The Government went to look for investment in the Middle East but came back empty-handed

The tour led by Foreign Minister Santiago Cafiero to Dubai did not yield the expected results, despite the large delegation that was part of the official delegation. Although Alberto Fernández spoke of $1 billion committed investments in infrastructure through social media, the reality would be very different from that expressed by the President.

The mission to the Middle East had complications of entry. Alberto Fernández got off almost at the last minute and most of the meetings that were scheduled with the sheikhs of the Arab Emirates were suspended. This forced the agendas to be reassembled at the last minute.

In addition, a part of the tour that included Saudi Arabia, which was planned after the participation in the Dubai Expo, which had a day dedicated to Argentina, was also suspended. Without any explanation, it was ultimately decided not to include that destination and the mission ended ahead of schedule.

The countries of the Persian Gulf are among the largest international investors on the planet, based on the sovereign wealth funds that were shaped with the millionaire oil resources. The Investment Corporation of Dubai, for example, manages assets worth $300 billion. A similar figure is handled by the Qatar Investment Authority.

In Dubai, Argentine officials were assured that there is at least USD 1.3 billion that could be used immediately for direct investment in Argentina. As Infobae learned, Arabs expressed interest in three key areas of Argentina's economy: energy, food and pharmaceuticals. However, in order to dump resources through their specific vehicles, they have been asking the Government for legislative approval of the Treaty on Investment Protection signed in 2018 between Argentina and the United Arab Emirates, whose most important emirate is Dubai.

This treaty gives special status to that country's investments and opens the door to international tribunals in the event of disputes or breaches of contract. However, Argentina made it clear that there is no possibility of giving legislative approval to the treaty, as long as it maintains that conditionality. The sheikhs response was not long in coming: “Under these conditions we cannot put a single dollar into the country.”

According to the Foreign Ministry, the aim of the tour was to “position the country as a relevant actor in the area of energy transition, space science, biotechnology and information and communication technology”.

Several governors also traveled, such as Gerardo Zamora (Santiago del Estero); Raúl Jalil (Catamarca); Jorge Capitanich (Chaco); Gerardo Morales (Jujuy) and Ricardo Quintela (La Rioja). Also part of the delegation were the Ministers of Productive Development, Matías Kulfas; Science, Technology and Innovation, Daniel Filmus; Tourism and Sports, Matías Lammens and the secretaries of International Economic Relations, Cecilia Todesca Bocco; of Tourism Promotion, Yanina Martínez; the head of Cabinet of the Foreign Ministry, Luciana Tito; the Secretary General of the Federal Investment Council, Ignacio Lamothe, and representatives of different companies.

The tour to the Middle East therefore ended with little positive news for Argentina, which continues to miss opportunities to open markets and secure genuine investment. The President's decision to withdraw from the trip at the last minute is also criticisable, considering that a little more than a month ago he had decided to meet with Vladimir Putin. At that time, at the end of January, it was already clear the danger of a Russian invasion of Ukraine that ended up unleashing at the end of February.

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