Argentina invites Indian investment in key sectors

New Delhi, July 6 (UNI) In a bid to tap potential of the booming Indian market, Argentina today invited Indian investment in key areas including petroleum, minning, agriculture, forestry, cattle ranching and manufacturing.

''Investment from Indian firms in Argetina is concentrated in Steel, Pharma and Software sectors. The country has availability of natural resources, well qualified workforce at competitive costs and access to international markets,'' Argentine Minister of External Relations and International Commerce Jorge Taiana told reporters here.

Pointing out that Argentina is one of the most important country among G20 countries with 6.2 billion dollar business within Latin America, he said the country has all types of fundamental infrastructure for stability, growth and prosperity.

Speaking at the ''Argentina-India: Opportunities in Trade and Investment'' seminar organised by CII, Mr Taiana added that the country is expecting a 40 per cent growth in its GDP at the end of the year.

Assuring the Indian investors with all possible assistance, Argentine Investment Agency Executive President Tomas Lynch said that this is a land of opportunities with good rates of return.

India and Argentina yesterday signed three Memoranda of Understanding (MOUs) for cooperation in agriculture, public administration and studies on Antarctica. An Argentinian delegation led by Mr Taiana is currently in India on a five-day visit.

Mendoza Province Economy Minister Laura Montero said Argentina is looking at the Indian market for apple, grapes wine and many other products which India imports.

''Tourism is one of the most promising sectors,'' said Argentine Government Tourism Director Alexandro Garcial adding that 417 billion dollar has been invested and emphasised that private investment is needed for prosperity.

Argentine company Biosidus S A Business Development Manager Juan Carlos Bidegaray emphasised on the potential collaboration in biotechnology sector saying that it has marketed its products in 26 countries including India.

India's exports to Argentina in 2005 were 269 million dollars and imports 746 million dollars. Main exports of India are engineering products, vehicles, auto-parts, two-wheelers and chemicals. Soya oil accounts for 80 per cent of the total imports from Argentina. The other imports are leather, wool, paper pulp, minerals and metals.

UNI SBA CS DS1645