Natalio Mario Grinman, president of the Argentine Chamber of Commerce and Services (CAC), stated that he expects economic activity to regain momentum in the coming months, following a period of electoral uncertainty. In an interview with Ámbito Financiero, Grinman said, “I trust that in the coming months activity will regain dynamism, once the turbulence of the electoral period is over, and this will help the labor market.”
Grinman highlighted that public accounts have stabilized and there is monetary and exchange rate order. He noted, “Public accounts have stabilized and there is monetary and exchange rate order, which favors investments and helps the country grow; but there are no immediate solutions to decades-old problems.” According to Grinman, fiscal discipline, sound monetary and exchange management, and a transformation agenda are three positive aspects of President Javier Milei’s government.
When asked about areas for improvement within the government’s management, Grinman suggested accelerating infrastructure projects and reaching agreements with provinces regarding taxes. He also expressed a desire to improve public discourse across all sectors. “I would like to improve the tone and content of public conversation; I say this not for any particular group—officials or opposition—but for all leadership sectors: political, business, union,” he said.
Regarding labor modernization reforms recently implemented by the government, Grinman described them as an important step forward. He emphasized changes such as incentives for formalizing employment through reduced employer contributions to social security. “All workers who suffer from informality for various reasons will now have greater opportunities to join the formal labor market and access registered employment benefits,” he explained.
Grinman also supported updates in labor credit regulations—a longstanding request from CAC—and acknowledged ongoing concerns about decentralization in collective bargaining negotiations. He warned that bringing new sectoral actors into these talks could lead to more conflicts.
On international trade agreements with both the United States and European Union, Grinman commented: “International evidence shows that economies which integrate intelligently with the world grow more than those which resort to isolationism.” However, he added that further competitiveness improvements are needed domestically by continuing efforts to reduce or eliminate taxes.
Discussing obstacles delaying economic recovery in Argentina, Grinman pointed out limited access to credit for private companies as well as high interest rates resulting from last year’s election-driven volatility. While interest rates have since fallen to more reasonable levels, he believes there is still room for further reduction. He also cited stagnant consumption patterns due partly to recent lower inflation leading consumers to spend more cautiously rather than immediately.
Grinman mentioned external competition—including foreign tourism spending and purchases via international online platforms—as factors impacting local commerce. Additionally, he described excessive tax pressure as limiting both company competitiveness and consumer purchasing power. Legal uncertainty remains another barrier: “Excessive uncertainty is an enemy of investment and growth… It is important to avoid permanent regulatory swings,” he said.
Addressing whether imports pose a threat or challenge for domestic businesses, Grinman replied: “‘Threat’ is a strong word; perhaps I would prefer ‘challenge.’ Yes, they are a challenge—and practically for everyone.” He explained that nearly all sectors face some degree of external competition today.
Asked about specific positives from current government policies affecting economic activity overall, Grinman reiterated his support for fiscal order—citing chronic deficits as destabilizing factors—and praised responsible monetary policy along with ongoing transformation initiatives such as labor reform.
As for additional recommendations beyond infrastructure development and improved provincial coordination on taxes, Grinman again stressed enhancing public dialogue among leaders across society.
Regarding expected outcomes from labor modernization efforts on employment levels specifically: “Labor modernization alone will not solve historical problems faced by Argentines… The path started is correct… However macroeconomic issues also matter.”
Looking ahead at how Argentina can better benefit from international trade deals over time, Grinman insisted that local competitiveness policies remain essential—not only through labor reform but also continued progress toward comprehensive tax reform aimed at reducing burdens on businesses.
