Argentina aims to double trade with India to $4 billion

NEW DELHI: Argentina expects its trade with India to more than double to about $4 billion in the next five years. During 2012-13, the bilateral trade between the two countries was estimated at about $1.8 billion.

"We expect that the bilateral trade between India and Argentina to more than double to $4 billion in the next five years from the current level as there is a huge untapped potential," Province of San Luis (Argentina) Governor Claudio Poggi told a Ficci function here today.

He is heading a 60-member delegation, including businessmen and government officials, to India.

India exports to Argentina include chemicals, vehicles and auto parts, plastic products, machinery, garment and synthetic fibre, while imports comprise soyabean oil, sunflower oil, leather and wool.

Inviting Indian companies to invest in San Luis, Poggi said, "We welcome Indian companies to either have joint ventures or strategic partnership with our companies. The potential areas of investment include construction, solar energy, engineering and food processing."

To further strengthen ties with India, Argentina recently inaugurated its first commercial, cultural and tourism office in Chennai.

"We have opened an office in Chennai because we are looking for a long-term bond with India. I feel in the medium to long-term there will be a considerable increase in trade and investment level," Poggi added.