Argentine industrialists clap back at Milei over crony businessmen comment

The Argentine Industrial Union (UIA, for its initials in Spanish) expressed its “profound unrest and concern” over statements made by Argentine President Javier Milei during an investors forum in New York on Tuesday. As part of his speech during the opening of Argentina Week 2026 — an economic summit in New York looking to promote investment opportunities in the country — Milei called Paolo Rocca and Javier Madanes Quintanilla, two of the country’s leading industrialists, “crony businessmen.” In a statement on Wednesday, the UIA defended the businessmen, arguing that “thousands of industrial companies” in the country are “experiencing a very difficult time due to falling sales and activity” and “making an immense effort to adapt to the new scenario proposed 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 went on to highlight that there are “no complaints or crimes involving the individuals” whom Milei mentioned, making it “simply an opinion” that only becomes relevant because of who said it. Viral criticism In addition to those comments, another non-official reply to Milei’s critiques surfaced online. An anonymously produced video made the rounds on social media, criticizing the president’s take. In it, a voice-over condemns Milei’s speech over a background showing images of factories at work. “Crooks? Now it turns out that being an industry leader in Argentina means stealing,” it argues. It goes on to highlight an industry’s role in the economy as a producer of goods and creator of jobs, at its own risk, and points out the multiple taxes and social security responsibilities a company faces. “The industrialist takes a risk and pays up, whether he comes out on top or not. The state takes no risk, but still collects. If those who defend [the industry] are crooks, who gets to keep everything they pay?” it retorts. Argentine industry in crisis Milei’s comments came at a time when Argentine industries are struggling to make ends meet.  In the last few weeks, several factories have closed due to the government’s economic deregulation, which has led to a surge in imports. According to a recent report by the consultancy Audemus, based on United Nations data, Argentina has recorded the world’s second-worst industrial decline over the last two years. Between 2023 and 2025, Argentina’s manufacturing sector fell by 7.9%, surpassed only by Hungary. The most notorious company that closed is tire manufacturer Fate, which shut down operations at its Buenos Aires factory in February, leaving 920 people out of work. In a recent interview with news outlet LN+, Milei said he understands “the enormous pain of those employees,” but insisted “new jobs will be created in other sectors of the economy” as investment is diverted elsewhere.