The Argentine Industrial Union articulated its “profound unrest and concern” regarding remarks made by Argentine President Javier Milei at an investors forum in New York on Tuesday. During his address at the commencement of Argentina Week 2026 — an economic summit in New York aimed at fostering investment prospects in the nation — Milei referred to Paolo Rocca and Javier Madanes Quintanilla, two prominent industrial figures, as “crony businessmen.” On Wednesday, the UIA issued a statement in defense of the businessmen, asserting that “thousands of industrial companies” across the nation are “facing significant challenges due to declining sales and activity” and are “making a tremendous effort to adjust to the new conditions set forth by the national government.”
“When expressions are used from the highest institutional office that belittle those who produce and invest, it creates an unfair injustice toward their daily efforts and weakens the culture of respect that Argentina needs to rebuild,” read the statement. The UIA emphasized that there are “no complaints or crimes involving the individuals” referenced by Milei, characterizing it as “simply an opinion” that gains significance solely due to the identity of the speaker. Alongside those remarks, an additional unofficial response to Milei’s criticisms emerged on the internet. A video, produced anonymously, circulated on social media, critiquing the president’s perspective. A voice-over critiques Milei’s speech while images of factories in operation are displayed in the background. “Crooks?” It is posited that achieving the status of an industry leader in Argentina equates to engaging in theft.
The text underscores the significance of an industry within the economic framework, emphasizing its function as a producer of goods and a generator of employment, all while bearing inherent risks. It also notes the various tax obligations and social security responsibilities that companies must navigate. “The industrialist assumes a risk and incurs costs, regardless of the outcome.” The state incurs no risk while continuing to reap benefits. If those who advocate for [the industry] are dishonest, who retains all the payments they make? It responds. Milei’s remarks emerged during a period when Argentine industries are facing significant challenges to sustain their operations. In recent weeks, numerous factories have shuttered as a result of the government’s economic deregulation, resulting in a notable increase in imports.
A recent report, indicates that Argentina has experienced the second-worst industrial decline globally over the past two years. From 2023 to 2025, Argentina’s manufacturing sector experienced a decline of 7.9%, a decrease that was only exceeded by Hungary. The most infamous company to cease operations is tire manufacturer Fate, which halted production at its Buenos Aires facility in February, resulting in the unemployment of 920 individuals. In a recent interview with news outlet LN+, Milei acknowledged “the enormous pain of those employees,” yet maintained that “new jobs will be created in other sectors of the economy” as investment shifts to different areas.