This article was last updated on April 16, 2022
Canada: 
Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
Strengthening the strong economic bond between Argentina and China, Argentina’s Foreign Minister Hector Timerman is headed to China today with his delegation of 40 business executives, all aiming at attracting Chinese investment. The Foreign Minister’s official visits will include meetings with Yang Jiechi, Chinese Foreign Minister and Xi Jinping who is the Vice President.
International Trade Secretary Luis Kreckler said that China has lavishly invested in South America and is the largest and most prosperous source of foreign investment as well as trade in Argentina. Between 2009 to 2010, China invested $15 billion in different sectors of the country, namely rail, mining, energy and finance. Up till last year, the trade between the two had increased to 85%.
Presently, Argentine is posting a $1.8 billion trade deficit with China.
Chinese investments in Argentina include the state-owned Heilongjiang Beidahuang. This company has invested $1.5 billion in irrigation and infrastructure for grain and has boosted the outcome of the crops greatly. Secondly, China has also invested in the Industrial and Commercial Bank with a $600 million investment and secured 80% of the argentine subsidiary of the South Africa based Standard Bank.
The delegation under the foreign minister is a positive approach from the Argentine end. Especially after the 2009 setback in the relationship of both the countries when the government of Argentina had marked limits on imports of appliances and textiles.
Be the first to comment