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Argentina: Somebody had to tell ’em

This report in Argentina’s La Nacion this weekend was so good I’ve translated it below. Straight talk about just how badly this government is treating its population. Well said Martin Richenhagen, President and CEO of AGCO.

Our clients need more support from the Government (of Argentina) and Argentina probably needs another government,” said Martin Richenhagen, President and CEO of AGCO, an important multinational manufacturer and distributor of agricultural equipment.

In a country unaccustomed to sincere opinion from businesspeople, the CEO of the world’s second largest agromachinery company called on (Argentina’s agro) producers to vote for those who defend the agricultural sector and said that his company will not invest in Argentina due to the agro sector problems.

The agro community needs rules and stable policies. It is the only country that does not receive subsidies and must also pay a very high tax in order to export,” said Richenhagen. “To export firsy you have to apply for a permit and then they don’t give you it,” he said exasperated in reference to the permits for exportation.

AGCO (which includes the marques Challenger, Fendt, Massey Ferguson and Valtra) will invest U$250m in factory capex and U$200m in R&D this year. Argentina is not part of its plans.

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