Argentina says foreign direct investment to double in 2017

Argentina's treasury minister says that foreign direct investment is expected to double in 2017 compared to the year before.

Nicolas Dujovne said Thursday that the increase is largely due to upcoming auctions in renewable and non-renewable energy.

Investors have praised President Mauricio Macri's decision to cut spending, reduce taxes on exports and end economic distortions that led to years of high inflation under his predecessor. But his government has struggled to lure foreign investment.

Job cuts and the slashing of utility subsidies have also stoked unrest in a nation with a long tradition of providing generous state jobs and benefits. Inflation remains stubbornly high and is one of the biggest concerns for Argentines.