Macri's Argentina attracts US$60bn in investments pledges

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Thursday, May 11, 2017

Investments of US$60.9bn have been announced in Argentina since market-friendly President Mauricio Macri came to power in December 2015, according to the country's international investment and commerce agency (AAICI).

The investments were pledged by 355 companies in a wide range of sectors to finance 445 projects, said AAICI in a report.

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The oil and gas sector attracted the largest portion of the amount with US$14.7bn, followed by mining (US$7.5bn), telecommunications (US$6.8bn), public services (US$5.3bn), renewable energy (US$5.1bn), manufacturing (US$4.4bn) and real estate (US$4.4bn).

Of the total, domestic firms announced investments of US$24.5bn in 248 projects. Companies from the US represent US$5.64bn in 44 projects, followed by Canada (US$5.39bn, nine projects), Spain (US$5bn, 13 projects) and Brazil (US$4.09bn, 14 projects).

At US$3bn, Canada's First Quantum Minerals made the biggest investment announcement, in the Taca Taca gold-copper project in Salta province. The second largest came from Telecom Argentina, which promised US$2.67bn to update its telephone network and expand 4G coverage. Tecpetrol, from the Techint group, ranked third with its US$2.5bn in the exploration of non-conventional gas in the Fortín de Piedra area of the Vaca Muerta formation.