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Viewing cable 08BUENOSAIRES1760, ARGENTINA: AMERICAN CHAMBER DESCRIBES

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Reference ID Created Released Classification Origin
08BUENOSAIRES1760 2008-12-30 12:57 2011-08-26 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Buenos Aires
VZCZCXYZ0000
RR RUEHWEB

DE RUEHBU #1760/01 3651257
ZNR UUUUU ZZH
R 301257Z DEC 08
FM AMEMBASSY BUENOS AIRES
TO RUCPDOC/USDOC WASHDC
RUEHC/SECSTATE WASHDC 2798
RUCNMER/MERCOSUR COLLECTIVE
UNCLAS BUENOS AIRES 001760 
 
SIPDIS 
SENSITIVE 
 
USDOC FOR 4321/ITA/MAC/OLAC/PEACHER 
STATE FOR ECON WHA/BSC 
 
E.O. 12958: N/A 
TAGS: ETRD ECON WTRO AR
SUBJECT: ARGENTINA: AMERICAN CHAMBER DESCRIBES 
INVESTMENT CHALLENGES, OPPORTUNITIES TO CODEL MEEKS 
 
Ref: BUENOS AIRES 1680 
 
------- 
Summary 
------- 
 
1. (SBU) CODEL Meeks received a first-hand understanding of the 
commercial opportunities and challenges faced by U.S. companies 
operating in Argentina during a roundtable discussion with American 
Chamber of Commerce in Argentina (AmCham) member companies on 
December 17, 2008.  Discussion focused on the pressures on 
profitability of U.S. firms in Argentina, and how GoA actions are 
exerting pressure on trade and investment.  Financial services and 
energy companies complained the loudest.  Technology and consumer 
goods companies reported on how they have found opportunities to 
work around or avoid obstacles created by the Argentine government. 
Congressmen Meeks, Hinojosa, and Ryan encouraged AmCham members to 
help the new U.S. administration to find opportunities to improve 
the bilateral relationship with Argentina. 
 
 
 
Congressman Hinojosa made a strong pitch for U.S. businesses to 
support financially the Embassy's Youth Ambassadors and Teacher 
Ambassadors Programs.  End Summary. 
 
----------------------- 
AmCham hosts roundtable 
----------------------- 
 
2. (SBU) After introductions by the CODEL and participating 
companies, the AmCham CEO summarized the current trends in the 
business climate in Argentina.  For the last few years, he said, 
U.S. firms were profitable and growing rapidly thanks to a rapidly 
expanding economy and their understanding of how to deal with the 
boom-and-bust cycles of the Argentine economy.  However, as economic 
growth slows, institutional values such as protection for private 
property and ensuring a stable regulatory environment and free 
markets have become more important considerations for the foreign 
companies operating in Argentina.  Participating companies were 
MetLife, Duke Energy, Prudential, CH2M Hill, Mary Kay Cosmetics, 
Apache Energy, and Microsoft.  The Ambassador, Economic Counselor, 
Commercial Counselor (notetaker), and CODEL Control officer also 
participated. 
 
--------------------------------- 
Expropriation through legislation 
--------------------------------- 
 
3. (SBU) MetLife's corporate headquarters is located in Congressman 
Meek's district.  The GoA's recent move to nationalize all Argentine 
private pension plans greatly affects MetLife's operations in 
Argentina (reftel).  MetLife said that they would comply with the 
recently enacted law that nationalized private pension plans, but 
are concerned about its effect on the company, their clients, and 
their employees, and emphasized their interest in receiving a fair 
price for the value of their expropriated investment. 
Representative Meeks, familiar with this case, reported to MetLife's 
representative that he mentioned to the President's Chief of Cabinet 
Sergio Massa his interest in seeing MetLife treated fairly, and his 
hope that the resolution of the exit of MetLife from their pension 
business in Argentina would not sour current or future U.S. 
investment in Argentina (septel).  Prudential echoed frustrations 
that the business climate is worsening, and that action taken 
 
 
 
against private pension funds has damaged any residual trust that 
the financial sector had in the public sector. 
 
--------------------- 
Energy sector suffers 
--------------------- 
 
4. (SBU) Both Duke Energy and Apache Energy voiced frustration over 
government intervention and over-regulation that discourages private 
investment in the energy sector from exploration to distribution. 
Seventy percent of planned investments in the energy sector are 
currently supported by the State, which results in high inefficiency 
and which reflects the fact that given low state imposed tariffs 
which discourage investment.  Both companies stressed that Argentina 
lacks the long-term stability that private investors need.  Strong 
labor unions and a weak judiciary add to the highly unpredictable 
operating environment. 
 
------------------------ 
High Tech Remains Strong 
 
------------------------ 
 
5. (SBU) Microsoft reported 25 percent growth in the market, and a 
positive relationship with the GoA due to employment generation and 
corporate social responsibility activities.  The growth of the local 
software industry will depend on successful efforts to reduce the 
rate of piracy, currently estimated at 79 percent.  More IT 
professionals are also needed to continue growth in the local 
software industry. 
 
-------------------------- 
Crisis Creates Opportunity 
-------------------------- 
 
6. (SBU) For Mary Kay Cosmetics, the economic crisis of 2002 created 
a large growth opportunity for direct sales.  Mary Kay Argentina 
quadrupled its sales force over the past seven years, and has 
avoided the government's price control regime that targets mostly 
lower-end consumer goods and commodities.  CH2M Hill has also taken 
advantage of local low-wage, highly-skilled employees by hiring more 
than 400 engineers that provide private-sector clients in Argentina, 
Latin America, and the world with engineering services for major 
projects.  CH2M Hill currently avoids government interference by not 
bidding on public 
 
 
tenders.  However, they note that more complicated times lie ahead 
for CH2M Hill as private sector clients scale back expansion, and 
the government begins to initiate the vast majority of new 
investments in infrastructure. 
 
--------------------------------------------- --------- 
Business as Ambassadors urged to Support Embassy Exchange Programs 
--------------------------------------------- --------- 
 
7. (SBU) The Congressmen concluded by urging the U.S. business 
community in Argentina to work with the U.S. Government and take 
advantage of the opportunity to improve bilateral relations that 
will come with the change of administrations in Washington. 
Congressman Meeks stressed that US businesses serve as informal 
Ambassadors for the U.S. and that their role is even more important 
these days.  That opportunity to improve relations promises to go 
far beyond solely commercial relationships, the Congressmen stated, 
with the potential for Argentina to be a stronger partner of the USG 
in dealing with the serious issues which confront the region. 
 
8. (U) Representative Hinojosa made a lengthy presentation about the 
importance of education and exchanges and urged the Chamber and its 
members to support them.  He shared how impressed he was to learn 
about the Embassy's Youth Ambassador and Teacher Ambassador 
Programs.  He urged the Chamber to consider a donation of $1,000 by 
each of its member companies to the Youth Ambassador Program -- an 
investment in bilateral relations which will pay off handsomely. 
 
9. (U) The CODEL did not have the opportunity to clear this report. 
 
WAYNE