Andean Equity Strategy: Investment-Led Growth: Andeans‘ New Policy Era

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Andean Equity Strategy: Investment-Led Growth: Andeans‘ New Policy Era

J P M O R G A N Global Markets Strategy

03 August 2026

Andean Equity Strategy

Investment-Led Growth: Andeans’ New Policy Era

We highlight the latest note from our Economic Research Team (see here), which LatAm Equity Strategy

ACshows how investment is becoming a key driver of growth across the Andean Diego Celedon

Region . Pro-market governments in Argentina, Chile, Peru, and Colombia are (56-22) 425-5245

working together to push reforms that could bring US$250–300 billion in new diego.celedon@jpmorgan.com

capital spending over the next decade. This shift is not just about politics—it’s Inversiones J.P. Morgan Limitada

about putting plans into action, with measures like Argentina’s RIGI and Chile’s Emy Shayo Cherman

National Reconstruction and Economic and Social Development Law making it (55-11) 4950-6684

emy.shayo@jpmorgan.com

easier for projects to move forward. These reforms are expected to help boost GDP Banco J.P. Morgan S.A.

growth, especially in Argentina and Chile, where the upside looks strongest. The

Adrian E Huerta

main challenge now is making sure these plans turn into real investments, (52-81) 8152-8720

particularly in mining, energy, and infrastructure. For further details on adrian.huerta@jpmorgan.com

Argentina’s outlook, see Argentina 101 (see here), and for sector-specific insights J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

on copper, refer to Copper 101 (see here). In our portfolio, we keep Vista (OW, Morgan Grupo Financiero

Milene Carvalho) in Argentina; in Chile, Falabella (OW, Nicolas Larrain), Latam

Airlines (OW, Guilherme Mendes), SQM (N, Lucas Ferreira), and Santander Chile

(OW, Yuri Fernandes); in Peru, Credicorp (N, Yuri Fernandes); and at this time, we