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Unlock the Editorâs Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Javier Milei is pitching to make Argentina âthe worldâs fourth AI hubâ, an adviser to the libertarian president has said, promising hands-off regulation to lure US tech bosses to the troubled South American country.Demian Reidel, head of Mileiâs council of economic advisers and organiser of the presidentâs high-profile meetings with OpenAI, Google, Apple and Meta last month, told the Financial Times that investing in Argentina would provide companies with âa hedgeâ against rising regulatory risks in the US and Europe.âArgentina has a president who is actually putting forth the ideas of freedom, low regulation, free enterprise, and he has captured the imagination of the tech world,â he said in an interview. âAll the stars have aligned for us to be perhaps the worldâs fourth AI hub.âMileiâs plans for Argentina come amid a severe economic crisis that has pushed annual inflation to 289 per cent. Six months into his presidency, his minority government has yet to pass any laws in congress to deregulate the economy and attract investment.But his fiery critique of western leaders, whom he accused of being âco-optedâ by socialism at a speech in Davos in January, has won him fans in a tech sector that is increasingly being targeted for regulation by European and US policymakers. In May, mercy and Reidel held private meetings in California with chief executives including OpenAIâs Sam Altman and Appleâs Tim Cook, and hosted a summit with artificial intelligence investors and thinkers, including venture capitalist Marc Andreessen and sociologist Larry Diamond. The Argentine president has met Tesla chief executive Elon Musk twice.âPeople donât realise that if all these people want to meet with usâ.â.â.âitâs not for a photo op,â Reidel said. âItâs a mutual interest, in terms of (investment) and what we will give them in terms of regulation and a business friendly place to operate.âReidel added that he had been speaking to the companies for months about regulation and Argentinaâs competitive advantages, which include a well-educated population and a vast supply of land for data centres.He said the meetings were âvery friendlyâ and that Milei had a âparticular rapportâ with Andreessen, author of âThe Techno-Optimist Manifestoâ. Other Latin American governments are also vying to become the regionâs Silicon Valley and analysts said tech companies coming to Argentina would need to make big investments in infrastructure, such as servers, and be prepared to weather big political and economic risks.âThey would need to see Argentina get rid of its (strict capital controls), and pass long-term economic reforms before putting down money,â said Ignacio Labaqui, a Buenos Aires-based senior analyst at risk consultancy Medley Global Advisors. âThat process is just barely getting started and I would be cautious.âA bill designed to incentivise investment faces a vote in the senate, where Milei controls 10 per cent of seats, on Wednesday. The president would also need congressional backing to pass âpro-innovationâ AI regulation.Reidel argued that regulatory pressures elsewhere would drive companies to look for new places to invest. âExtremely restrictiveâ rules have âkilled AI in Europeâ, he said, adding that discussions in the US, where California lawmakers are considering new AI safety rulessuggested the country âcould end up going the same wayâ.He said he expected companies to start âpulling human capital out of Europeâ and added: âYou know what? Weâll welcome them with nice steaks and Malbec.ââWe cannot (do) everything immediately, but we are focusing on the things that we can do,â Reidel said.âAfter the meetings, we tweaked our plans, and we came out with pretty concrete plans for investments,â he added.
