Argentina is expanding benefits to its burgeoning tech sector in an effort to boost much-needed foreign investment and exports, supporting a resilient industry that’s grown amid a severe, three-year recession.
Both chambers of congress recently approved a technology bill that provides tax incentives for the next decade to start-ups and industry giants that train and hire workers. It’s one of very few bills with long-term economic scope to make it through Argentina’s deeply divided congress this year.
“There’s absolute agreement among all political parties about the relevance of this sector,” Production Minister Matias Kulfas told journalists Friday, estimating the bill over 10 years would nearly double employment and increase tech service exports by an additional $4 billion. “The pandemic is speeding up digital priorities, and we have to see it as an opportunity to strengthen foreign investment.”
India is giving more than a dozen companies new incentives to invest in the country’s smartphone industry, bolstering an ambitious campaign from Prime Minister Narendra Modi to rebrand the country as the world’s next manufacturing hub.
In May Patently Apple posted a report titled “The Indian Government has dropped Contentious Clauses in their new ‘Production Linked Incentive’ Program that could be Positive for Apple.” In order to gain from the new Incentive in India, Smartphone companies had to invest in the country in order to tap into the scheme. In late June we reported on Foxconn making a huge investment in an iPhone plant in India. Last week we reported that Pegatron was going to open a plant supporting Apple’s supply chain for cases in 2021 (2 reports, 01 & 02). In August we reported that Wistron was hiring for its third iPhone plant.
Today we’re learning that the Indian government has stated that “it was approving incentives under a federal plan to boost domestic smartphone production to 16 companies, including top Apple suppliers Foxconn, Wistron and Pegatron.” The companies invested as requested and
The Indian government on Tuesday said it was going to approve incentives to 16 companies, including a trio of top Apple suppliers, under a new plan to boost domestic smartphone production.
Smartphone manufacturing has become a cornerstone of a broader push by India to position itself as an export hub for consumer electronics and other products. The so-called “Made in India” drive will see $6.65 billion allotted toward a product incentive scheme to encourage local smartphone manufacturing.
Of the 16 companies approved in the scheme, three are prominent Apple supply chain partners: Foxconn, Wistron, and Pegatron, according to Reuters. Those companies, all of which help produce various iPhone models, must invest in local manufacturing to earn the incentives, however.
Although the Indian government did not specify how much Foxconn, Wistron, and Pegatron plan to set aside for local production, a previous report suggested that they could invest a combined