Ruben Celaya has spent three decades building a business footprint with Argentina, always anchored in the fishing sector. The family enterprise Arbumasa, once a local stalwart, was acquired by the Chinese group Dalian Huafeng in 2017, leaving Celaya at the helm of ACE Marítima Austral, one of the subsidiary companies that emerged from that deal. He speaks with the intimacy of someone who knows Argentina inside out, and his advice to anyone considering investment is blunt and practical: operate primarily within the Argentine market, and avoid exporting—a move he characterizes as potentially disastrous. The observation is echoed by Cristina Garmendia, former minister in Spain’s government and wife of Jose Luis Rodriguez Zapatero, who wonders aloud how to endure a climate where costs rise relentlessly under a depreciating local currency.
What should be done in a country once again teetering on the edge of systemic strain? Spain’s involvement in Argentina grew significantly during the privatizations that marked the nineties, a period championed by Carlos Menem that created a fragile equilibrium between the dollar and the peso. Inflation and currency depreciation loomed, and Argentina appeared among the world’s most expensive locales, where everyday purchases could fetch striking prices, such as a coffee that cost the equivalent of several dollars.
Crisis unfolded at the turn of the century with the corralito, the suspension of payments, and the end of parity, followed by a shift toward Kirchnerism. International companies pulled back, expropriations created uncertainty, and yet some firms chose to persist. Repsol’s subsidiary YPF faced ongoing legal challenges, while other companies across sectors—from banking to technology and insurance—decided to press on.
Among those steadfast players is Prosegur, a family-founded enterprise with Argentinian roots that refused to bow out. They describe a pragmatic approach: adaptation follows devaluation, with inflation driving costs and prices in tandem. The Revoredo-Gut family maintains control, and roughly 15% of Prosegur’s business now comes from Argentina, anchored by its foreign-exchange transport division. Looking ahead, the prognosis remains uncertain. If a Peronist candidate such as Sergio Massa, then minister of economy, secures the presidency, gradual devaluations could ensue. If Javier Milei, the libertarian hopeful, wins, sharper devaluations might occur, though true dollarization would demand substantial funding and policy shifts.
Banco Santander continues to stand as Argentina’s fourth-largest bank by assets, with about 11.5 billion euros registered at current exchange rates, while BBVA holds a similar footprint around 8.6 billion. Across the banking landscape, Argentina accounts for a modest share of operations in both groups. In the first half of the year, Argentina contributed roughly 2.5 percent of BBVA’s profits and about 4.8 percent of Santander’s profits. Mapfre, with a four-decade presence in the country, supports an extensive local workforce and a sizable bonus program, totaling around 200 million and 400 staff members. The insurer remarks that hyperinflation dictates its strategic choices in this market, a reality shaping underwriting, pricing, and risk management.
Telecommunications giant Telefónica, despite enduring social and destruction events in the past, maintains that about five percent of its income derives from Argentina, a figure that underlines the country’s persistent yet volatile role in Latin American operations. At stake is the looming outcome of the ongoing auction for 5G radio spectrum concessions, a decision that could influence market positioning for years to come.
Dia, the iconic Spanish supermarket chain, remains one of the strongest links to Argentina within the corporate landscape. Having opened its thousandth store abroad, Dia represents a meaningful portion of the group’s activity, with Argentina accounting for a significant share of its revenue and staffing. The company insists that it has delivered solid operational performance despite macroeconomic headwinds and ongoing volatility. In Argentina, managerial teams continually balance ambitious expansion plans with the realities of inflation, currency devaluation, and fluctuating consumer demand. The outlook remains watched closely by investors who seek steadier patterns amid a difficult macroeconomic backdrop. Argentines will cast their vote on November 19 to decide whether to maintain the existing framework or pursue a more radical economic shift.