German Companies to Boost Argentina Investment on Macri Reforms

German companies plan to invest about $3 billion in Argentina over the next four years as they welcome changes in economic policy under President Mauricio Macri, according to a business group.

The German-Argentinian Chamber of Commerce said it polled executives at major German companies that generate more than $9 billion in annual sales in Argentina about their plans for next year through 2020. The planned investment will create about 3,000 jobs, the chamber said in a statement.

“German companies in Argentina welcome the change in economic policy by Macri’s government” which should improve the competitiveness of Argentine industry and lead to “a sustainable economic recovery,” according to the chamber.

Macri and German Chancellor Angela Merkel met in Berlin on Tuesday, marking Macri’s first visit as president to the leader of Europe’s biggest economy. At a joint news conference, Merkel said “nothing stands in the way of closer German-Argentinian cooperation.”

“Inflation will decline in the second of the year,” Macri said. “We will see an economic recovery. We are making small steps every day.”

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