Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Javier Milei is pitching to make Argentina \u201cthe world\u2019s fourth AI hub\u201d, an adviser to the libertarian president has said, promising hands-off regulation to lure US tech bosses to the troubled South American country.Demian Reidel, head of Milei\u2019s council of economic advisers and organiser of the president\u2019s high-profile meetings with OpenAI, Google, Apple and Meta last month, told the Financial Times that investing in Argentina would provide companies with \u201ca hedge\u201d against rising regulatory risks in the US and Europe.\u201cArgentina has a president who is actually putting forth the ideas of freedom, low regulation, free enterprise, and he has captured the imagination of the tech world,\u201d he said in an interview. \u201cAll the stars have aligned for us to be perhaps the world\u2019s fourth AI hub.\u201dMilei\u2019s plans for Argentina come amid a severe economic crisis that has pushed annual inflation to 289 per cent. Six months into his presidency, his minority government has yet to pass any laws in congress to deregulate the economy and attract investment.But his fiery critique of western leaders, whom he accused of being \u201cco-opted\u201d by socialism at a speech in Davos in January, has won him fans in a tech sector that is increasingly being targeted for regulation by European and US policymakers. In May, Milei and Reidel held private meetings in California with chief executives including OpenAI\u2019s Sam Altman and Apple\u2019s Tim Cook, and hosted a summit with artificial intelligence investors and thinkers, including venture capitalist Marc Andreessen and sociologist Larry Diamond.\u00a0The Argentine president has met Tesla chief executive Elon Musk twice.\u201cPeople don\u2019t realise that if all these people want to meet with us\u2009.\u2009.\u2009.\u2009it\u2019s not for a photo op,\u201d Reidel said. \u201cIt\u2019s a mutual interest, in terms of [investment] and what we will give them in terms of regulation and a business friendly place to operate.\u201dReidel added that he had been speaking to the companies for months about regulation and Argentina\u2019s competitive advantages, which include a well-educated population and a vast supply of land for data centres.He said the meetings were \u201cvery friendly\u201d and that Milei had a \u201cparticular rapport\u201d with Andreessen, author of \u201cThe Techno-Optimist Manifesto\u201d. Other Latin American governments are also vying to become the region\u2019s Silicon Valley and analysts said tech companies coming to Argentina would need to make big investments in infrastructure, such as servers, and be prepared to weather big political and economic risks.\u201cThey would need to see Argentina get rid of its [strict capital controls], and pass long-term economic reforms before putting down money,\u201d said Ignacio Labaqui, a Buenos Aires-based senior analyst at risk consultancy Medley Global Advisors. \u201cThat process is just barely getting started and I would be cautious.\u201dA bill designed to incentivise investment faces a vote in the senate, where Milei controls 10 per cent of seats, on Wednesday. The president would also need congressional backing to pass \u201cpro-innovation\u201d AI regulation.Reidel argued that regulatory pressures elsewhere would drive companies to look for new places to invest. \u201cExtremely restrictive\u201d rules have \u201ckilled AI in Europe\u201d, he said, adding that discussions in the US, where California lawmakers are considering new AI safety rules, suggested the country \u201ccould end up going the same way\u201d.He said he expected companies to start \u201cpulling human capital out of Europe\u201d and added: \u201cYou know what? We\u2019ll welcome them with nice steaks and Malbec.\u201d\u201cWe cannot [do] everything immediately, but we are focusing on the things that we can do,\u201d Reidel said.\u201cAfter the meetings, we tweaked our plans, and we came out with pretty concrete plans for investments,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Javier Milei is pitching to make Argentina \u201cthe world\u2019s fourth AI hub\u201d, an adviser to the libertarian president has said, promising hands-off regulation to lure US<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-116628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/116628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=116628"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/116628\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=116628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=116628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=116628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}