10 reasons to invest in argentina - july 2009
DESCRIPTION
This publication presents Argentina´s key competitive advantages that allows the country to attend key global market needs. If you would like to see more publications or sector specific information please go to www.prosperar.gov.ar or contact us at [email protected] This document was produced by ProsperAr, Argentina´s Investment Development Agency.TRANSCRIPT
To learn more about how investing in Argentina can benefit you, please contact us:
[email protected]+ 5411-4328-9510
Naturally talented to meet global market needs
>> Talented human resources, abundant natural resources, a vibrant culture
and modern infrastructure make up a highly creative and competitive
business platform.
>> Access to an ample regional market and the country’s integration with
global value chains position Argentina as an attractive investment market
on an international level.
>> A diversified production base and a dynamic, open economy converge
with a wide range of investment opportunities in sectors with global
growth potential.
>> Argentina stands strong to face new challenges brought about by the
current global crisis.
>> 8.5% annual GDP growth over the six year period of 2003-2008.
>> Six years of twin fiscal and current account surpluses contributing to
growth sustainability (3.1% and 2.2% of GDP in 2008).
>> Foreign reserves stand at a record high of US$46.1 billion.
>> A steady rise in savings and investment as a proportion of GDP (26.7% and
23.0%, respectively, in 2008).
>> Exports of goods and services doubled over a six year period to hit a
historical high of US$82.1 billion in 2008.
July 2009
1. Sustained Economic Growth
2. Attractive Business Profitability
3. A Globally and Regionally Integrated Economy
4. A Diversified Economy
5. Skilled and Talented Human Resources
6. Abundant and Diverse Natural Resources
7. Remarkable Quality of Life
8. A Vibrant Culture
9. Quality Connectivity and Modern Infrastructure
10. Public Sector Supportive of Investment
Why Argentina?
SOLID MACRO FOUNDATION. Investment—measured as a percent of GDP—reached 23% in 2008, the highest level in the past three decades, surpassing investment rates in a number of Latin America’s main economies. Unlike previous growth cycles, Argentina has sound fiscal and current account surpluses (3.1% and 2.2% of GDP, respectively, in 2008). Furthermore, the Central Bank’s foreign exchange reserves stood at an unprecedented level of US$46.1 billion in June 2009. The country’s recent economic performance will provide Argentina with a solid foundation to face upcoming challenges given the current global financial crisis.
EXPORTS. Exports of goods and services grew steadily starting in 2003 culminating in another record year in 2008 for a total of US$82.1 billion. A competitive real exchange rate, an expanding export capacity and elevated international prices were key factors for the strong performance. Export growth has not only been led by traditional primary commodities but also by manufactured goods (for example, designed manufactured goods and food and beverages) and value-added services (such as information technologies, professional consultancy and tourism), which have expanded at accelerated rates. During 2008, the service export sector registered a record-high volume of US$12 billion, one of the highest levels in Latin America.
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Source: ProsperAr based on data provided by the Argentine National Instituteof Statistics and Census.
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FDI profits (as a % of FDI stock)
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GDP growth (annual % change)
Argentina Latin America OECD
Source: ProsperAr based on data provided by the Argentine National Instituteof Statistics and Census, the IMF Economic Outlook and the OECD Economic Outlook.
“The combination of innovation capabilities, technological readiness and fist-class creative local talent, on top of competitive costs, were crucial to successfully relocate some of our operations from Miami to Buenos Aires. We firmly believe Argentina can become a creative player in the international scene”.
Pierluigi GazzoloChief Operating Officer MTV Networks International
1. Sustained Economic Growth
GROWTH. Argentina has been one of the fastest growing economies in the world and its 6.8% increase in GDP in 2008 confirms the sustained growth trend. The compound annual growth rate for 2003-2008 was 8.5%, below China (10.7%) and India (8.4%). During this period, Argentina’s growth was well above all other Latin American economies. Furthermore, Argentina is expected to be one of the fastest growing economies in the region in 2009, however given the current global financial crisis, at a lower rate. This strong economic performance has led to a net job creation of 3.8 million positions since 2003. As a result, the unemployment rate for 2008 was 7.9%, the lowest in fifteen years.
