Argentina’s legal framework spurs quick growth in biotechnology

Following on from a diversified menu of sectoral incentives to develop investment projects in Argentina, in this issue, we would like to focus on the sectors that demand a higher level of innovation, knowledge and applied technology for production.

Previously, we mentioned two industries that have grown in the past decade, supported by proactive policies oriented to increase high-skilled job creation, especially in the software development sector. In this column, we will review Argentina’s investment incentives related to the development of science and technology.

In the area of biotechnology, Argentina offers a specific legal framework, under Law No. 26270 on the promotion of state-of-the-art biotechnology development and production. This law defines state-of-the-art biotechnology as all technological applications based on rational knowledge and scientific principles from the fields of biology, biochemistry, microbiology, bio-informatics, molecular biology and genetic engineering that use live organisms, or parts of these, to obtain goods and services, or for the substantial improvement of productive processes and/or products. The use of the word “substantial” means that it includes innovative content suitable for industrial application, resulting in a social and economic impact, in addition to cost reductions and productivity increases.

Maria Lucia Belliz is the director of the Investors Assistance Office of the Argentina Ministry of Foreign Affairs and Worship