“Techint is a monopolistic company,” De Vido says

Buenos Aires, September 6, 2012
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Planning Minister Julio De Vido said the company Techint is monopolistic, amid a media spat with the president of the corporation Paolo Rocca.

The businessman had questioned the country’s economy, ensuring that “Argentina has great potential, but is very poorly managed. From 2008, the competition began to fall. “

Given these statements De Vido responded: “That Rocca talks of competitiveness, when they have a monopoly enterprise and protected [from the state], is like talking of rope in the house of the hanged,” said the official.

“Techint has a monopoly on the production of sheet metal for the manufacture of cars, food products and appliances and also is heavily protected by tariff policies and managed exchange being conducted by the government,” the minister added.

In addition, De Vido contradicted Rocca when he said, “There is no investment from two years ago.” The official said this is no true because “in 2011, investment was 24.75 percent, the highest in the time series.”