2. Attractive Business Profitability
BUSINESS RESULTS. Argentina offers investors attractive profitability in a wide range of sectors. Earnings as a percentage of Foreign Direct Investment (FDI) stock were 10.2% average in 2006-2008, the highest in past 15 years. Earnings as a percentage of revenues for the 340 largest non-financial companies are also at record levels, averaging 15.4% per year over the period of 2005-2007.
LEGAL FRAMEWORK. By law, FDI receives the same treatment as domestic investment. Remittance abroad of profits and capital is unrestricted and transnational companies are free to operate in any sector in the country. In addition, Argentina holds 19 bilateral treaties to avoid double taxation and 55 bilateral investment treaties for the protection and promotion of investments.
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3. A Globally and Regionally Integrated Economy
OPEN ECONOMY. Trade, financial and investment flows link Argentina to both the global economy and its regional economy. Argentina is a founding member of the World Trade Organization and actively engages in the multilateral trading system. Exports and imports of goods and services represent almost half of the country’s GDP. The average import tariff for agricultural products is 9.9% and 10.5% for non-agricultural products. In addition, Argentina is a full member of Mercosur, a customs union which also includes Brazil, Paraguay and Uruguay (Venezuela is currently negotiating to become a full member of the trade bloc). The intra-Mercosur trade tariff is 0% and a Common External Tariff (CET) applies to trade with non-Mercosur countries. A Preferential Trade Agreement with India is in place, a free-trade agreement with Israel is awaiting Congress’ approval and diverse trade agreements are under negotiation with the Southern African Customs Union (SACU), countries of the Gulf Cooperation Council (GCC) and Morocco. A more comprehensive agreement with the European Union is under negotiation as well. Argentina, through its participation in Mercosur, has also been an active participant in negotiations for the Free Trade Area of the Americas (FTAA).
MERCOSUR. As a common market open to the world, Mercosur offers investors in Argentina access to a large and attractive regional market as well as access to the rest of Latin America and other countries and
markets outside the region through the bloc’s successful and ample trade agreements. In Mercosur, Argentina has preferential access to a regional market of 241 million inhabitants, with a combined GDP of US$1.9 trillion. Argentina’s outstanding economic performance has transformed the country into the main growth engine of Mercosur’s intra-regional trade, representing 48% of its increase in 1998-2008. As part of Mercosur, Argentina has signed Free Trade Agreements and/or Economic Complementation Agreements with Bolivia, Chile, Colombia, Ecuador, Peru and Venezuela (associate members of Mercosur).
FOREIGN DIRECT INVESTMENT. More than 1,000 overseas-based corporations operate in Argentina, including half of Fortune 100 firms, many of which have been in the local market for over half a century. Transnational companies carry out a wide range of activities in diverse sectors as agro-industries, automotives, chemicals and petrochemicals, pharmaceuticals, information technologies, telecommunications, public utilities, finance and retail. Foreign companies represent two-thirds of the country’s 500 largest non-financial enterprises and account for more than 80% of their sales, three times the region’s average (ECLAC, 2007). FDI has exhibited a dynamic performance since 2004 to reach US$8.9 billion in 2008, up 37% from 2007 and up from last decade’s annual average net of privatizations of US$5.3 billion. According to the United Nations Conference on Trade and Development (UNCTAD), this performance positions Argentina as the fifth
Argentina is a key producer and exporter of commodities and raw materials and the world’s number one exporter of sunflower oil, soybean oil, pears and lemons. Over the period of 2003-2008, exports of both primary products and agricultural-based manufactured goods doubled. Agriculture-based manufactured goods hit a historic record of US$24.1 billion in 2008. The country shows a diversified export pattern, ranking right after Canada and the United Kingdom and above countries such as New Zealand, India, Mexico, South Africa and Australia, among others, in an export concentration index published by the World Bank (World Trade Indicators, 2008).
