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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 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.