Aiming to improve bilateral trade with India, Argentina will soon announce incentives for foreign investors. Automotives, mining, railways, agro- business and oil & gas exploration are some of the key areas where the two countries can collaborate.
While inviting investments from the Indian industry in various sectors, Raul Ignacio Guastavino, ambassador of Argentina to India, told FE, “Argentina is a perfect investment platform for Indian companies keen to tap opportunities in the growing market due to its strategic location advantage and immense connectivity.”
The bilateral trade is tilting towards Argentina at $2.5 billion. With the new government under President Mauricio Macri, Argentina will soon be announcing incentives for foreign investors and mining, railways, shale gas and agro-products are areas where Indian businesses will benefit, he said.
India’s exports to Argentina comprise organic chemicals, vehicles and auto parts, lubricants, machinery, sound and image devices and fabrics among others. India’s imports from Argentina are soybean oil, sunflower oil, leather, wool and ferro alloys.
Pointing out that the two countries have been cooperating in two major areas — food security and energy security, there is still more the two countries can do vis-a-vis Prime Minister Narendra Modi’s several initiatives including ‘Make in India’.
The two countries have been working together in areas like nuclear energy, science and technology, oil and gas, among others. “The Argentine company INVAP won the international tender to build a plant in India for the production of radioisotopes. This nuclear technology has many applications, not only in medicine for the treatment of cancer, but also in several industrial processes including food preservation,” Guastavino said.