Milei pitches Argentina’s ‘abundant energy’ to Europe at investment roadshow

President Javier Milei told European investors in Paris on Thursday that Argentina has “abundant energy” far from conflict zones and said he was “optimistic” about winning re-election in 2027.

Leading a large delegation of ministers and provincial governors to the French capital, Milei was greeted with applause at the headquarters of the Organisation for Economic Co-operation and Development (OECD) for his speech to mark Argentina Week, an event designed to attract foreign investment.

“Over the past few years, Europe has learned how costly it is to depend on unreliable suppliers. That is why I have come here to tell you that Argentina can and will offer you abundant energy from a peaceful region aligned with Western values and far from any kind of conflict,” he said.

The President highlighted Argentina’s significant reserves of copper, lithium and uranium, as well as the “legal certainty” available to mining companies and a “competitive” agricultural sector that is not an “enemy” of European farmers – despite opposition in Europe to the sweeping Mercosur-European Union trade agreement.

Russia’s invasion of Ukraine and the war in the Middle East have disrupted European hydrocarbon imports from the affected regions in recent years. Europe is also seeking access to critical minerals amid an intensifying race for such resources between China and the United States. Milei sees an opportunity for Argentina in the void.

During an hour-long speech to diplomats and business representatives, Milei defended the results of three years of austerity policies in a speech that at times resembled an election rally ahead of Argentina’s 2027 presidential election, in which he is seeking a second term.

“We are very optimistic about what is coming next year. At the same time, we know we are sitting in the electric chair, we know the constraints, but we play better than them and we are going to win,” the President said, while criticising what he called the “economic shamanism” of his opponents.

As is his custom, Milei also praised some of his top officials, highlighting what he called “the enormous performance of Argentina’s best Economy Minister, Luis Caputo, the governor of the Central Bank, Santiago Bausili, and the Foreign Minister, Pablo Quirno.”

He told investors that if his government is re-elected next year, “2028 will be the best year in our history,” adding that “the time to bet on Argentina is now”.

Milei also rejected calls for a return to what he described as a “plan platita” – increased government spending ahead of next year's elections to win support – and said he would not change course. 

“Populism is not fought with more populism, but with more freedom and greater orthodoxy,” he said.

The President claimed that the previous Argentina Week had generated investment announcements worth more than US$16 billion and expressed hope that this year's event would prove more fruitful. 

Since he took office in late 2023, annual inflation has fallen from 161 percent to 33 percent, public finances have been brought into balance and foreign-currency reserves have been partially rebuilt.

But his visit comes as poverty rose in the first half of the year, affecting almost one in three Argentines, while the economy contracted by 0.6 percent between April and June amid falling consumption and investment.

– TIMES/AFP/NA