There is a moment when conditions change before perception changes.

Argentina went from an annual inflation rate exceeding 200% in 2023 to a monthly rate of around 2%, with market projections placing it at approximately 30% annually by 2026, continuing its downward trend. For a company, this means something very concrete: the ability to budget, set prices, and plan once again.

The economy has also recorded its second consecutive year of growth—something that hadn't happened since 2010—sustained by a structural anchor: fiscal balance. The government has stopped spending more than it collects and has ceased financing itself through monetary issuance. That is the fundamental difference between this cycle and previous ones.

Macro risk, which for decades was the number one barrier to entry, is at its best level in a generation — and market entry prices still reflect the old Argentina.

Elimination of hundreds of regulations that restricted trade, opening of imports, progressive exchange rate flexibility, and an explicit policy of attracting foreign capital.

For investors, the key issue isn't ideology but direction: all the regulatory changes of the last two years point in the same direction—fewer obstacles to production, importing, exporting, and repatriating profits. And the most significant reforms were passed into law by Congress, giving them greater legal stability.

The Incentive Regime for Large Investments offers eligible projects a reduction of the Income Tax from 35% to 25%, exemption from export duties, progressive free availability of foreign currency, fiscal, customs and exchange stability guaranteed for 30 years, and access to international arbitration.

Does it work? In less than two years, the projects submitted exceed USD 90 billion, with more than USD 22 billion already approved in energy, mining, lithium, copper and steel — including the largest private investment in Argentine history: the Vicuña copper project, by BHP and Lundin, for USD 18 billion.

When BHP, Rio Tinto, Glencore, Chevron, and Shell commit capital for 30 years in a country, they are saying something about its legal security that no speech can convey. For medium-sized projects, there are sector-specific incentive programs, which we evaluate on a case-by-case basis.

Latin America's third-largest economy, with urban, educated, digitally savvy consumers receptive to international brands. After years of import restrictions, entire product categories suffer from limited or outdated supply: those who arrive first with a competitive product find a niche that doesn't exist in mature markets.

Settling in Argentina also means preferential access to Mercosur: a bloc of more than 300 million consumers that includes Brazil.

High-quality universities, a professional culture with international standards, and a knowledge industry that exports services worldwide. Local teams of international caliber, with significantly lower operating costs than those in the United States or Europe, and time zones compatible with both.

Added to this is a deeply globalized culture: the Argentine professional speaks the language of international business and is accustomed to operating abroad.

Vaca Muerta is the world's second-largest reserve of unconventional gas and fourth-largest of oil. Argentina is part of the Lithium Triangle and possesses copper, gold, and silver in world-class projects. Its agribusiness is one of the world's leading food suppliers. And it is a country without armed conflicts or active geopolitical tensions.

Global demand for energy, critical minerals, and food is the structural trend for the coming decades. Argentina is positioned at the forefront of all three.

That's the right question, and it deserves a serious answer. First: the stability of the RIGI (Argentine Investment Guarantee Fund) is guaranteed by law for 30 years, with international arbitration—the strongest legal protection Argentina has ever offered to foreign investment. Second: stability is no longer just a government policy; it's a demand of society.

And third: the risk premium is, precisely, the opportunity. If Argentina were Switzerland, the entry prices would be those of Switzerland. Investing well has never been about eliminating risk: it's about taking it when it's better compensated—with the right structure to manage it. Designing that structure is precisely our job.