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“Economic growth with macroeconomic stability and preferential access to Mercosur are two factors benefiting our business. Ongoing enhancements in trade logistics are improving the country’s competitiveness and further boosting our profitability. In other words, as Argentina succeeds, so do we!”.
Alan Gegenschatz General Manager TNT Express
developing country in FDI growth in 2008. Transnational corporations of long-standing presence in the country increasing their production capacity and new transnational firms entering the domestic market, both resulting in greenfield investments, have led to the increase. Unlike previous phases, mergers and acquisitions currently represent less than 10% of FDI and equity contributions and reinvestment of earnings are almost 50%.
4. A Diversified Economy
VALUE-ADDED PRODUCTS. Argentina is a growing producer of technological and differentiated goods and services. In fact, it is the second largest producer of genetically modified crops; the world’s fourth largest producer and exporter of television content; and as any tourist will attest to: a world renowned producer of high-quality gourmet beef. The software and IT services industry grew at a compound rate of 19% per year between 2002 and 2008; at the same time, the sector’s exports increased 26% per year over the same period. Recent investments in agro-industry, biofuels, creative industries, professional services and tourism, among other sectors, also have boosted domestic production capacity for the local and global markets.
COMMODITY LEADER. Current and projected global consumption patterns and trends match Argentina’s capacity to produce a diversity of food products.
“Argentina represents an excellent investment opportunity due to its unique style and personality that has captivated the world’s most delicate palates. Untouched areas irrigated by pristine waters that come from isolated mountains and an industry 150 years old make Argentina a place where anything can be done”.
Daniel Pi Chief WinemakerGrupo Trapiche
BRAINPOWER. Argentina offers a pool of motivated and talented entrepreneurs. The country ranks 4th in the Global Entrepreneurship Monitor (2008) and has a number of world-class business schools. More than 87,100 graduates from higher education programs and 6,160 postgraduate students from 106 universities across the country enter the labor market each year. Moreover, Argentina ranks fifth worldwide in quantity of “Think Tanks” and was nominated Regional Think Tank Hub by the University of Pennsylvania (2008).
INNOVATION DRIVEN. Argentina’s professionals have outstanding capabilities for technological innovation. The country ranked first in Guggenheim research fellowships, receiving the largest number of scholarships in Latin America for research initiatives (2009). The number of scientists and engineers devoted to research and development activities per million inhabitants is higher than Brazil, Chile, Mexico and Uruguay (UNESCO, 2008). Notably, the number of patents per million inhabitants registered with the United States Patent and Trademark Office over the past 45 years (1963-2008) is the highest in the region.
5. Skilled and Talented Human Resources
HUMAN CAPITAL. Argentina is internationally acknowledged for its well-trained and highly educated human resources. The country ranks second in the region in terms of its literacy rate and school life expectancy, exhibiting similar levels to developed countries like Spain, Italy and Israel (UNESCO Global Education Database, 2008). English level is the highest in the region, as reflected by Cambridge University’s English Exams results that place Argentina not only above Brazil, Chile and Mexico but also ahead of France, Italy, Indonesia and Spain (Cambridge ESOL, 2007).
* Number of new entrants to a given group of programmes regardless of age, expressed as a
percentage of the population of theoretical entrance age to those programmes.
Source: Global Education Digest, UNESCO, 2008.
Gross entry ratio to tertiary education (% of new entrants)*
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6. Abundant and Diverse Natural Resources
NATURAL RICHES. Argentina is one of the world’s most geographically varied and resource-rich territories. It is the second largest country in Latin America and the eighth in the world. Along its 2.8 million square kilometers, Argentina is endowed with extraordinarily fertile agriculture lands (mainly in the Pampa Húmeda), unexploited forest resources (mostly in the Northeast), exploitable mining deposits (along the 4,500 kilometers of the Andes) and rich fisheries (along the 4,700 kilometers of the Atlantic Coast).
UNIQUE GEOGRAPHY. Exuberant beauty and extraordinary flora and fauna can be found along Argentina’s territory. Visitors are surprised by deep blue lakes, high mountain peaks, large salt pans, paleontological sites, fertile valleys, snow-covered volcanoes, subtropical rain forests, crystal-like glaciers, white deserts, long rivers, boundless flat lands and vibrant cities. Argentina promotes sustainable development and natural resource protection. The country ranks 38th out of 149 countries on the Environmental Performance Index (University of Yale, 2008).
