argentine Economy Minister Luis Caputo has clarified his recent remarks concerning the country's industrial sector, specifically denying he used the term "tarados" (idiots) to describe industrialists. Caputo explained that his comments were directed at individuals who advocate for the previous economic model, which he argued led to increased deficits, inflation, and poverty.

The minister's initial statements, made during an event hosted by the Chamber of Stockbrokers, defended the current administration's economic program amidst criticism over the struggles faced by certain economic sectors. Caputo had asserted that economic growth driven by exports in energy, mining, agriculture, and the knowledge industry would eventually benefit the broader economy.

These remarks drew sharp criticism from Martín Rappallini, president of the Argentine Industrial Union (UIA), as well as from textile entrepreneurs and small and medium-sized enterprises. In response to the backlash, Caputo had previously stated that the industrial sector declined by 10% under previous governments, despite receiving subsidies for energy and other costs. He also criticized the construction and commerce sectors, noting their decline over the past 12 years despite significant public spending.

Economic Policy Secretary José Luis Daza supported Caputo's position, emphasizing that the previous model, characterized by extreme protectionism and distorted prices, generated deficits, inflation, and economic stagnation. Daza argued that Caputo's statements were not an attack on industry itself, but rather a critique of the policies that purportedly aimed to help it while ultimately harming the overall economy.