Javier Milei is battling to lure foreign businesses back to Argentina, as multinationals hold back from the notoriously unstable country despite enthusiasm for the libertarian president.
Two years into Milei’s term, new investment has been largely confined to the booming natural resources sector. A long-running exodus of foreign groups from Argentina has continued, with HSBC and Carrefour among a dozen major companies announcing their exits under Milei.
Dollar flows from foreign direct investment turned net negative in 2025 for the first time since 2003, according to central bank data. The monetary authority told the Financial Times this was due to foreign companies’ sales to local players and Milei’s easing of currency controls.
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