The Macri administration has announced that the “Forum On Investment And Business In Argentina” is expected to attract 2,000 leading international businessmen, including 1,500 foreign CEOs and 500 Argentine business people. The forum’s main objective is to attract foreign investment for Argentina and will be held at the Teatro Colon and the Kirchner Cultural Center between the 12th and 15th of September.
The event has been baptized “Macri’s Mini Davos” because the idea was initially discussed at the World Economic Forum, the international gathering between governments and private companies held in Davos, Switzerland earlier this year. Macri’s presence there marked the first time since 2003 that Argentina was represented at the annual forum.
The Argentine Agency of Investment and International Commerce, led by Juan Procaccini, an economist with expertise in investment, will be organizing the event.
“The government’s objective is to position Argentina as the new poster child of developing markets and there are various companies that have confirmed their attendance and [even] announced investment endeavors totaling around US $16 billion and another US $4 billion [will be added to that] within the next two years,” said Procaccini in a press conference.
Argentina will also host the World Economic Forum on Latin America, the regional version of Davos, in April 2017. When he announced this and the “Mini Davos” two weeks ago in Colombia, Macri highlighted Argentina’s new “commitment to participating in the 21st century”:
“In the first six months of our administration, we left populism behind and [the time when] investment was neglected. It was a period in which we were excluded from the world and from which we have begun to escape,” Macri said.
Attracting foreign investment has been a pillar of Macri’s administration, often blaming the previous administration of “cutting Argentina off from the world.” With that in mind the administration has paid off the vulture funds, attended the World Economic Forum and removed the cepo or restrictions on foreign exchange all in order to gain more international credibility and attract investment.