Argentina and India to Foster Cross Border Trade and Investment
“Traditionally, India and Argentina have enjoyed cordial economic and political relations. However, Indian capital investments in Argentina stands at mere US$ 930 million restricted to the sectors of IT, pharmaceuticals and organic chemicals. Argentina invites Indian companies to explore untapped sectors for cross border investment”, said Mr. Alejandro Zothner Meyer, Deputy Consul General, Consulate General & Promotion Centre of Argentina during an interactive meeting organised by MVIRDC World Trade Centre (WTC) and All India Association of Industries (AIAI).
Enumerating on bright prospects in the energy sector of Argentina, Mr. Meyer said that the US Energy study estimates huge reserves of shale gas and shale oil in the country. Argentina is home to second largest world reserves of shale gas and fourth largest world reserves of shale oil. The energy deficient Indian economy may look forward to mutually beneficial cooperation with Argentina in the energy sector.
Mr. Meyer said that Argentina produces nearly 800 thousand automotives per annum. Thus the country is in need for automotive parts and components. It may be noted here that India holds competitive advantage in auto engineering. We invite the Indian automotive industry to set up factories in Argentina to serve its requirements of auto parts and components. Also, the two economies may share technical expertise in manufacturing of automobiles.
Lastly, Argentina is a leading producer of vegetable oils such as soya oil, sunflower oil, etc. As a by-product the country manufactures biodiesel from the biomass of soyabean and corn. The Indian economy may look up to Argentina for meeting its requirements of vegetable oils and bio-fuels, Mr. Meyer noted.
Additionally, Argentina holds expertise in the fields of renewable energy and mining. Sharing of expertise in these areas may be advantageous to the Indian companies, Mr. Meyer added.
Earlier, in his welcome remarks Mr. Vijay Kalantri, Vice-Chairman, MVIRDC World Trade Centre and President, All India Association of Industries said the bilateral trade between India and Argentina is merely US$ 1.7 billion. India’s exports to Argentina comprise of organic Chemicals, vehicles and auto parts, lubricants, machinery, sound and image devices and garments among others. India´s imports from Argentina are soybean oil, sunflower oil, leather, wool and ferroalloys. However, the two economies must further trade and investment opportunities through exchange of delegations, seminars and meetings.
Mr. Y. R. Warerkar, Executive Director, MVIRDC World Trade Centre proposed the vote of thanks.
From (L-R) : Mr. Alejandro Zothner Meyer, Deputy Consul General, Consulate General & Promotion Centre of Argentina , Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre and President, All India Association of Industries during an interactive meeting organized by MVIRDC World Trade Centre (WTC) and All India Association of Industries (AIAI) with Deputy Consul General of Argentina