Hi, I am Caroline Doyle, an associate editor at Horizon Engage. This week in our newsletter we cover little victories:
🇦🇷 President Javier Milei finally got his first legislative win, passing a fiscal bill and the Bases Act through Congress.
🇿🇦 With the governing coalition now in place, President Cyril Ramaphosa announced cabinet picks. Mineral Resources and Energy Minister Gwede Mantashe retained his brief, albeit with a new title.
🇮🇩 President-Elect Prabowo Subianto’s transition team is showing his love for party loyalty as he prepares to take office in October.
This week’s Quote of the Week comes from Cote d’Ivoire’s prime minister, as the country announces it will host a brand new international conference. Read more below!
Argentina: Milei Gets His First Win
After almost seven months in office, the Milei administration finally got its very first (and second!) piece of legislation through Congress. The president’s La Libertad Avanza only holds about 15% of the seats in Argentina’s Chamber of Deputies, meaning Milei and his team have had an uphill battle to pass just about anything since his inauguration.
Along with a fiscal package, Milei’s milestone comes from the Bases Act, which deregulates the fuel market to benefit exports and introduces the Large Investment Incentives Regime (RIGI). RIGI provides investors tax and other economic benefits, including in the energy sector.
The bills passed with solid majorities in the Chamber of Deputies, assuaging some concerns about the Milei administration’s governing capabilities (though they barely passed the Senate). Thankfully, the government seems to grasp that this victory is not a finish line but rather a starting point.
South Africa: Ramaphosa Announces His Cabinet
With the Government of National Unity (GNU) established, President Cyril Ramaphosa has announced his cabinet picks. ANC Chair Gwede Mantashe was reappointed as Minister of Mineral and Petroleum Resources. The new title (previously minister of mineral resources and energy) has interesting implications. Including “Petroleum” suggests upstream exploration and production will be prioritized, and the energy department has split off into its own ministry, headed by Kgosientsho Ramokgopa.
The division will likely allow Mantashe a more manageable brief, though the overlap between his responsibilities and Ramokgopa’s may need some clarification initially. Mantashe will not easily let go of any political influence — friction may be on the horizon.
The appointments came after tense debates between the two main coalition parties, the ANC and the Democratic Alliance. Though the GNU managed to come to an agreement, it does not yet have strong legs under it.
Indonesia: Prabowo’s Transition Team in the Spotlight
In October, President-Elect Prabowo Subianto will assume office. Right now, all eyes are on his transition team, which is made up entirely of senior members of his Gerindra party. Prabowo pledged to support outgoing President Jokowi’s development strategy, but his less-than-diverse transition team raised questions about that commitment. In fact, it shows Prabowo’s deep emphasis on loyalty and his distrust of party outsiders.
Though Prabowo’s team is working closely with the current administration on the 2025 budget and will likely build on Jokowi’s investment roadmap, Prabowo’s top priorities for Indonesia are self-sufficiency and “sovereignty” in strategic sectors. This could lead him to favor domestic players, shifting from Jokowi’s openness to foreign investment.
We also expect Prabowo to present a much different engagement style than Jokowi’s low-key approach.
Quote of the Week
This week’s notable quote comes from Cote d’Ivoire’s Prime Minister, Beugre Mambe, who recently announced the country will hold the first International Conference of Extractive and Energy Resources. He stated: “Cote d’Ivoire would show what it is capable of in the domains of mining, oil and gas and energy.”
While this may seem like a simple show of pride for the country’s booming energy sector, it also hints at an increasing nationalist attitude as its national resources and oil and gas sectors grow. Local content laws are incoming!
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