Javier in Paris – Macron hosts Milei at Élysée Palace

President Javier Milei has returned from an overseas visit to Paris with promises of investment in his pocket, as his government seeks to turn its economic reforms and Argentina’s energy and mineral resources into a magnet for foreign capital.

The biggest announcement came from French energy giant TotalEnergies, which unveiled plans to invest nearly US$10 billion in Argentina over the coming years, mainly to expand oil and gas production in Vaca Muerta and offshore developments in Tierra del Fuego. The programme includes a US$1.5-billion offshore gas development and a potential US$5 billion shale-oil project in Neuquén.

Pan American Energy also announced a US$1.2-billion investment to increase conventional oil production at Cerro Dragón in Chubut, while French mining group Eramet said it plans to seek approval under Argentina’s investment incentive regime for a US$350-million expansion of its Centenario-Ratones lithium project in Salta.

The announcements came during ‘Argentina Week,’ a government-backed investment roadshow bringing together officials, governors and business leaders with European investors.

Milei used the event to pitch Argentina as a source of “abundant energy” and critical minerals, while defending his fiscal adjustment. He told investors that his government had a US$75-billion “bazooka” to withstand destabilising pressure during the electoral period and predicted that 2028 could be “the best year in history” if he wins re-election in 2027.

On Thursday, Milei was hosted at the presidential Palais d’Elysée by his French counterpart Emmanuel Macron for talks, with investments, fiscal surplus and austerity reportedly focal points of their 40-minute one-on-one conversation.

Milei was accompanied in Paris by Buenos Aires City Mayor Jorge Macri and 12 provincial governors (with whom he held parallel meeting), as well as his sister, Presidential Chief-of-Staff Karina Milei, Cabinet Chief Diego Santilli and Ministers Luis Caputo (Economy), Mario Lugones (Health), Pablo Quirno (Foreign), Juan Bautista Mahiques (Justice) and Federico Sturzenegger (Deregulation & State Transformation), who joined the two presidents after their private talks.

Leading businessmen in his delegation included Horacio Marín, Marcos Bulgheroni, Martín Varsavsky, Mariano Bosch, José Luis Manzano, Manuel Antelo, Alejandro Elsztain and Francisco de Narváez, among others. 

Argentina Week consisted of meetings and panels linked to strategic sectors such as energy, mining, agri-business, infrastructure, technology, artificial intelligence and health. After a full day yesterday, including a visit to the Paris Business Forum, Milei began his return home.