The annual conference of Argentina's Institute for Business Development gathered more than one thousand executives from domestic and multinational companies in Mar del Plata over three days. It produced a dual message to Javier Milei's government: support for stabilisation, deregulation and spending restraint, but concern about whether those policies can be sustained. Political uncertainty surrounding 2027 was repeatedly described as a factor that could delay investment decisions.
At the closing session, IDEA president Santiago Mignone said business leaders want fiscal balance, inflation comparable with international levels, sustainable debt and respect for commitments undertaken by the state. His message called for rules that outlast governments and ideological divisions. The endorsement was therefore directed mainly at a macroeconomic orientation and did not amount to unconditional support for every government decision or political style.
Conference chair Fabián Kon framed the central question: can Argentina grow with stability for twenty years? He recalled that other countries needed four to ten years to consolidate low inflation and presented continuity as a condition for reducing poverty and improving daily life. Former Uruguayan president Luis Lacalle Pou added institutional respect, agreement-building and leadership that governs for the whole population rather than only supporters.
Business concerns were reinforced by an economic context weaker than during the first phase of disinflation. Figures cited around the conference included a 2.9% monthly fall in activity in July, poverty at 32.3%, unemployment at 7.9% and informal work at 45%. Family income per person was said to have fallen 6.7% since late 2025, while inflation remained near 2% a month and country risk exceeded 650 points.
Milei and his ministers did not attend in person because they were promoting investment in Paris, although the president joined remotely. He agreed that growth takes time but also framed 2027 as a choice between continuing his programme and his opponents. The business audience, by contrast, heard calls for less confrontation and for predictability based on political and institutional agreements that can survive electoral changes.
Informal conversations even raised the idea that the economic course might continue under another political figure, although IDEA adopted no collective position and endorsed no candidacy. Patricia Bullrich was mentioned in those discussions and, during her appearance, called for faster reforms so results reach consumers and firms. She also stressed social sensitivity and the need to avoid exclusion, a nuance welcomed by some participants.
Views varied by sector. Mining, oil and related services showed greater optimism, though investment timing remained cautious. Industry, construction and parts of the service economy expressed stronger concern about demand and financing costs. Industrial producers repeated that mass consumption is at least 15% below 2023, while financial executives warned about possible exchange-rate volatility during the electoral cycle.
The final message combined macroeconomic continuity with demands for pragmatism. Some executives called for lower rates and reserve requirements, more credit and attention to the impact of adjustment on small firms and households. New investment will depend not only on sector incentives but on confidence that contracts, debt and rules will be respected beyond 2027. That claim will be tested by activity data and by agreements among government, opposition and business.
