President Javier Milei seeks to turn Argentina into “the fourth artificial intelligence center in the world” with minimal regulations, according to what the head of the government’s council of economic advisors told the Financial Times. Demian Reidel.
Reidel was in charge of organizing the president’s meetings with OpenAI, Google, Apple and Meta last month and told the British newspaper that investing in Argentina would provide companies with “insurance” against increasing regulatory risks in the United States and Europe. .
“Argentina has a president who is really presenting the ideas of freedom, low regulation, free enterprise, and has captured the imagination of the technological world,” he said, adding “all the stars have aligned so that perhaps we will be the fourth AI center in the world.” world”.
Reidel: “All the stars have aligned so that we may be the fourth AI center in the world”
In its article the Financial Times stated: “Milei’s plans for Argentina arise in the midst of a serious economic crisis that has brought annual inflation to 289 percent. “Six months after assuming the presidency, his minority government has yet to pass any law in Congress to deregulate the economy and attract investment.”
“But his forceful criticism of Western leaders, whom he accused of being ‘co-opted’ by socialism in a speech in Davos in January, has won him followers in a technology sector that is increasingly subject to regulation by the European and American political leaders,” he added.
It should be remembered that in May, Milei and Reidel held private meetings in California with CEOs such as Sam Altman from OpenAI and Tim Cook of Apple, and hosted a summit with AI investors and thinkers, including venture capitalist Marc Andreessen and the sociologist Larry Diamond. Likewise, Milei met twice with the CEO of Tesla, Elon Musk.
“People don’t realize that if all these people want to meet with us… it’s not for a photo shoot,” Reidel said. “It is a mutual interest, in terms of [inversión] and what we will give them in terms of regulation and a favorable place to do business,” he said.
Reidel: “Extremely restrictive rules have killed AI in Europe”
Reidel added that he had been talking to companies for months about regulation and Argentina’s competitive advantages, which include a well-educated population and a vast amount of land for data centers.
In addition, he said that the meetings were “very friendly” and that Milei had a “particular relationship” with Andreessen, author of the “Technological-Optimistic Manifesto.”
Other Latin American governments are also vying to become the region’s Silicon Valley, and analysts told the Financial Times that tech companies coming to Argentina would need to make big investments in infrastructure, such as servers, and be prepared to face big political and economic risks. .
“They would need to see Argentina get rid of its [estrictos controles de capitales]and approve long-term economic reforms before investing,” he said Ignacio Labaqui, senior analyst at the risk consulting firm Medley Global Advisors based in Buenos Aires. “That process is just beginning and it would be wise to be cautious.”
Reidel argued that regulatory pressures elsewhere would drive companies to look for new places to invest. “Extremely restrictive” rules have “killed” AI in Europe, adding that discussions in the United States, where California lawmakers are considering new safety rules for AI, suggest the country “could end up going down the same path.” path”.
“After the meetings, we adjusted our plans and came out with quite concrete investment plans,” he stressed.
