Jorge Brito calls for an Argentina where 'everyone does well,' not just select sectors

Jorge Brito, a prominent figure in Argentina's business landscape as president of Genneia and a major shareholder in Banco Macro, has articulated a vision for the country's future, centering on inclusive prosperity. Speaking at an energy summit, Brito stressed the need for an Argentina where "everyone does well," contrasting it with a scenario where only certain sectors benefit.

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We will reach a country in which everyone does well, which I believe is the country we want; not one where some do well and others don't.

Brito acknowledged the current economic reality, which sees heterogeneous growth across different industries. He pointed to sectors like energy, mining, and agriculture as current "winners," while noting that others, including industry, construction, and commerce, are still struggling to adapt. "There are still many sectors that are not in an adequate situation," he stated, adding that Argentina can only focus on long-term planning once these lagging sectors stabilize.

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I have to speak as president of Genneia, the main generator of renewable energy, which is in one of the winning sectors, along with the mining and oil sectors, but there are still many sectors that are not in an adequate situation.

Looking ahead, Brito identified mining and data centers as crucial pillars for Argentina's next phase of development. He specifically highlighted the potential of data centers, emphasizing the need for them to be powered by renewable energy, a field where his company, Genneia, is a leader. Despite potential public perception issues, Brito argued that data centers, driven by technologies like artificial intelligence, can generate employment, particularly in construction, if developed with environmental consideration.

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The issue of data centers perhaps has a bad press, but each of us and our children use artificial intelligence.

On the financial front, Brito observed a growing trend of local investors participating in international bond offerings, a shift he attributes to a lack of confidence in the Argentine peso rather than the country itself. He noted that while Argentines trust the country's public security, confidence in the currency remains a challenge. Despite these complexities, Brito concluded with an optimistic outlook on the macroeconomic context, believing Argentina has a strong future, though he identified reviving domestic consumption as the next critical task.

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There is confidence of Argentines in Argentina, in Argentine public security, but not yet in the currency.