Ricardo Gameroff
Partner, Kreston BA Argentina, Argentina
Ricardo is a fraud, audit and risk expert with over two decades at Ernst & Young (EY), where he served as an Audit and Forensics Partner across Canada, Chile, and Argentina. He led major clients in utilities, retail, manufacturing, and mining sectors, including Coca-Cola, McDonald’s, Siemens, Fluor Daniels, and others. Ricardo is a Certified Public Accountant (CPA) in the United States, Chile, and Argentina, a Certified Fraud Examiner (CFE), and holds an MBA designation. He’s also a university professor at Universidad de los Andes and a published author on occupational fraud.
Investing in Argentina: The next gold rush for overseas investors?
March 7, 2024
Investing in Argentina may be closer than you think. Political turmoil and economic headaches have given Argentina miles of bad press in recent years. Yet another story is that the country is opening up to overseas companies, with foreign direct investment increasing 122.5% to USD 15 billion in 2022, according to the World Investment Report published by UNCTAD.
New optimism
Argentina’s economic landscape has been transforming under President Javier Milei’s leadership since his November 2023 victory. His commitment to significant economic reforms, including addressing high inflation, deregulating various sectors, and privatising state-owned enterprises, has boosted investor optimism. All these factors combine to make Argentina a more attractive destination for international companies than ever before.
However, navigating the complexities of the Argentine market requires careful planning, local expertise, and strategic partnerships. Kreston BA Argentina is positioning itself as one of the only firms that can offer all of the above under one roof.
‘Diversification is one of the best opportunities Argentina can offer firms looking to expand their global footprint, in areas such as services, manufacturing, agribusiness, energy, and mining,’ said Ricardo Gameroff, Managing Partner of Kreston BA Argentina. ‘It is rich in natural resources, is investing heavily in renewable energy infrastructure and plans to promote private participation in infrastructure projects through public partnerships.’
Investing in Argentina: Nearshoring
As well as providing investment opportunities, there is a possibility that nearshoring could become more attractive on Argentinian soil.
‘Its strategic location in South America, coupled with its access to major markets in North and South America, positions it favourably for nearshoring initiatives,’ said Gameroff. ‘Argentina can also offer a well-educated and skilled workforce, with low labour costs, while the government is keen to attract foreign investment with tax breaks and investment promotion programs.’
Reform
But there is no denying that Argentina, despite its focus on reform, still does not offer the easiest entry to the market for global companies. Gameroff feels there is a gap in the local market for the kind of tailored, end-to-end service clients are going to need if they are to establish operations quickly.
For instance, hyperinflation and currency fluctuations pose a real problem for local and international companies in their day-to-day operations. But while these problems might seem daunting, Gameroff believes they can be overcome.
Staying agile
It is important to understand the local economic landscape to mitigate risks and capitalise on opportunities – BA Argentina will help clients with risk management, compliance and regulatory support, as well as continuous monitoring and adaptation to anticipate changes that may affect clients’ businesses.
‘By staying proactive and agile, we can adapt our strategies and recommendations in real-time to help our clients,’ said Gameroff.
Being able to adapt to each client is what will make BA Argentina unique. ‘Our firm distinguishes itself by offering a diverse portfolio of services that can be customised for each client,’ said Gameroff. ‘We are also able to work with clients at every stage of their business lifecycle, from inception to international expansion. This simplifies administrative complexities for our clients as we can be their single point of contact.’
To offer this kind of service, everyone at Kreston BA Argentina is not only an expert in their field but also in the local market. As a member of Kreston Global, this local knowledge is partnered with a global perspective.
‘Being part of the Kreston network means we can anticipate international trends, share best practices, and equip our clients to navigate global challenges and opportunities,’ said Gameroff.
The management team brings multidisciplinary experience across diverse industries, while the partners bring extensive international experience and qualifications to the table. With backgrounds that include executive roles in firms such as EY in Canada, Chile, and Argentina, Kreston BA Argentina has a deep understanding of global business practices, regulations, and industry standards. In addition, Gameroff is a CPA in the United States and Argentina, fluent in English, and has vast experience serving international clients.
New Argentinian firm
The new firm is looking to target both local businesses and international companies as it builds a robust client base across a variety of industries. Diversification and strategic partnering are going to be key to developing sustainable growth.
‘As we gain traction in the market and better understand the evolving needs of our clients, we will explore opportunities to expand our service offerings and diversify our revenue streams,’ said Gameroff. ‘This may include introducing specialised services in emerging areas such as technology consulting, sustainability reporting, or regulatory compliance. We will be keen to forge alliances with law firms, financial institutions, technology providers, and other complementary service providers, we can offer comprehensive solutions and access new market segments.
Emerging market
While the local economic conditions in Argentina may pose challenges, Gameroff believes that with the right expertise, strategic planning, and proactive measures, businesses can thrive in the Argentine market.
‘At Kreston BA Argentina, we are committed to supporting our clients in overcoming obstacles and achieving their business objectives despite the prevailing economic conditions,’ he said.
If you would like to speak to someone about doing business in Argentina, please get in touch.
