The Argentine president is backing a bill that would eliminate most restrictions that have limited foreign ownership of rural land since 2011 -- an effort to attract investment and strengthen legal certainty. File Photo by Hector Rio/EPA
BUENOS AIRES, July 21 (UPI) -- President Javier Milei's government is backing a bill that would eliminate most of Argentina's restrictions that have limited foreign ownership of rural land since 2011 in an effort to attract investment and strengthen legal certainty.
The plan also has reignited debate over sovereignty and control of a resource considered strategic.
The proposal is part of the Private Property Inviolability Act, and it would substantially amend the framework established a law enacted during the administration of Cristina Fernández de Kirchner that set limits on the amount of rural land that foreign individuals and companies could own.
Presidential spokesman Adrián Ravier said the initiative seeks to strengthen property rights protected under Argentina's Constitution. Speaking at a news conference, he said the country had endured decades of legal uncertainty that discouraged investment and hindered opportunities for economic growth and job creation.
