Élysée Palace meeting

French President Emmanuel Macron hosted Argentine President Javier Milei at the Élysée Palace on Thursday afternoon with military honors. Milei arrived accompanied by his sister and presidential secretary Karina Milei, receiving a welcome from Macron and First Lady Brigitte Macron. The leaders held a 40-minute private discussion before opening talks to an Argentine delegation featuring 13 provincial governors and five ministers. An Élysée spokesperson stated that the discussions aimed to maximize French interests in Latin America, focusing on trade access and strategic reserves of critical minerals such as lithium and copper.

Energy and mining commitments

The diplomatic meetings coincided with commercial commitments by French firms in Argentina. TotalEnergies Chief Executive Patrick Pouyanné announced nearly $10 billion in planned spending across three existing oil and gas ventures in the country, where the company operates as the primary international gas producer with assets in Vaca Muerta and offshore fields.

“I am happy to announce that we have nearly 10 billion dollars of investment ahead of us in Argentina.”

French mining corporation Eramet announced plans to register under Argentina's Incentive Regime for Large Investments (RIGI) to expand lithium production in Salta province. Economy Minister Luis Caputo defended the RIGI mechanism during the visit, outlining customs and tax exemptions for large projects in mining, hydrocarbons, and agriculture.

Pitch to European investors at the OECD

Prior to the bilateral meeting, Milei delivered an address at the Organisation for Economic Co-operation and Development in Paris for the Argentina Week forum. He promoted Argentina's energy supplies, copper, lithium, and uranium to European executives, arguing that the nation provides supply security far from international conflict zones.

“During these past years, Europe learned how costly it is to rely on unreliable suppliers. That is why I come here to tell you that Argentina can and will be able to offer you abundant energy from a peaceful region aligned with Western values and far from any kind of conflict.”

Milei also cited the country's potential for artificial intelligence data centers, pointing to cold climates, mineral supplies, and human capital, while urging investors to enter the market before 2028.

Economic indicators and fiscal adjustment

The Paris trip took place as the Argentine administration managed mixed domestic economic figures following three years of austerity measures. Year-on-year inflation decreased from 161% when Milei took office in late 2023 to 33%, while the treasury balanced public accounts and partially restored central bank foreign currency reserves.

Late 2023161%

202633%

Late 2023

161 %

2026

33 %

Data from the article text

Economic contraction accompanied the fiscal adjustment. Gross domestic product declined 0.6% between April and June because of reduced domestic consumption and investment, and poverty increased during the first half of the year to affect nearly one out of three citizens.