India-Argentina Economic Partnership

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India-Argentina Economic Partnership

India's major import from Argentina is edible oil which was 2064 million dollars in 2018. The other imports include chemicals, leather, cereals and pulses.

India's trade with Argentina was 2938 million US dollars in 2017-18, according to the Indian Ministry of Commerce. India had exported 709 million dollars and imported 2229 million.

India’s main exports were chemicals, vehicles, textiles and engineering items. There is scope for India to increase its exports to two billion dollars by 2025 if the Indian companies explore the export opportunities more seriously and systematically.

India's major import from Argentina is edible oil which was 2064 million dollars in 2018. The other imports include chemicals, leather, cereals and pulses.

Argentina is the largest exporter of soy oil in the world while India is the largest global importer. India accounts for 40 percent of Argentine soy oil exports. Besides soy oil, India has also been importing small quantities of Argentine sunflower oil. India has been increasing its global edible oil imports steadily over the years and this trend is likely to continue in the future. Argentina has the capacity to increase its exports. In recent years, India has started sourcing pulses from Argentina, besides fresh fruits.

While India is self- sufficient in cereals, it has perpetual and growing shortage of edible oil and pulses due to inadequate domestic production and increasing demand. India faces challenging agricultural issues such as relentless loss of agricultural land to urbanisation, water shortage and low yield. On the other hand, Argentina has the capacity to increase its land under cultivation and has abundant water reserves, world class technologies and best practices. Argentina is one of the global leaders in efficient and innovative large scale farming.

Indian companies have invested in Argentina in sectors such as IT, pharmaceuticals, agrochemicals and manufactures of other products such as lenses and cosmetics. Advanta, the group company of UPL, the Indian agrochemical firm has a large Research and Development centre in Argentina for development of new varieties of seeds of corn, soy and sunflower. The Indian IT/BPO/KPO firms employ Argentine talents to do research and analysis for servicing Wall Street clients among others. Argentina has one of the largest and most talented and skilled pool of manpower in Latin America.

Argentine firms had helped India with their technology and expertise to set up CNG bus fleet and infrastructure in Delhi and. Globant, an Argentine IT firm has a global delivery centre in India and Techint, a steel conglomerate, has an offshore engineering service centre in Mumbai.

Gustavo Santaolalla, the famous Argentine music director had composed music for Aamir Khan’s film “ Dhobi Ghat”. A Trivandrum-based IT firm Toonz Animation had made the software for a big budget Argentine cartoon film in Spanish “Gaturro”. An Argentine film director/producer Pablo Cesar has just released an Indo-Argentine joint venture film “ Thinking of Him” based on the real story of Tagore’s visit to Buenos Aires and his encounter with Victoria Ocampo, an Argentine literary celebrity.

Although Argentina is currently going through some economic difficulties, the country has the potential to reemerge as a prosperous nation. It was, in fact, among the top ten richest countries of the world in the beginning of the twentieth century. The country is a global agricultural powerhouse, has a diversified industrial base and a large science and technology base.

The Argentines attach importance to India which is the sixth largest destination of their exports. Argentina exports more to India than to their traditional trade partners such as Germany, UK, Japan, France, Spain or Italy. They see the promise of India as a large and growing market for their exports in the long term. They are serious practitioners of yoga, meditation and spiritualism. There are several thousands of followers of Sai Baba, Sri Sri Ravi Shankar and other such Indian gurus. As the third largest economy in Latin America, Argentina offers bright scope for India’s exports and investment. Prime Minister Modi’s visit to Argentina in November for the G-20 Summit offers an opportunity for India to build a strong base for building a long term economic partnership.

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Diplomatist Magazine was launched in October of 1996 as the signature magazine of L.B. Associates (Pvt) Ltd, a contract publishing house based in Noida, a satellite town of New Delhi, India, the National Capital.

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