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The Minister of Productive Development, Matías Kulfas; and the Indian ambassador to Argentina, Dinesh Bhatia, launched the India-Argentina Business Council, made up of 26 companies and chambers from both countries.

"We have the responsibility of developing the enormous potential that exists in commercial matters between Argentina and India, for the benefit of both nations," said Kulfas at the opening ceremony of the business Council, while inviting them to "work together with the private sector to promote new channels of economic exchange ".

"India has the potential to be an important partner for Argentina also in terms of investment," added Kulfas, who highlighted the pharmaceutical sectors for these purposes; knowledge economy; clean energy, especially solar and wind; of satellite industry; nuclear power and motorcycle manufacturing.

Kulfas highlighted the consolidation of bilateral trade ties in recent years and warned that "there is still a long way to go."

"Exports are still too concentrated in few products, especially soy derivatives. The Indian economy has the foundations to grow steadily as it has been doing in recent decades, which means strengthening the size of its domestic market and purchasing power of its consumers, which should encourage us to make exports grow even more, "said the minister.

"The growth of the Indian economy, the increase in its domestic consumption and the growth of the middle class is an opportunity for Argentine exports," he said.

"Despite the difficult global situation due to Covid-19, there are enormous possibilities and opportunities. We are united by values ​​and principles such as multilateralism, democracy, the fight against poverty and the search for a fair trade order that takes into account the enormous asymmetries existing in the world ", concluded the minister.

For his part, Bhatia assured that after his arrival in the country fourteen months ago, Argentina "fell in love" and highlighted the similarities that exist between the two nations, especially because "they are members of the G20 with populations that grow at similar rates with a percentage of young people who represent more than 40% in both countries ".

"The economic council is an initiative of my embassy and the companies were in charge of the foundation. It has a diverse composition that will serve to advise the private sector and coordinate actions between both governments. It is working with short and long-term objectives to be able to exploit the true potential of the bilateral relationship. I invite companies to join, "said the diplomat.

He also stated that he believes "firmly that this represents only a fraction of the maximum potential that exists between the two countries" and pointed out that "the creation of this Council will serve as a catalyst to continue the development of a strategic partnership between India and Argentina, as be it between companies or from companies to government and also, more importantly, between people".

In turn, Bhatia specified that "the Council will allow to delve into issues such as economic structures, monetary restrictions, financial matters, tariff structures in both countries to identify barriers to the holistic growth of economic ties."

Among the 26 companies and chambers that currently make up the Council are the Argentine Industrial Union (UIA), the Argentine Rural Society (SRA), the Chamber of the Oil Industry of the Argentine Republic (Ciara), the Argentine Chamber of Commerce and Services ( CAC), Globant, Techint, Los Grobo, Invap, Impsa, OLX, Glenmark Pharma, among other local and Indian companies.

The launch ceremony -which was held at the Indian embassy- was attended by the Undersecretary of Multilateral and Bilateral Economic Negotiations of the Foreign Ministry, Carola Ramón; Gustavo Idígoras, head of Ciara; Gustavo Grobocopatel, president of Los Grobo and Daniel Pelegrina, president of the SRA.

The Executive Committee of the Business Council will be made up of Pablo de Lafuente from Advanta, Gustavo Grobocopatel from Los Grobo, Martin Schwartz from Royal Enfield, Mariano Rosada, from Glenmark Pharma, and José Toscano, from Godrej. agritotal.com

Automatic translation from spanish.