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Viewing cable 06BUENOSAIRES1211, ARGENTINA'S SHARE OF FDI INFLOWS HAS DECLINED

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Reference ID Created Released Classification Origin
06BUENOSAIRES1211 2006-05-31 15:46 2011-08-25 00:00 UNCLASSIFIED Embassy Buenos Aires
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBU #1211/01 1511546
ZNR UUUUU ZZH
R 311546Z MAY 06
FM AMEMBASSY BUENOS AIRES
TO RUEHC/SECSTATE WASHDC 4706
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/USDOC WASHDC
RUEHRC/USDA FAS WASHDC 2188
RUEHC/DEPT OF LABOR WASHDC
RHMFISS/HQ USSOUTHCOM MIAMI FL
RUEHAC/AMEMBASSY ASUNCION 5553
RUEHMN/AMEMBASSY MONTEVIDEO 5591
RUEHSG/AMEMBASSY SANTIAGO 5161
RUEHBR/AMEMBASSY BRASILIA 5355
RUEHSO/AMCONSUL SAO PAULO 2905
RUEHRI/AMCONSUL RIO DE JANEIRO 1996
UNCLAS BUENOS AIRES 001211 
 
SIPDIS 
 
PASS FED BOARD OF GOVERNORS FOR PATRICE ROBITAILLE 
OPIC FOR GEORGE SCHULTZ AND RUTH ANN NICASTRI 
PASS USTR FOR LESLIE YANG 
TREASURY FOR RAMIN TOLOUI AND CHRIS KUSHLIS AND OCC 
FOR CARLOS HERNANDEZ 
USDOC FOR ALEXANDER PREACHER 
USDOL FOR ILAB PAULA CHURCH AND ROBERT WHOLEY 
SOUTHCOM FOR POLAD AND J5 FOR JUAN RENTA 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN ECON ELAB ETRD ALOWAR
SUBJECT: ARGENTINA'S SHARE OF FDI INFLOWS HAS DECLINED 
DESPITE OUTSTANDING ECONOMIC INDICATORS 
 
------- 
SUMMARY 
------- 
 
1.  Argentina received 1.4 percent of foreign direct 
investment (FDI) inflows to developing countries in 
2005, and 5.9 percent of FDI inflows to Latin America. 
Both of these shares are well below Argentina's 
average FDI share during 1992-2000.  Even if FDI from 
the 1990s privatizations is excluded from the average, 
FDI into Argentina in 2005 would have been at least 
11.2 percent of Latin American FDI inflows if FDI had 
responded to GDP growth as it did during the 1992-2000 
period.  This suggests that Argentina's relative 
attractiveness to foreign investors has not increased 
significantly since the 2001-2002 crisis, despite 
Argentina's outstanding economic performance over the 
past four years.  End summary. 
 
--------------------------------------------- ---- 
ARGENTINA'S RELATIVE PERFOMANCE IN ATTRACTING FDI 
--------------------------------------------- ---- 
 
2.  Argentina received 1.4 percent of all foreign 
direct investment (FDI) inflows to developing 
countries in 2005, and 5.9 percent of FDI inflows to 
Latin America, a total of USD 4.6 billion. 
Preliminary data from CEPAL, the UNCTAD World 
Investment Directory and the Argentine Ministry of 
Economy, as presented by local analysts, show that 
total FDI inflows worldwide in 2005 were USD 902.97 
billion.  Developing countries received 36.5 percent 
of this total, or USD 329.6 billion.  Latin America 
received 23.8 percent of the FDI inflows to developing 
countries, or USD 78.4 billion. 
 
3.  Argentina's 1.4 percent share among developing 
countries in 2005 was down slightly from 1.8 percent 
in 2004, and up from its 1.1 percent share during the 
2001-2002 crisis period.  However, it is only about 
one-fourth of Argentina's average 5.4 percent share of 
FDI to developing countries during the period 1992- 
2000.  Even if the data is adjusted to exclude the 
1999 purchase of YPF by Repsol of Spain and FDI 
received during the privatizations of the 1990s as 
exceptional events, Argentina's share of FDI to 
developing countries last year was less than half of 
its 1992-2000 average of 3.3 percent. 
 
4. Similarly, Argentina's 5.9 percent share of FDI 
among Latin American countries in 2005 was down 
slightly from 6.3 percent in 2004 and up from its 3.1 
percent share during 2001-2002.  However, it is only 
slightly more than a third of Argentina's 14.4 percent 
average share of FDI to Latin American countries 
during the 1992-2000 period.  Even if the purchase of 
YPF and FDI directed to privatizations in the 1990s 
are excluded from data, Argentina's average share of 
FDI in Latin America was still 8.8 percent from 1992- 
2000. 
 
5.  According to Embassy calculations, Argentina's 
2005 share of Latin American FDI inflows would have 
been 11.2 percent if Argentina's FDI share had tracked 
with GDP growth as it did in 1992-2000, and all other 
variables had remained constant.  This estimate 
excludes the purchase of YPF and the 1990s 
privatizations from the calculation of the 1992-2000 
average. 
 
------- 
COMMENT 
 
------- 
 
6.  The recent relative Argentine performance in the 
FDI field, compared to that of its Latin American 
neighbors and emerging markets worldwide, suggests 
that Argentina's relative attractiveness to foreign 
investors has not recovered significantly since the 
2001-2002 crisis, despite Argentina's outstanding 
economic indicators of recent years. 
 
7.  To see more Buenos Aires reporting, visit our 
classified website at: 
http://www.state.sgov.gov/p/wha/buenosaires 
 
GUTIERREZ