By Rodrigo Campos
NEW YORK, March 10 (Reuters) - President Javier Milei aims on Tuesday to persuade investors that Argentina's economic turnaround can stay on track even as war in Iran pushes oil prices higher, strengthens the dollar and rattles emerging markets.
Milei is due to speak to investors and executives inside JPMorgan's new headquarters in Midtown Manhattan as part of "Argentina Week," a New York roadshow to convince financiers that the South American country's stabilization effort remains an attractive investment story despite the global backdrop.
"We're talking about making connections, about creating the right environment for these conversations to be productive," said Manuel Adorni, chief of Milei's cabinet and his spokesperson, addressing investors at a reception on Monday night in the Argentine consulate in New York. "We want to build trust, we want to lay the foundations so that we can establish a long-term relationship."
U.S. government backing has become a key part of that pitch. President Donald Trump's administration publicly supported Milei ahead of Argentina's October 2025 midterm elections and expanded financial cooperation with Buenos Aires. A liquidity facility championed by the United States helped avoid a run on the peso ahead of that vote.
The two countries deepened economic ties in February, when the United States and Argentina signed a reciprocal trade and investment agreement designed to facilitate U.S. investment, including in the critical minerals sector.
"They're simply reiterating the investment opportunities in Argentina and sending a message of macroeconomic and political stability," Armando Armenta, a senior economist and strategist at AllianceBernstein, said of the roadshow. "It's good that they're doing this because Argentina has been out of the spotlight for a long time."
Argentina's government says aggressive spending cuts, deregulation and fiscal tightening are beginning to restore macroeconomic stability after years of deficits, currency crises and galloping inflation.
Investors have cautiously welcomed the adjustment and recent reforms, including a labor overhaul approved by Congress that marked a major legislative victory for Milei.
Still, Argentina must rebuild foreign-exchange reserves, attract longer-term investment and regain reliable access to international capital markets after years of default and capital controls -some of which remain in place.
Officials hope Argentina Week, which will also host Economy Minister Luis Caputo, central bank governor Santiago Bausili and deregulation minister Federico Sturzenegger, will help demonstrate that reforms are translating into investment opportunities, particularly in sectors such as energy, mining, agriculture and technology.
The closer alignment with the United States marks a shift after years in which China expanded its economic footprint across South America. Yet China remains one of the country's largest trading partners and a major creditor.
Global conditions may complicate the message.
Oil prices are up nearly 30% this month to about $90 per barrel as the United States and Israel attack Iran, while a flight to safety has strengthened the dollar and drawn some investors away from emerging markets. The dollar has gained more than 4% against developed currencies since late January, while the EM currency index has surrendered its gains for the year.
Last week, the Argentine local stock benchmark touched its lowest level since October, while the dollar bond yield spread to U.S. Treasuries widened in line with the global benchmark.
For Milei, the challenge is convincing investors that Argentina's reforms deserve attention even amid a flight to safety.
(Reporting by Rodrigo Campos in New York; Editing by Will Dunham)
