MUMBAI, India – India could be a gateway to commercial exchanges between the markets of Asia and the Americas, the president of Argentina said on Tuesday.
At the end of his three-day tour to India, Mauricio Macri said there was enormous potential for the two countries if India and Argentina worked together.
“I hope that those who have accompanied me today find ways to associate with and complement one another and together address not only the market supply of India and Argentina, but also of Asia and the entire Americas, which are very interesting markets for all our companies,” said Macri.
He was addressing the India-Argentina Business Forum Western Region held in Mumbai on Tuesday.
Macri said cooperation between India and Argentina would create a complementary association between their companies and provide for greater technological development and positive synergy between their most productive sectors.
Macri met Indian Prime Minister Narendra Modi on Monday and the two nations signed memorandums of understanding in the fields of knowledge based services, renewable and non-conventional energy, tourism and mining.
The Latin American country’s president said India’s population, demographics and economic growth and Argentina’s capacity to produce food and energy complement one another’s economies.
In this regard, he underlined that the two nations face similar challenges, including poverty alleviation, and that if they worked together they could achieve a great degree of success.
He said all the Indian leaders he had met recently also shared the same views.
The Argentinean president was accompanied by a strong business delegation with some 100 representatives from Small and Medium Enterprises and other businessmen in search of investment partners and trade opportunities with India.
Annual bilateral trade has been a relatively low with the South American nation running a surplus of $1.2 billion.
The sale of soybean oil makes up 90 percent of Argentinean exports to the South Asian economic giant.
With a market of 1.3 billion inhabitants, India has become a very attractive country thanks to its rapid GDP growth, which is projected at 7.2 percent for the April 2018 to March 2019 fiscal year.