BOGOTA, Colombia/ISTANBUL

Argentine President Javier Milei on Saturday said Latin America lost its way due to 21st-century socialism and that the US needs a strong ally in the region to correct this course.

Speaking at an event organized by a business group in the capital Buenos Aires, Milei criticized Latin American leftist leaders, without naming them.

Implying that he himself is a strong ally the US needs in the region, Milei said: “A geopolitical anchor is critically important. Today, Argentina has the opportunity to become one of the main actors in the fundamental change taking place in the rules of the global game. The US, meanwhile, needs a solid ally in Latin America to help reorganize a continent that has strayed off course due to decades of the effects of 21st-century socialism.”

Milei said major reforms in fiscal, currency, and tax systems are necessary to strengthen the national economy, and that if these reforms are implemented Argentina’s national income would grow rapidly.

“If we do things right, if we manage to implement all the reforms, this growth rate would mean that GDP doubles every seven years. Argentina offers a unique investment opportunity as it moves toward becoming the world’s freest country and prepares to become a global example," Milei said.

Last week, the US and Argentina signed a framework agreement that will pave the way for a bilateral deal in the fields of trade and investment.

On Oct. 9, US Treasury Secretary Bessent announced that following talks with Argentine Economy Minister Luis Caputo, the US had directly purchased Argentine pesos and completed a $20-billion swap framework with the Argentine Central Bank.