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By: Luc Cohen and Hugh Bronstein
Domestic and foreign companies likely will invest $14 billion in Argentina this year as firms open their pockets to make good on previously announced investments, the head of the government's investment promotion agency said on Tuesday.
President Mauricio Macri's government struggled to pull in the investment it promised in his first year in office but the head of his Investment and Trade Promotion Agency, Juan Procaccini, said in an interview that 2017 was looking better.
"The first year we had so many things to do in terms of ... becoming again a normal economy," Procaccini said. "Now, we're enjoying the fruits of that effort."
The agency, created shortly after Macri took office in late 2015, is working with companies on an additional $12.5 billion worth of investments in projects that have not yet been announced, he said.
Foreign investors stayed away from Argentina during much of the past decade due to former President Cristina Fernandez's populist policies and many are waiting to see if market friendly reforms Macri has proposed or passed remain in place.
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