Mumbai:
Steady economic growth and improving trade ties between
India and Argentina have boosted the volume of business
to$611.30mn this year between the two countries registering
a healthy growth of 31.62 per cent, compared to last year's
US $464.43. This was stated by J M Gandhi, chairman, Mutual
Mecaplast, at a seminar, 'Argentina-India: Opportunities
for Business,' in Mumbai.
However,
he also added, "Though the current trade volume is
impressive, it is well below the true potential."
The seminar was jointly organized by the Confederation
of Indian Industry (CII) and Chamber of Commerce &
Industry, Argentina-India (CICAI) and attended by a visiting
multi-sector delegation from Argentina and from Indian
industry.
During
the course of his address, Gandhi said that the Argentinian
delegation's visit assumes significance, in the wake of
the imminent signing of a Preferential Tariff Arrangement
(PTA) between India and MERCOSUR region, which includes
Argentina.
"The
PTA with MERCOSUR, which is the largest trading block
in the region and the third largest in the world after
NAFTA and EU, will provide the necessary fillip to the
ever increasing economic and business relationship between
India and the MERCOSUR countries," he said. Given
the long association between the two countries, India
is looking at Argentina as a gateway to the Latin American
markets.
According
to Depinder Lamba, president, CICAI, and leader of the
visiting delegation, "There is potential to increase
the trade ten-fold.Despite various efforts made by both
governments to boost trade, there still lies a big vacuum
to be filled. "
In
a presentation on Argentina as an attractive investment
destination saying, CICAI representative, Alejandro Salesi
said, "A robust economy with 8 per cent growth, skilled
and educated manpower at low cost, favourable treatment
to foreign investors, investor-friendly
legal framework and abundant natural resources are just
a few factors that make Argentina an attractive proposition."
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