The President of the United States Chamber of Commerce in Argentina (AmCham), Alejandro Díaz, has described the situation of American companies in the country as “excellent”, and said US businesses intend to invest 20 billion dollars per year in the Argentine energy sector.

Díaz revealed he had met successfully with former US Secretary of Energy Daniel Poneman, as well as with mayor companies in the sector.

“They have always manifested their will to invest. We are talking about 20 billion dollars. The average foreign investment in Argentina is 7 billion per year,” Díaz told reporters today during the annual meeting that AmCham holds with the Argentine tax bureau, where head of AFIP Ricardo Echegaray was also present.

“We are talking about a figure three times bigger than the actual average for the whole country, and in one sector. Argentina has an incredible opportunity,” Díaz said.

The President of AmCham stressed American businesses have always seen Argentina as a place to invest and develop.

“International oil prices may be an element to consider in today’s scenario, but the decision to support and develop ventures in Argentina goes beyond that,” he said.

“There are opportunities for long term investments in the oil, mining and telecommunications sectors. Argentina has one of the largest non conventional oil and gas reserves in the world, which makes it a place to invest,” he concluded.

Date: March 11, 2015

Source: http://www.buenosairesherald.com/article/184063/amcham-ceo-says-us-businesses-plan-to-invest-u$s-20-billion-per-year-in-argentina