India, Argentina Agree For A Bilateral Exchange Of Young Researchers And Startups

New Delhi, July 25 (TNA) India and Argentina have agreed for a bilateral exchange of young researchers and Startups, particularly in the field of Biotechnology and Agriculture. This was stated by Union Minister of State (Independent Charge) Science & Technology when the Governor of Santa Fe province of Argentina, Omar Angel Perotti called on him, accompanied by a high-level delegation.

The two countries also decided to hold comprehensive talks between delegations comprising academia, R&D Institutes and Industry in the field of Science & Technology and Biotechnology, said the Minister. Singh mentioned that a new Indo-Argentina call for joint proposals was launched on February 7, 2023 in the research areas of Energy Transition and Biotechnology jointly during his meeting with Argentina's Minister of Science, Technology and Innovation, Daniel Filmus in New Delhi. A total of 82 joint proposals were received under the said call. These are under the evaluation process.

Santa Fe Province accounts for as many as 8 of these joint proposals, said Perotti, adding that the province also accounts for about 80% of bilateral trade between India and the Latin American nation. The Governor mentioned that Santa Fe is the hub of R&D institutions in Biotechnology and Agricultural research especially in Soyabean, and close tie ups with universities and industry in the province. Pioneering work has been done here in disease-resistant seed production, he said.

The Indian delegation evinced interest in collaborating in Geospatial technology, Quantum Computation and Bio-Enzymes. It was pointed out that India has the world’s third largest Startup ecosystem and there is huge potential for joint studies and collaboration at various levels such institutional, universities and multilateral fora.

India and Argentina have an Inter-governmental Agreement to promote technical and scientific cooperation signed in 1985. The objective of this programme is to strengthen and expand relations between scientific communities, making possible the exchanges between Indian and Argentine research groups, in the framework of joint scientific and technological projects, selected by the parties.

India is the 4th largest trading partner of Argentina, with bilateral trade touching a historic peak of USD 6.4 billion in the year 2022, recording a growth rate of 12% over 2021. Exports from India to Argentina was worth USD 1.84 billion (31% growth rate) while India’s imports from Argentina was worth USD 4.55 billion. As per DGFT, India-Argentina bilateral trade during the fiscal year 2022-23 was USD 4.16 billion, with India’s exports to Argentina valued at USD 961 million and Argentina’s exports to India valued at USD 3.20 billion.

Major items of India’s exports to Argentina include petroleum oils, agrochemicals, yarn-fabric-made ups, organic chemicals, bulk drugs and two-wheelers. Major items of India’s imports from Argentina include vegetable oils (soya bean and sunflower), finished leather, cereals, residual chemicals and allied products and pulses.

Several Indian companies have established operations in Argentina with a total investment of over USD 1 billion. Argentina’s investment in India stands at approximately USD 120 million. Argentine companies with presence in India include Globant and OLX in IT services and TECHINT in the manufacturing sector.

A new assembly line of Royal Enfield was inaugurated by Argentine President Mr. Alberto Fernandez on 9 September 2020 at the production facility of SIMPA Group in Buenos Aires Province. This marks the first time in the 119 years’ history of Royal Enfield that their bikes would be manufactured outside their own plants.

Agreements to promote cooperation in Oil and Energy sector was signed between OVL Ltd and YPF (Argentine Oil and Energy public sector company) in February 2023; first ever commercial agreement in defence sector for supply of helicopters spares and engine maintenance was signed between HAL and Argentine Air Force in February 2023 as also cooperation agreement between HAL and FAdeA (Argentine public sector company in Aeronautics) in June 2023.

A bilateral business chamber, India-Argentina Business Council (IABC), was formally launched on 14 October 2020. The Council, conceptualized as a non-profit organization comprising leading investors, exporters and importers in Argentina, is currently composed of over 30 companies. IABC, together with India’s Mission, organized the first Business Forum on 25 March 2021.