The Minister of Economy, Martín Guzmán, in Washington encouraged a group of businessmen to invest in energy in Argentina, and more specifically, in the Vaca Muerta unconventional formation.
Guzmán made this call within the framework of the “Atlatinc Council”, a meeting attended by businessmen, representatives of multilateral organizations and the main business consultants, the Treasury Palace reported in a statement.
“We hope to be self-sufficient in gas soon. We are building a gas pipeline (in Vaca Muerta) that will connect the south with the north of Argentina and will significantly increase production capacity,” Guzmán explained during a working breakfast.
The construction of the Néstor Kirchner gas pipeline “It is a great opportunity for Argentina, it will have significant effects in terms of competitiveness of our country, in terms of stability of the balance of payments and it also helps reduce subsidies, because it lowers the cost of production, of energy,” said the official.
Guzmán highlighted that “we are working at a regional level and accelerating the development of the energy sector in Argentina” and in this framework “Brazil can also benefit from this.”
Thank you Parliamentary State Secretary of the German Ministry for Economic Cooperation and Development, @NielsAnnen, for such a valuable and enriching exchange for the bilateral bond. We have great opportunities for cooperation, especially in the area of energy. ???? https://t.co/EksatYYOIP
– Martin Guzman (@Martin_M_Guzman) April 22, 2022
Last week, Guzmán was in San Pablo looking for investments from Brazil to expand Vaca Muerta’s unconventional oil and gas production and also in renewable energy.
On the macroeconomic situation
The Minister of Economy stressed that from the country “there are the resources to have a significant development of the energy sector, and we want to establish conditions that lead to scaling investment in the sector.”
In this sense, he highlighted the improvements that the country has been showing at the macroeconomic level in the last two years.
“The current situation in Argentina is one of strong recovery of the real economy, with significant challenges and opportunities,” said Guzmán, noting that “in the coming weeks you will see how the performance of the first quarter of the program (with the International Monetary Fund IMF ). The reserve accumulation, monetary and fiscal goals have been met”.
“The fundamentals of the economy are improving, foreign exchange reserves are growing, monetary financing is decreasing, the exchange rate gap, which exists, has also decreased, it has been reduced by about 40 points in the last two months,” the official explained.
“Today we see a macroeconomy that is returning to normal,” said the minister.