Trade between Argentina, India to reach $2 bn | business | Hindustan Times
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Trade between Argentina, India to reach $2 bn

business Updated: Nov 17, 2010 10:54 IST

IANS
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Argentina has expressed willingness to diversify exports to India as bilateral trade between the two countries is set to reach $2 billion in 2010, a near three-fold increase over the last year.

"Argentina and India have a common goal regarding vertiginous growth in bilateral trade and investments," Xinhua quoted Argentine Minister of Industry Debora Giorgi as saying.

"The challenge is to diversify exports, replacing the large part of raw materials by products with added value. The Argentine industry has an unbeatable opportunity due to India's growing demand for food," Giorgi said Tuesday at the opening of a business seminar in Buenos Aires.

India is the second largest Asian investor in Argentina, after China, with 13 companies in the country that have invested $1.1 billion and generated some 9,000 jobs, she said.

According to official figures, the two-way trade will reach $2 billion in 2010, almost a three-fold increase over 2009. In 2009, Argentine exports to India totalled $648 million.

Food industry, enterprise services, pharmaceutical and agrochemistry are among the sectors with potential for Argentina to win markets in India.

"President Cristina Fernandez's visit to India in October 2009 represents a significant milestone in the ties between the two nations. Since then, bilateral trade has significantly increased," Giorgi said.