In next 5 yrs, Argentina aims to double trade with India

New Delhi: Argentina expects its trade withIndia to more than double to about $4 billion in the nextfive years.

During 2012-13, the bilateral trade between the twocountries was estimated at about $1.8 billion.

"We expect that the bilateral trade between India andArgentina to more than double to USD 4 billion in the next

five years from the current level as there is a huge untappedpotential," Province of San Luis (Argentina) Governor ClaudioPoggi told a Ficci function here today.

He is heading a 60-member delegation, includingbusinessmen and government officials, to India.

[caption id="attachment_777569" align="alignleft" width="380"] Reuters[/caption]

India exports to Argentina include chemicals, vehiclesand auto parts, plastic products, machinery, garment and

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synthetic fibre, while imports comprise soyabean oil,sunflower oil, leather and wool.

Inviting Indian companies to invest in San Luis, Poggisaid, "We welcome Indian companies to either have joint

ventures or strategic partnership with our companies. Thepotential areas of investment include construction, solar

energy, engineering and food processing."

To further strengthen ties with India, Argentina recentlyinaugurated its first commercial, cultural and tourism office

in Chennai.

"We have opened an office in Chennai because we arelooking for a long-term bond with India. I feel in the medium

to long-term there will be a considerable increase in tradeand investment level," Poggi added.

PTI