India widens its investment in Argentina
City of Buenos Aires, March 30, 2011
Minister of Industry Debora Giorgi met with Ambassador of India Rengaraj Viswanathan and agreed to increase investment in the food, agricultural machinery and steel sectors.
According to what official sources told M24Digital, at the meeting, the Indian representative estimated that bilateral trade will reach 3,800 million dollars this year.
Viswanathan and Giorgi agreed on an investment of $ 2.5 million in the production of tractors, in a joint company with Argentinean Apache and Indian Sonalik.
This agreement will enable a significant substitution of imports, valued at about $ 25 million.
A statement released by the Ministry of Industry informed that “the diplomat dismissed any objection to the trade and said the interest of Indian companies are to invest in Argentina.”
Meanwhile, the Minister Giorgi said: “Argentina and India have a common destiny tied to the rapid growth of bilateral trade and investment.”
“India is a strategic partner of our country and that is seen in the numbers that show that the bilateral trade grew 150 percent in 2010 and a tripling of exports for 2009,” she concluded.
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