Argentina's government has sent to Congress a new investment incentive bill dubbed "Super RIGI", targeting projects worth at least $1bn in sectors including artificial intelligence, semiconductors and advanced biotechnology, as President Javier Milei seeks to extend his investment drive to industries not currently operating in the country.

The initiative, reported by Clarín, would complement the existing Régimen de Incentivo para Grandes Inversiones, or RIGI, which since its launch in 2024 has drawn 36 project proposals totalling $85bn, dominated by mining and energy. The new framework, formally named the Régimen de Incentivo para Grandes Inversiones en Nuevas Industrias, is aimed at activities considered either non-existent or still experimental in Argentina.

Twelve projects worth $17.2bn have so far been approved under the original RIGI scheme, representing roughly 20% of those submitted, with $1.2bn already entering the country. The new bill would sweeten the offer further: companies admitted to the Super RIGI would pay a reduced corporate tax rate of 15%, against the 25% rate available under the existing framework.

Milei said that the scheme will allow for “the creation of new companies that meet the production needs of the new, dynamic sectors of the economy while multiplying the number of jobs.”

Investments would need to be channelled through special-purpose vehicles created exclusively for each project. Companies would also be required to commit at least 20% of pledged capital within the first two years.

The bill also includes accelerated depreciation mechanisms, unlimited deductions for losses, and a reduction in taxes on dividends and profits to 3.5% after four years in the scheme. Project-related imports and exports would be exempt from customs duties, while companies would gradually gain access to hard currency generated through exports — retaining 20% of proceeds in the first year after exports begin, rising to 40% in the second and 100% by the third.

In a provision mirroring the original RIGI's structure, the bill would grant 30 years of regulatory stability covering tax, customs, foreign-exchange and social security rules, and allow disputes between investors and the state to be settled through international arbitration.

Provinces and municipalities would need to formally adhere to the regime for projects in their jurisdictions to qualify for national incentives, with local rules that contradict the scheme's benefits potentially rendered void.

The government said the new framework was designed following consultations with the financial and productive sectors, which identified a need for an incentive programme focused specifically on industries new to Argentina. Officials flagged a broad range of potential beneficiaries, including lithium battery manufacturing, green hydrogen, liquefied natural gas plants, small modular nuclear reactors, solar panels, wind turbines, electric vehicles, petrochemicals, aerospace products and uranium-related industries. The bill would remain in force for five years if passed by lawmakers.