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Filipino businesses are encouraged to increase trade and investments in Argentina, one of the fastest growing economies in the region.
In a seminar, Minister of the Embassy of the Argentine Republic Jaime Goldaracena said Philippine exports to Argentina only reached $58.78 million in 2010, while Argentina's exports to the Philippines amounted to $439.16 million.
Top exports of the Philippines to Argentina are vehicle parts, electronics, consignment and machinery parts. On the other hand, Argentina's imports comprise animal feeds, copper, cereals and dairy products.
Goldaracena pointed out that as a member of Mercosur, Argentina has a tariff free access to a market of more than 298 million consumers and combined gross domestic product (GDP) of $3.3 trillion.
Mercosur also comprise Paraguay, Uruguay and Brazil, which is likely to become one of the most important economies in the world, he said. Mercosur's associates include Bolivia, Chile, Colombia, Ecuador, Peru and Venezuela.
Luis Catibayan, director of the Department of Trade and Industry's Bureau of Import Services, said Argentina market offers huge business opportunities to the country.
Catibayan said it provides strategic location for trade with Mercosur and the rest of Latin America.
"Argentina is one of the fastest growing import markets in the world particularly on IT (information technology) products. Its IT market is the second largest in the Latin American region and is projected to grow at a compound annual growth rate of 9 percent over the period 2007-2012," he said.
Apart from IT and IT-related products, other products where the Philippines has good potential in Argentina include wearables like garments and fashion accessories, holiday decors, automotive parts and electrical products, he said.
Ambassador of Argentine Republic of the Philippines H.E. Joaquin Daniel Otero advised Filipino businesses to study the market and determine what sectors can be more interesting for them.
Otero said the embassies and even the consulates in the different places where businesses are located can make the preliminary market study.
He explained they can also send exploratory missions to coordinate with the trade associations, chambers of commerce, importers and exporters.
As to investments, Goldaracena identified various sectors which offer diverse opportunities. These are food and beverage, renewable energies, manufacturing and services outsourcing, and new technologies and research and development. -- Danielle Venz, PHILEXPORT News and Features
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