Buenos Aires Herald 
British Ambassador to Argentina Kirsty Hayes said her country’s companies are cautious about making large investments in the South American nation due to its extensive currency controls. In an exclusive interview with the Herald about the countries’ bilateral relationship, Hayes said that the British mining industry is particularly keen on growing in Argentina and that five provincial governors will attend the annual London Metals Week later this month.
“British companies are watching with a lot of interest the economic program so far,” Hayes said to the Herald at the Hilton Hotel in Puerto Madero. “That said, I think people are taking a little bit of a wait-and-see approach and seeing how long this economic change will take to bed in.”
Hayes said that President Javier Milei’s sweeping reforms have brought “some really encouraging macroeconomic figures,” that “Argentina’s persistent problem of very high inflation” seems to be leveling off, and welcomed the administration’s large investment incentive regime (RIGI, by its Spanish acronym).
However, she said Argentina is not “an easy market in which to dip a toe” because of its currency controls and the country’s “history of reversals of economic policies or commercial policies which make it a little hard for businesses to plan.”
“[Companies are] asking — first of all, is this enough?” she said, adding that special attention is being paid to whether provinces adhere to the RIGI, and discussing whether “currency controls are still a deal breaker” with the investment scheme in force.
“If and when the government feels in a position to lift those currency controls — and it’s something that has to be done in a very mindful way, and not in a hurry — […] I think that will be incredibly significant not just for British investors, but for investment more broadly,” she added.
Hayes said that many British companies are operating in the country, and hoped that the mining sector would grow, saying that Argentina is “extremely well placed” in the critical mineral industry, which she called “fundamental for the world’s green transition.”
The ambassador told the Herald that five Argentine governors will be attending the London Metals Week alongside Mining Secretary Luis Lucero. The event starts on September 30 and according to its website, “unites professionals from across the entire metals supply chain to explore current market trends, anticipate the year ahead, and connect with industry peers.”
“Lithium has been a big focus,” she said. “I think copper has a lot of underexploited resources here in Argentina when you compare it with Chile.” Hayes added that British multinational mining company Rio Tinto has a “significant presence in Salta province” and that new technologies allow for mining while taking care of the environment.
Hayes mentioned the Chevening scholarship, funded by the British Foreign Ministry, which enables foreign students to study at universities in the United Kingdom. “We’re looking to expand that program with Argentina to celebrate this special people,” she added.
The ambassador also said that the Anglo-Argentine community is “thriving” and mentioned the Welsh influence in the Argentine town of Gaiman, where Welsh is spoken alongside Spanish. She also said that the community, made up mostly of descendants of British immigrants, is keeping the UK culture alive in Argentina.
“I was always staggered by the number of bagpipe players there are in Argentina,” she added.
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