Argentina: Economic and Political Perspective

Speakers:

• Anibal Fernandez, Chief of Cabinet
• Amado Boudou, Minister of the Economy
• Debora Giorgi, Minister of Production
• Mauricio Macri, Mayor of the City of Buenos Aires
• Mario Das Neves, Governor, Province of Chubut
• Juan Manuel Urtubey, Governor, Province of Salta
• Martín Redrado, President, Banco Central de la Republica Argentina
• Ernesto Sanz, Senator, Unión Cívica Radical
• Francisco de Narváez, Congressman, Union Pro
• Agustín Rossi, Congressman, Frente para la Victoria
• Nicolas Eyzaguirre, Director, Western Hemisphere Department, International Monetary Fund
• Susana Balbo, Co-founder and Winemaker, Dominio del Plata
• Marcos Galperín, President and CEO, Mercado Libre
• Martín Migoya, CEO and Co-founder, Globant
• Adolfo Rouillon, President, Congelados del Sur S.A.
• Mario Blejer, Director, Banco Hipotecario
• Carlos de la Vega, President, Cámara Argentina de Comercio
• Susan Segal, President and CEO, Americas Society/Council of the Americas

Summary

Now in its sixth year, AS/COA’s Buenos Aires conference has become one of the most important business events in Argentina. The August 26 conference brought together an audience of 400 public and private sector leaders to hear remarks by ministers, governors, the mayor of Buenos Aires, the Central Bank president, and others. Speakers presented their views on Argentina’s current and future opportunities.

Chief of Cabinet Anibal Fernandez: Argentina is a Safe Place to Invest

In opening remarks, Chief of Cabinet Anibal Fernandez said Argentina finds itself in a privileged position as it confronts the global economic crisis. As a result of the heterodox economic policies implemented in recent years, the country serves as an investment destination. He explained that this was achieved through the expansion of economic capacity and productivity, as well as improved income distribution through credit and loans. While acknowledging that Argentina's economy is not perfect, he invited businesses to invest in the country and emphasized the security of its market.

Mayor Mauricio Macri: Don’t Fear Globalization

Buenos Aires Mayor Mauricio Macri described the results of the June 28 legislative elections as the Argentine public’s call to lessen internal confrontation and focus on repositioning Argentina in the world economy via a transparent, stable business environment. Macri told the audience that Argentina must not fear globalization. He added that, with increasing trade and development, the country will be able to address the social problems that have worsened in recent years as a result of the lack of effective policies.

Governors Urtubey and Das Neves: The Fight against Poverty

Turning to the issue of poverty, Governor of Salta Juan Manuel Urtubey said deepening inequality is a critical challenge facing Argentina. He proposed the creation of a poverty-fighting fund using monies collected from 50 percent of the tax on checking account debits and credits. In his presentation, the Governor of Chubut Mario Das Neves said that all leaders must make a serious commitment to rescue Argentines suffering from poverty, indigence, and lack of health and education. Das Neves called for greater consensus to build strategic public-private alliances and provide a more predictable business environment.

Panel: The Perspective of the New Business Leaders

After a presentation by Microsoft’s Sandra Yachelini about the company’s corporate citizenship strategy, Susan Segal moderated a panel with successful new business leaders from diverse, dynamic sectors. Susana Balbo of Dominio de Plata, Marcos Galperin of Mercado Libre, Martin Migoya of Globant, and Adolfo Ruillon of Congelados del Sur discussed the role of innovation and entrepreneurship in economic development. The panel reviewed challenges for internationalization, and how their strategies changed as a result of the global economic downturn.

Minister Debora Giorgi and the Central Bank’s Martin Redrado: Argentina is in Good Shape

Central Bank President Martin Redrado said that the Bank has been an anchor of stability during times of economic uncertainty. He went on to emphasize that the skillful use of financial instruments has allowed the Argentine economy to remain in good shape. Minister of Production Debora Giorgi noted that Argentina is not suffering a balance of payments crisis due to its good pre-crisis performance both in the external sector and with its fiscal accounts.

IMF’s Nicolas Eyzaguirre and Minister Amado Boudou: the International Economy and Argentina

The IMF’s Western Hemisphere Director Nicolas Eyzaguirre spoke about the global economy and Latin America’s response to the crisis. He said the IMF is listening and has its heart open to Argentina. Minister of the Economy Amado Boudou predicted Argentina will experience strong growth next year, and that now is the moment for Argentina to return to international markets.