There is huge potential for Indian businesses to step up trade with Argentina, according to its Consul General Tomas Ferrari.

Speaking at a seminar on ‘Doing Business with Argentina’ here at the Federation of Andhra Pradesh Chambers of Commerce and Industry here on Monday, Ferrari said only one per cent of India’s export goes to his country.

As a leading agricultural economy, Argentina offers many opportunities for Indian businesses, he said.

“Indian businessmen are now getting increasingly active in Argentina by selling machinery, among others. There is potential in sectors such as oil exploration, solar energy, biodiesel, auto parts and wine,’’ he said.

“We are already selling our wines here. But, if you just drink a little bit more, we can sell more,’’ he quipped.


Indian tourists to Argentina were also on the rise, he added.

Referring to the current economic situation, he said Argentina’s GDP growth was only next to China and India during 2003-2012.

“Our economy is recovering from bad period. This year the GDP growth could be around 3-4 per cent which means we are still growing, not falling,” Ferrari said.

Devendra Surana, President, Fapcci, said there was need to simplify visa norms and restrictions on money transfer from Argentina to India.

The volatile currency situation in Argentina was also a concern for Indian corporates, he added.

A. Subrahmanyam, Deputy General Manger, EXIM Bank of India, said his bank was extending finance to each and every stage of business cycles in exports and imports.