Memorandum of Understanding: companies from India and Argentina met for the first time in seven years

2023-10-03 02:20:00

The India-Argentina Business Round that brought together companies from both countries of the chemical sector, at the Sheraton Hotel. New business opportunities, stronger commercial ties and a Memorandum of Understanding were some of the results left by the trade mission that had not been organized since 2016.

The round was developed within the framework of a trade mission organized by the Export Promotion Council for Basic Chemicals, Cosmetics and Dyes (Chemexcil), with the support of the Indian embassy in Argentina. During the meeting, Raghuveer Kini, General Director of Chemexcil, highlighted that “Indian companies are there to build long-term relationships with Argentina and they do not aim for the short term. “We took another step in strengthening the commercial relationship and we know that opportunities will open up.”

Last year, trade with India represented 5.2% of Argentine exports and 2.3% of imports

The meeting was attended by more than a dozen Indian companies that produce dyes and colorants, intermediate dyes, organic and inorganic chemicals and agrochemicals with multiple applications for the textile, pharmaceutical, hydrocarbon, agrochemical, plastic, toys, cosmetics and beauty industries, among others.

Dinesh Bhatia, Indian ambassador to Argentina, recalled that It is the third time that a Chemexcil delegation visits the countrya fact that has not happened since 2016. He also stressed that “bilateral trade between both countries is very strong and there are many opportunities in this particular sector. There are regulatory barriers that can be managed and I have no doubt that Argentina will grow and overcome its economic problems. It will be one of the strongest countries”.

They assure that India will be the second power in the world

In this context, Chemexcil and the Argentine Chamber of Chemical Products signed a Memorandum of Understanding from which they will explore opportunities for cooperation and promotion. In this regard, Diego Taube, representative of the local Chamber, considered that “there are excellent opportunities to explore and in the long term India will become an even more important strategic partner for our country.”

Why India is a strategic country for Argentina

India is Argentina’s fifth trading partner: In 2022, exports reached US$4,555 million and imports totaled US$1,849 million. The balance was positive in US$2706 million and thus, trade with India represented 5.2% of Argentine exports and 2.3% of imports.

Several Indian companies have established operations in Argentina with a total investment of more than $1 billion. Argentina’s investment in India is approximately USD 120 million hand in hand with technology companies and the manufacturing sector.

The main export items from India to Argentina include petroleum-derived oils, agrochemicals, yarn fabrics, organic chemicals, bulk medicines and two-axle vehicles. Major items of India’s imports from Argentina include vegetable oils, finished leather, cereals, residual and allied chemicals, and pulses. The trade balance has been in surplus since 2019.

ML / ED

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