José Luis Manzano, founder of Integra Capital, shared his views on Argentina’s structural challenges in energy, mining and industrial competitiveness, within an increasingly demanding global context shaped by the energy transition and the rapid expansion of new technologies.
Competitiveness as a prerequisite for exports
Manzano emphasized the importance of not validating non-competitive pricing in strategic sectors such as infrastructure development for Vaca Muerta. In an export-driven industry, competitiveness is not optional, but a fundamental condition for long-term sustainability.
“When oil prices are high, many inefficiencies remain hidden. But in lower price scenarios, competitiveness becomes critical,” he noted, stressing that while domestic industry has the capacity to adapt, this requires time, investment and exposure to global competition.
Mining, energy transition and social license
Regarding mining, Manzano highlighted the central role that critical minerals will play in the global energy transition and in technologies related to artificial intelligence, which will require unprecedented volumes of mineral resources worldwide.
In this context, he underlined the need to align mining development with strong environmental standards, meaningful community inclusion and the creation of formal, high-quality employment. Social license, he argued, is just as decisive as the economic feasibility of any project.
From a regional perspective, Manzano pointed out that countries such as Chile have built a highly institutionalized mining sector, while Argentina holds vast, still underdeveloped geological potential, particularly in copper, lithium and other strategic minerals.
The role of the private sector and regulatory stability
In Manzano’s view, mining and energy development do not necessarily require national state-owned companies, but rather clear rules, regulatory stability and coordination between the private sector, provincial governments and local communities.
The experience of Vaca Muerta —driven by private investment, provincial energy companies and a regulatory framework sustained across different administrations— demonstrates how public-private cooperation can deliver long-term structural results.
Vaca Muerta and Argentina’s energy outlook
Manzano described Vaca Muerta as one of Argentina’s most significant energy assets, capable of generating foreign currency, high-quality jobs and positioning the country as a net exporter of oil and gas, including LNG projects targeting both Atlantic and Pacific markets.
This development, he noted, is essential not only for economic growth but also for Argentina’s role in the global energy transition, particularly through natural gas.
Geopolitics, blocs and strategic partnerships
Finally, Manzano stressed that Argentina needs a pragmatic foreign policy aimed at maintaining productive relationships with all major global players. The United States, Europe, China, Mercosur and Brazil are all indispensable partners for growth, investment and financing.
“In a more fragmented world, competitiveness and the ability to integrate intelligently into global trade and investment flows will be decisive for Argentina’s development,” he concluded.
Source: Perfil