February 18, 2019
The current bilateral trade, reported at around US$3 billion, holds potential for further growth in sectors spanning hydrocarbons to pharmaceuticals
Several Indian companies are invested in Argentina, particularly in IT, automobiles, infrastructure and space science with investment of over US$1 billion
During Mr Macri visit, the two sides signed deals related to Defence Cooperation, Pharmaceuticals, nuclear energy, Agriculture, ICT and Electronics
Strong interactions with Argentina, the 2nd largest economy in South America, offers India closer outreach with the Latin America and Caribbean region
President of India, Shri Ram Nath Kovind, received Mauricio Macri, President of Argentina, at Rashtrapati Bhavan on February 18. Welcoming President Macri to India, President Kovind said that his visit comes at a time when India and Argentina are celebrating the 70th anniversary of diplomatic relations. Bilateral relations have steadily strengthened over the past few years owing to growing trade and investment. The current bilateral trade, reported at around US$3 billion, holds potential for further growth in sectors spanning hydrocarbons to pharmaceuticals.
Several Indian companies are already invested in Argentina, particularly in IT, automobiles, agriculture, infrastructure and space science with investment of over US$1 billion. India’s transformative growth and Argentine capabilities are creating new opportunities. During President Macri’s visit, the two sides signed agreements pertaining to Defence Cooperation, Tourism, Public Broadcast, Pharmaceuticals, Antarctic Cooperation, Agriculture, Information & Communications Technology and Electronics and nuclear power. The latest agreements will considerably broaden the scope of bilateral cooperation.
Last year, Union Minister of Commerce and Industry, Suresh Prabhu, had represented India at the G-20 Trade and Investment Ministerial in Argentina. The meet discussed measures to develop sustainable and inclusive trade ecosystem and its implications for global economic growth and societal development. The bloc represents 85 per cent of global economic output, 66 per cent of global population, 75 per cent of international trade and 80 percent of global investment. India and Argentina, two of the world’s fastest growing developing economies, are critical parts of G20.
Strong interactions with Argentina, the second largest economy in South America, offers India closer outreach with the Latin America and the Caribbean (LAC) region. The region, much like India, features fast-expanding markets and has been becoming increasingly crucial to global investment activities. The more than US$12 trillion LAC economy offers much more trade opportunities. India has already had strong business ties with Brazil, Venezuela, Mexico, Chile and Colombia, among other nations in the region.