Volkswagen Argentina confirmed an investment of $ 800 million in its plants located in the provinces of Buenos Aires and Córdoba. Most of it will go to the production infrastructure for its new Tarek SUV, and the remaining $150 million to the production of the MQ281 6-speed transmission box for export to Europe.
Argentina bilateral trade with Brazil registered a negative balance of $20 million in January, according to data from the Ministry of Development, Industry and Foreign Trade of Brazil. Argentine exports totalled $ 662 million (-16.5% year-on-year), while imports $ 680 million (-0.3%). In January 2019, Argentina had registered a surplus of $120 million
German Chancellor Angela Merkel promised to find ways to help President Alberto Fernández in the renegotiation of Argentine sovereign debt with the IMF, during a dinner at the headquarters of the Ministry of Foreign Affairs in Berlin. During the meeting, the Argentine finance minister, Martín Guzmán, explained some aspects of the plan toward a “sustainable” debt that he will present in Congress next week.
Argentine Minister of Tourism and Sports Dr. Matías Lammens and Trip.com Group Chairman and co-founder James Liang discussed in Buenos Aires ways of collaboration for increasing Chinese tourism to the South American country. Argentina was one of the fastest growing overseas destinations among 300 million Mainland China customers of Trip.com Group platforms in 2018. Argentina-bound flight bookings and hotel reservations both increased by more than 100% year-on-year in 2019.
Although consuming domestically 95% of the six million pigs it produces each year, Argentina has significant potential to increase production for export and looks set to sign a $27 billion investment deal with China this year. The plan could enable the annual production of 100 million pigs in the next eight years and could generate up to 100,000 jobs. Chinese importers are expected to visit Argentina in March.
Argentina President Alberto Fernández begins his second international trip as head of state visiting Italy, Germany, Spain, and France, seeking support from their leaders for debt renegotiations with the International Monetary Fund (IMF). In his first scale in Italy he will meet with fellow countryman Pope Francis at the Apostolic Palace, and afterwards with Italian President Sergio Mattarella, before heading to Berlin.
Despegar bought the Mexican travel agency Best Day, its main competitor, for $136 million, thus completing the largest acquisition in the Latin American travel industry. Despegar expects now to increase its revenues by 25% and reaffirm its leadership in the region, the Argentine company said in a statement.
A change in Argentine government policy that increased export taxes on agricultural products from 6.7% to 12% spurred forward sales of feed grains for the 2019/20 marketing year (MY), reported the Foreign Agricultural Service (FAS), US Department of Agriculture (USDA). Strong global prices have helped mitigate some of the negative effects of the additional export tax. However, domestic use of corn may be lowering even as livestock production increases.
Argentina Foreign Minister Felipe Solá confirmed that Donald Trump’s administration will exempt Argentina from the tax of up to 25% on steel and aluminium imports. He praised the work of Argentine embassy in the USA toward this aim. Australia, Canada and Mexico were also exempted from the additional aluminium tariffs and Brazil, Canada, Australia, Mexico and South Korea, from the steel tariffs.
Argentine Economy Minister Martín Guzmán arrived in New York to hold a series of meetings aimed at accelerating the renegotiation of external debt. His agenda for this week includes a presentation to the Council of Americas, and meetings with US Treasury officials, and with representatives of the International Monetary Fund.