Looking beyond the turbulence on exchange markets and its impact on the real economy, some international companies continue to bet on Argentina in the long term.

One such company is Norwegian Air Argentina, which on Monday signed with Córdoba Governor Juan Schiaretti an agreement in the framework of the airline’s plans to create a Córdoba air hub, including investments of US$ 200 million by the year 2020 and 100 new jobs.

According to Schiaretti, the consolidation of an air hub in the middle of the country would make Córdoba Argentina’s leading tourist centre and its second outlet abroad.

The province will grant Norwegian the tax breaks and labour benefits offered to any national or international company settling in Córdoba to develop air transport.

The agreement also provides that the airline must prioritize local suppliers, who will be offered technical assistance enabling them to comply with the required standards of punctuality and quality. The aim is to form a productive cluster with Córdoba-based suppliers.

Norwegian informs that the first routes to operate would be those in "most demand," naming those from Córdoba to Buenos Aires, Mendoza, Salta, Iguazú and Bariloche, announcing that ticket sales would begin in the next few days. Schiaretti added San Juan to that list as a new destination while also saying that flights to Posadas would be boosted.

The tax breaks include exemption from property taxation for five years and from the stamp tax for two as from the start of the investment plan, as well as tax-free gross earnings when derived from air transport.

The 100 permanent new jobs promised with this investment will be subsidised for two years while the airline will receive non-refundable assistance for training new staff as long as they reside in the province of Córdoba.