Reforms in Argentina are opening opportunities for Australian companies in South America’s second-largest economy, a new report shows.
Argentina is two years into a social and economic reform program aimed at modernising its economy and reducing obstacles to foreign trade and investment, making it an easier place to do business for Australian companies.
The Export Council of Australia (ECA), in conjunction with the Australian Trade and Investment Commission (Austrade), launch the report, Argentina’s Renewal: Capitalising on Reform in South America’s Second-Largest Economy, which highlights opportunities for Australian companies in a modernising Argentina.
Shannon Powell, Senior Trade Commissioner for Austrade Andean LATAM said Argentina had come a long way since its debt default in 2001.
“There is still some distance to go, but the renaissance is well underway and Australian companies will reap the rewards as opportunities unfold,” she said.
The reforms are creating new opportunities for Australian goods, services and expertise in several sectors that complement new or emerging Australian strengths, from agriculture to infrastructure.
“In 2016 Australian companies made two new investment totalling US$200 million, with recent announcements in 2017 of a further US$860 million, and the number of Australian firms visiting Buenos Aires to investigate the market has increased markedly,” Powell said.
The report complements the Australian government and ECA’s efforts to promote and increase Australia-Latin America trade ties, which includes promoting export capability-building and skills development for small businesses with the participation of the Minister for Trade, Tourism and Investment Steven Ciobo at the World Trade Organisation’s Eleventh Ministerial Conference held in Buenos Aires on 11 December.
“As one of the largest and most developed markets in Latin America, Argentina offers potentially lucrative opportunities for Australian companies with investment, technology and expertise to offer in a number of areas. Argentina is at an economical turning point and Australian businesses are ready to take advantage of the growing momentum,” said ECA Strategic Advisor Lisa McAuley.