Javier Milei Pursues Investment Boost for Argentina During Paris Trip

During a four‑day visit intended to attract investment, President Javier Milei will address the Organisation for Economic Cooperation and Development in Paris on Thursday and meet with French President Emmanuel Macron.

Milei began his four‑day visit by opening Argentina Week, an event to promote investment opportunities that runs until 2 October.

As a libertarian who describes himself as an “anarcho‑capitalist,” Milei will deliver a speech at the OECD before meeting with Macron.

His “new Argentina” agenda declares the country open to foreign capital, offering tax incentives for over 30 years on projects exceeding €200 million.

Argentina is emphasizing openness to mining and oil sectors, and has revised glacier‑protection laws to allow exploitation of copper, gold and lithium reserves.

Milei travelled with a delegation that includes his economy and deregulation ministers, Luis Caputo and Federico Struznegger, plus a dozen governors, notably from the mining‑rich Andes province.

He is also joined by the head of the national oil company YPF and the president of the powerful agro‑industry employers’ association.

Hunt for investors

France is the seventh‑largest investor in Argentina, with a more than 63 % rise in projects in 2024—a trend Milei hopes to accelerate.

French business leaders attending the forum include Patrick Pouyanné of energy giant Total, as well as the CEOs of mining group Eramet and food company Danone.

The investor push comes amid an economic slowdown in Argentina, where GDP fell 0.6 % in the second quarter compared with the previous three months.

Since taking office in 2023, Milei has slashed government spending, delivering a budget surplus and reducing triple‑digit inflation to an annual rate of 35 %.

However, three years of austerity have weakened the industrial sector, employment and consumption in Latin America’s third‑largest economy.

Manufacturing and retail have lost jobs as purchasing power fell and Milei opened the market to foreign competition, causing a surge in imports.

Some 30 000 companies have closed since he took power, and unemployment rose to 7.9 % in the second quarter—the highest level since 2021.

Europe ‘slave to woke thinking’

Political scientist Federico Zapata told AFP that Milei must demonstrate that the world is receptive to the new Argentina he represents.

He added that the need to announce new investments, even if their immediate impact is limited until the 2027 presidential election, will help Milei’s narrative.

Milei’s popularity has fallen to its lowest point since he became president, with disapproval ratings of roughly 55‑60 %.

On Friday, Milei is scheduled to receive an award from the Paris Economic Forum for the coherence and breadth of his economic programme, according to a statement.

Nevertheless, several French unions linked to the International Federation of Journalists have denounced the visit as an affront to press freedom, citing Milei’s repeated attacks on the media.

Before the trip, Milei described Europe in an interview with French broadcaster LCI as being dragged down by a “perverse welfare state” and “a slave” to excessive regulation, immigration and “woke” thinking.

He also remarked that Europeans dislike his ally, U.S. President Donald Trump, because Trump “tells the truth about how it is sinking.”

“If people do not wake up to this reality, Europe will cease to be what it once represented for the West,” Milei said.

Despite his criticism, Milei praised Argentina’s ties with France and said he enjoys an “excellent relationship” with President Macron.

(with AFP)

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