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7. Remarkable Quality of Life
LIVE ARGENTINA. Argentina enjoys an outstanding quality of life; ranking 11th in the Quality of Life Index elaborated by the trade publication International Living (2008). The rich cultural heritage and a people known for its hospitality and warmness make Argentina an exceptional place to live. .
TO YOUR HEALTH. Argentina ranks second in Latin America in the United Nations Human Development Index and in the UN Gender-related Development Index (2008). In both the areas of health and education, there are prestigious local institutions with a service level comparable to their best international counterparts. Visitors will find world-class options, be it a language class from one of the many bilingual schools specializing in the English, German, French and Italian languages, or medical attention from one of the complex-care medical centers in every major city.
8. A Vibrant Culture
CREATIVE INDUSTRIES. Argentines are endowed with an especially vibrant and dynamic culture. The international market has taken notice. Awards include four Miguel de Cervantes Prizes in literature; five Oscar’s nominations for film; several Goya Awards and honorable mentions at the Cannes and Berlin Film Festivals; 28 Latin Grammy Awards and 23 MTV Awards 2002-2007 for music. From music, dance and theatre to cinema, literature and plastic arts, the intense cultural life makes for a growing cultural and creative industry, which represents almost 3% of GDP (above the region’s average).
TANGO. Tango music and dance are world renowned and today stand as the main “porteño” cultural icon, as reflected by the growing sale of records, tickets for concerts, dance shows, dance classes, shoes, trinkets and specialized publications. Tango-themed tours are increasingly popular; visitors cannot resist the music and dancing at Milongas, the tango events held at local dance halls.
STEP BY STEP. But not everything boils down to tango in Argentina. Folk dances are popular and a new generation of ballet dancers offers marvelous performances at the splendid Buenos Aires Opera House (Teatro Colón) and
diverse open-air venues. Argentina is also known for its theater industry, comparable to few other countries in the world. There are over 200 plays shown regularly on Saturdays: 10 shows per hour. Indeed, the national film industry reached its height last decade with the arrival on the scene of young directors making up the “new Argentine cinema”. Argentina experienced extraordinary growth in the movie industry, releasing almost 80 national films per year in 2007 and 2008. The television content and advertising industries are also developing at high speeds and increasingly supplying regional and global markets.
LITERATURE AND WORKS OF ART. Admiration for Argentine artists and authors goes well beyond the country’s national borders. The most famous of Argentine literature exponents is Jorge Luis Borges, but Argentina also has three other world renowned winners of the Miguel de Cervantes Prize of the Spanish Royal Academy (Ernesto Sábato, Adolfo Bioy Casares and Juan Gelman), as well as a new generation of gifted young writers. The Argentine people’s growing interest in reading can be measured by attendance records at the Buenos Aires International Book Fair, which was visited by 1.2 million people in 2008. Meanwhile, Argentine works of art are experiencing an unprecedented growth in sales.
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TICKETS PLEASE. The vivacious life in Argentina’s main urban centers is world renowned, where dynamic and diverse cultural activities include 928 museums, 2,813 theatres and 448 cinemas. Argentina’s sporting events (the football classic—yes, soccer—Boca vs. River stands out), as well as the possibility to practice every imaginable sport, will impress any sports aficionado. Argentina was nominated the best golf destination in the region by the International Association of Golf Tour Operators (Awards 2008).
CAPITAL VIEWS. The capital city, Buenos Aires, is an attractive metropolis with first-rate hotels and restaurants, and an active nightlife. Buenos Aires was nominated as the best city to live in Latin America in The Economist´s Liveability Survey (2009). Calm, tree-lined residential streets in the suburbs to the busy streets lined with French style petits hôtels in Recoleta are but two of the diverse neighborhood styles in the city. Buenos Aires has been ranked in the top five cities to visit worldwide for three consecutive years (Travel & Leisure, 2009) and ranks third in Latin America in the Worldwide Quality of Living Survey (Mercer Human Resource Consulting, 2008). Owing to its traditional design background and strong contemporary art scene, Buenos Aires was appointed as the first UNESCO City of Design in 2005.
