BUENOS AIRES — It was just a year ago. A majority of Argentines voted for the investor-friendly candidate: Mauricio Macri.
It’s a sweeping change in the country’s politics.
The former businessman is reversing the protectionist and populist policies of his predecessor, Cristina Fernandez de Kirchner, known for her charismatic rhetoric.
Macri is telling the world that Argentina is open for business. From Davos to a Mini Davos in Buenos Aires, Macri is hunting for foreign investment.
In September, the capital held a business forum with almost 2,000 international and local executives to boost trade.
The main objective of the centre-right president is to regain the market’s confidence.
After a 14-year dispute with holders of its defaulted debt, Argentina is no longer a pariah of international capital markets since Macri settled the dispute with creditors.
To be more competitive globally, the new administration has cut down tax exports, especially on agricultural products – a key sector.
Macri’s administration also wants to boost Argentines’ entrepreneurial spirit.
At the Stock Market, the government co-organized an event to select the best startup to coach and connect them with investors.
There’s hope that Argentina will become a tech haven. It’s home to the majority of Latin America’s tech unicorns.
The task isn’t easy. Macri inherited one of the highest inflation rates in the region – around 40%.
He also has to correct serious structural ills.
Slashing state subsidies for electricity, gas and water has sparked protests across Argentina.
Furious public-sector unions have staged regular strikes against what they call Macri’s “neoliberal” policies.
This video was shot and produced for International Finance Magazine. It was published on November 22, 2016. Click here to watch it.
