The dream of the RIGI and the economic deregulation promoted by Javier Milei’s government clashes head-on with reality: Argentina is being left out of the investment surge that Latin America is experiencing. According to a report by the Instituto Argentina Grande (IAG) based on ECLAC data, out of every 100 dollars of foreign direct investment (FDI) that entered the region in 2025, only 1.6 reached the country. A miserable figure that contrasts with official optimism.
Meanwhile, the rest of the region celebrates. Brazil captured 38% of the total, Mexico another 24%, and flows to Latin America grew 7.1% to reach nearly $189 billion. Argentina, on the other hand, barely scraped a marginal share. The fruits of the RIGI, that incentive regime the government sold as the key to attracting capital, are nowhere to be seen yet.
“The fruits of the RIGI have not yet impacted public accounts; FDI is not picking up,” warn IAG specialists. And they are certainly right. Milei himself turned the arrival of investments into the main argument to defend his deregulation policy, but the numbers tell a different story.
ECLAC had already warned that competition for FDI is no longer won with just lower taxes or fewer regulations. Infrastructure, innovation, local suppliers, and productive development policies are needed. Precisely what Argentina lacks. While the government bets everything on the chainsaw and austerity, productive investment goes to other countries that offer long-term conditions.
The picture is even uglier if we look at domestic investment. According to INDEC data processed by IAG, gross fixed capital formation per capita fell 3.2% compared to the last quarter of 2023 and 12% compared to the beginning of that year. In other words, not only are foreign investments not arriving, but local entrepreneurs are also investing less. And the little they invest goes into imported machinery: investment in domestic goods fell 8%, while imported goods rose 12%.
“In Milei’s plan, entrepreneurs invest less and create jobs abroad by buying imported goods,” the think tank states. A lethal combo for an economy that has already accumulated four consecutive quarters of investment contraction.
The government insists that the RIGI will bring a wave of investments, but ECLAC data shows that Argentina is losing the regional race. While Brazil and Mexico take the cake, here we are left with only crumbs. How long will they keep blowing smoke?
Para mí esto huele a cuento del orto. Con el RIGI y los liberales choreando, Argentina es un desierto porque se roban hasta las piedras. 1,6%? Me parece que es la cuota de miseria que nos dejan mientras ellos se llenan los bolsillos. Despertemos, carajo, que nos tienen de patios traseros.
Para mí Argentina no es un desierto de inversiones, es un desierto de tipos duros. Los zurdos lloran por el Estado y los empresarios se van. El RIGI es un chiste con sindicatos chorros y políticos. ¡Basta de excusas, esto huele a cagones!