Milei presents Argentina as a business case at the AmCham Summit 2025

Within the framework of the AmCham Summit 2025, President Javier Milei delivered an extensive and technical speech in which he presented Argentina as an excellent business case for investors. Relying on a solid theoretical framework of growth economics, Milei articulated a narrative that links economic progress with the accumulation of human capital, deregulation, respect for property rights, and savings as the foundation for sustainable investment.

The tone of the speech was academic, covering essential milestones in the evolution of economic thought. From Adam Smith's early formulations on the wealth of nations, through the contributions of Robert Solow, Gary Becker, Hirofumi Uzawa, Paul Romer, and Robert Lucas Jr., the president traced a genealogy of economic growth whose endpoint is present-day Argentina under his administration.

One of the most prominent themes was Milei's approach to the relationship between human capital and growth. In this regard, he defended the creation of the Ministry of Human Capital as an institutional innovation that anticipated the challenges of development. In his words, human capital is divided into two dimensions: the first generation, linked to nutrition and health; and the second, focused on education and labor market integration. This structure, he explained, makes it possible to comprehensively address the structural determinants of economic growth, promoting a sustained improvement in labor productivity.
 

Structural reforms and deregulation: the engine of increasing returns

Another central point of the speech was the defense of the deregulation process. Milei identified excessive regulation as a direct obstacle to growth, noting that it negatively interferes with the expansion of productivity through the division of labor, a notion originally developed by Adam Smith. In that sense, he considered that the Ministry of Deregulation and State Transformation, led by Federico Sturzenegger, plays a central role in this stage of reforms.

With a quantitative emphasis, the president compared the reformist volume of his government with that of the 1990s, stating that in 500 days more than 2,000 reforms have been implemented, a figure that multiplies by twenty the changes carried out during the entire administration of Carlos Menem. "We are dismantling regulatory structures that stifled growth and promoting conditions for the sustained expansion of capital," he stated.

In line with his criticism of neoclassical orthodoxy, Milei questioned the rigidity of economic models that prioritize mathematical consistency over empirical evidence. For him, "market failures" are often failures of the model, not of reality. He used this criticism as an argument to justify an economic policy oriented toward observable results rather than abstract theoretical coherence.

Investment, savings, and defense of property: the pillars of an open economy

Milei emphasized that economic growth is not caused by consumption, but by investment, which depends on prior savings. This implies, according to his view, the need to guarantee robust institutional conditions that protect private property, since only in this way can savings be encouraged and, consequently, the financing of new investments. In that vein, he presented the Large Investment Incentive Regime (RIGI) as a concrete tool to provide legal certainty to both foreign and local investors.

One of the most relevant announcements of the day was the confirmation of a mining company's entry into the RIGI for an amount of 2 billion dollars, validating the effectiveness of the scheme. He highlighted that the RIGI makes it possible to quantify the impact of potential tax increases or new regulations, facilitating international arbitration in the event of any impact on the project's economic-financial equation. In addition, the selection and replacement of international arbitrators is enabled, and a specific local court has been created to handle these disputes.

This mechanism, Milei assured, allows investors to have predictability and guarantees over their cash flows, which constitutes a necessary condition for Argentina to be seen as a reliable destination for large capital.

With a speech marked by a strong theoretical and technical imprint, Javier Milei sought to show that his government's reforms are not improvised, but rather respond to a consistent strategy based on economic literature and historical evidence. From human capital to deregulation, including investment protected by the RIGI, the president outlined a national project focused on long-term economic growth. The message, aimed at both businesspeople and economists, sought to reposition Argentina within the global radar of business opportunities.