How do you see the current atmosphere in Argentina's business landscape, given your extensive experience in various sectors?
The strategy unfolding in Argentina today reminds me of my time as CEO of Dow in 2014 when I convinced the board to invest in Vaca Muerta. At the time, it was an unknown opportunity, but I saw it as a transformative platform for the country. We were among the first to invest in shale gas, alongside Chevron and YPF. Back then, many doubted the move, but over time, the investment paid off, particularly during the Macri era when we doubled our stake in Vaca Muerta and expanded into agriculture with Dow AgroSciences.
Throughout my career, I have always maintained a long-term vision for Argentina, understanding that while governments change, strategic industries like energy, agriculture, mining, and the knowledge economy remain fundamental. Argentina has the capacity to sustain itself if macroeconomic stability is achieved. Right now, we are in a transition where critical adjustments to macroeconomic variables are underway. If these continue on the right path, the country will become an increasingly attractive investment destination.
Which macroeconomic variables have been addressed, and which remain key to attracting foreign investment?
One of the most significant hurdles in the past was the foreign exchange gap, which made it nearly impossible to execute large-scale investments. When we attempted a $6.5 billion expansion of the petrochemical hub in Bahía Blanca, it was halted due to currency restrictions. Today, that variable is improving, with a gradual reduction of the exchange rate gap.
Inflation is another crucial factor. While it remains high, the government’s focus on curbing it is the right approach. However, stability is needed before Argentina can truly attract foreign capital. The ultimate challenge is public spending—adjusting it as the anchor for a sustainable macroeconomic program. Many business leaders and economic forums have long advocated for this, and we are now seeing it take shape. The government’s commitment to focusing on these core variables is a major shift that is already creating new expectations in the market.
You have spent significant time abroad. What made you decide to remain committed to Argentina and invest in its future?
When I joined Dow, Argentina was its fourth-largest global subsidiary, and my initial plan was to spend a few years here before continuing my international career. However, something changed between 2015 and 2018. I realized that the private sector had a role to play beyond its immediate business interests—it could contribute to a better Argentina. It was no longer just about personal or corporate success; it was about impact.
Convincing Dow to invest in Vaca Muerta reinforced this belief. We were making a tangible difference in the country’s economic landscape. Over time, I became convinced that Argentina had untapped potential beyond its traditional strengths in energy and agriculture. The country’s unique cultural and social fabric could also become an asset in an increasingly digitized and depersonalized world.
You mentioned Argentina’s social fabric as a unique asset. How does this play a role in today’s global economy?
We are entering an era where hyper-technologization is creating a crisis of human connection. Countries like the United States are facing a decline in social cohesion—people feel increasingly isolated, disconnected, and polarized. Argentina, on the other hand, has a deeply embedded culture of human connection. From family gatherings to friendships and business relationships, we prioritize personal bonds in a way that is rare globally.
This is an underappreciated competitive advantage. In a world that is growing more transactional and digitally driven, Argentina has the potential to position itself as a hub for industries that require a strong human touch. Whether in hospitality, creative industries, or even business collaborations, the Argentine way of forming and maintaining relationships can become a differentiating factor in the global market.
While you highlight Argentina’s strengths, the country also struggles with corruption and institutional inefficiency. How do you reconcile these contradictions?
It’s true that Argentina has historically been plagued by corruption, corporatism, and inefficiencies that have hindered its economic progress. However, it is also a country that constantly reinvents itself. The 2023 election was a clear sign that many Argentines are ready to break with the past and embrace new approaches to governance and business.
We cannot view Argentina’s challenges in a binary way—it’s not simply good or bad. What we see today is a stage of rupture, where outdated structures are being dismantled. This period is more about demolition than construction, but it’s a necessary step toward long-term change. The biggest support for the current government comes from its willingness to break with the inefficiencies of the past. The challenge now is to shift from destruction to rebuilding, and that requires a clear and collective vision for the future.
You emphasize the need to balance technology with human elements. How do you see this playing out in the future?
We live in a world of growing dichotomies—analog vs. digital, public vs. private, incumbents vs. disruptors. Successful businesses and leaders will be those who can bridge these divides. The future is not about choosing one side but navigating both.
The projects and organizations that thrive will be those that create connections—between technology and human interactions, between established institutions and emerging startups, between governments and the private sector. Leadership today requires collaboration, adaptability, and the ability to synthesize diverse perspectives into a cohesive vision. This is the mindset that will define the next generation of economic and social progress.
You have recently focused on digital transformation in the construction industry through Nuclea. Why construction, and why now?
The construction sector is one of the most inefficient and fragmented industries, especially in Latin America. It operates under a linear logic that makes processes cumbersome and opaque. Our goal with Nuclea is to introduce a platform-based model that enhances efficiency, transparency, and collaboration across the entire value chain.
We recently secured an agreement with Argentina’s largest bank, which is now structuring financing around industry verticals rather than traditional banking segments. This shift reflects the growing importance of digital platforms in enabling new economic models. As Argentina stabilizes, industries will demand greater efficiency, and technology will play a crucial role in that transformation. We positioned Nuclea early on with this vision, and now the macroeconomic context is finally aligning to support it.
Finally, how do you see Nuclea growing in parallel with Argentina’s economic transformation?
We are already seeing structural changes that favor our model. With inflation moderating and transparency increasing, banks are starting to finance construction in more formalized ways. The old system of informal credit and opaque transactions is giving way to a more efficient and digitized economy. This is where Nuclea thrives—we provide the platform that connects manufacturers, suppliers, and buyers in a streamlined, data-driven ecosystem.
As Argentina moves toward greater economic stability, businesses like ours will play a critical role in optimizing key industries. We started with five people, and now we are ringing the New York Stock Exchange bell. That growth trajectory aligns with Argentina’s potential. The country has all the ingredients to succeed, and as long as we continue to integrate digital efficiency with human collaboration, the opportunities will only expand.
