A number of foreign companies, including Siemens and GE, have announced their plans on investing in the Argentinian economy.
Yet another foreign company has announced plans to invest in the Argentinian economy ever since President Mauricio Macri took office.
According to John Rice, Vice Chairman of U.S. industrial giant General Electric, the company is set to invest $10 billion in Argentina over the next decade.
In the last 4 months, GE has already invested $1.2 billion in the local economy through its partners. This includes an investment of $900 million in a thermal power and a $280 million loan to Aerolineas Argentinas, a state-run airline, which will enable it to purchase 7 airplanes.
Last week almost 2,000 executives from a dozen countries attended a government-sponsored forum in Buenos Aires, which was aimed at nurturing investor’s businesses confidence in Argentina’s economy.
In that forum Siemens has stated that it will invest and provide financing for $5.6 billion infrastructure development projects, which includes gas-fired power plants.
GE has said, its plans on building 7 power plants which will contribute 1 gigawatt of electricity to the country’s grid.
Despite the notorious volatility which typically surrounds Argentina’s economic crises and policies, ever since Macri won the presidency last year and promised to open up the country’s economy to foreign investment, companies have been queuing up to invest in Argentina. Many companies have however taken a more cautious approach.
“When we saw the Argentinian people elect President Macri, and we looked at the leadership team that he assembled, we saw a real tipping point,” said Rice.
Rice’s comments were made at an event in New York which Macri travelled to, since he was in town to attend the United Nations General Assembly.
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