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India in Argentina's first ever investment forumFri, 22/07/2016 - 14:24
India will be among priority countries that Argentina is trying to woo for their first ever investment forum that is being organized by the government of Mauricio Macri in Buenos Aires between Sep 12-13 with focus on oil & gas, renewables, mining and agriculture among other sectors.
After extending support to India's proposed NSG membership the Macri government is hoping for Indian investments across sectors that have been identified as the priority areas by the Argentina Business and Investment Forum, first mega show under the new Presidency. Interestingly the Forum will be held within days of G-20 Summit in China where both Indian and Argentinian leaders will participate.
During the forum Buenos Aires will host over 1500 global businessmen, investors and political leaders. Several sessions are being planned including thematic conferences and a dedicated day for Innovation and Entrepreneurship where proceedings will also be conducted in English for convenience of investors from India. Sources in the Argentinian government told ET that the Macri government has identified India as a priority country for sourcing foreign investments.
A lesser known fact in Indo-Argentinian economic partnership is that fact that India imports petroleum from this South American country. A MOU on Cooperation in the Petroleum Sector between ONGCBSE -0.07 % Videsh Ltd (OVL) and ENARSA of Argentina was signed in 2009.
Nearly thirteen Indian Companies have established operations in Argentina with investment totaling to USD 930 million. Indian companies include TCS, CRISILBSE -0.21 %, Bajaj, Cellent, Cognizant Technologies, United Phosphorus LtdBSE 4.20 % (UPL), Sintesis Quimica, GlenmarkBSE 1.73 %, Godrej etc. Argentinian investment in India stands at $ 120 million. TECHINT, which is one of the largest seamless steel tubesBSE 0.00 % manufacturers in the world, has offices in Delhi employing about 200 people. A unique Regional Action Plan was started in August 2012, to promote India's commercial and economic interests in Argentina. Governors and business delegations from various Argentinian provinces have visited India since the initiation of the Plan.
According to Juan Procaccini, President of the Argentina Investment & Trade Promotion Agency, since the assumption of President Macri in December 2015, foreign companies have already announced investments of over $ 16bn, three times as many as in the same period last year. Key to attracting these investments are the ongoing macroeconomic and institutional reforms that will underpin national growth and stability in the coming years.