9. Quality Connectivity and Modern Infrastructure
WIRED. Argentina benefits from advanced and competitive telecommunications in a highly deregulated market. Large capital investments have resulted in digital networks with national and international connectivity. Fixed-line and mobile density in Argentina (105 subscribers per 100 inhabitants) is the highest in Latin America; while Internet penetration (21 users per 100 people) is increasing rapidly, ranking well above the region’s average (World Bank, 2008). Companies also value Argentina’s time zone (GMT-03:00), which allows them to efficiently serve both American and European markets.
HIGH ROAD. The country has a developed transport and infrastructure system: more than 231,374 kilometers of roadways; one of the longest railroad networks in the world (31,409 kilometers); 25 seaports and 38 river ports; and 58 airports (23 international). More than 25 airlines offer non-stop flights from Argentina to more than 40 destinations in five continents. Argentina ranks second in the region in the World Bank’s Logistics Performance Index and is one of only two Latin American countries included among the world’s top 50 countries in terms of ease and affordability to arrange international shipments (World Bank, 2008).
10. Public Sector Supportive of Investment
PROSPERAR. The creation in 2006 of Argentina’s National Investment Development Agency, ProsperAr, is a clear sign of the government’s commitment to support the expansion of investment and the attraction of FDI for competitiveness and sustainable development.
INVESTMENT INCENTIVES. Argentina’s strategy to attract investment also includes a series of fiscal, export-related, training, innovation and industry-related incentives. A number of incentives designed to promote investment and improve profitability are in place at the national, regional and municipal level. Specifically, Argentina offers investors: fiscal and tax benefits to reduce the fiscal burden of the investment phase (0% tariff on imports of capital goods, accelerated depreciation for machinery and equipment, early recovery of Value Added Tax); incentives for export promotion (reimbursement of VAT, drawback mechanisms, temporary admission regime); fiscal credit for specific training programs; and funds for scientific and technological research and innovation. Furthermore, some investment incentives are in place for sectors such as automotives, biofuels, biotechnology, forestry, mining, oil and gas, and software.
“As we searched for country locations to build our third global software development center, finding the right IT talent was a critical factor in our decision. In Argentina we found an impressive mix of experience, analytical capacity, creativity and passion for the business. ProsperAr played a key role in our decision making process, facilitating access to vital information and contact to local institutions”.
Jorge CordovaManaging Director Sabre Holdings
“Toyota started its production in Argentina in 1997. In 2002, was chosen as one of the four global production and export bases for the Innovative Multipurpose Vehicle Project. A highly qualified domestic labor force allowed Toyota Argentina to obtain the “Quality Gold Award”. Currently the company produces around 70,000 units per year, and exports more than 70% of its production to 20 destinations in Latin America and the Caribbean countries”.
Daniel AfioneCorporate Affairs General ManagerToyota Argentina
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Argentina at a glance
Country profile Official name República Argentina
Capital city Buenos Aires
Main cities Córdoba, La Plata, Mar del Plata, Mendoza, Rosario
Surface area 2.7 million square kilometers
Population 40.6 million inhabitants
Population growth 1.0% per year
Adult literacy rate 98%
Life expectancy at birth 75 years
GDP per capita (PPP) US$ 14,413
Currency Argentine peso ($)
Form of government Federal Presidential Republic
Political division 23 autonomous provinces and the Autonomous City of Buenos Aires
Time zone GMT-03:00
Official language Spanish
Argentina
Main Economic Indicators
GDP by Economic Sector (2008)
Source: ProsperAr based on data provided by the
Argentine National Institute of Statistics and Census.
Source: ProsperAr based on data provided by the Argentine National Institute of Statistics and Census, the Central Bank’s Market Expectations Survey (REM), the International Monetary Fund and theUnited Nations Conference on Trade and Development (as of April 30, 2009).
Real State andBusiness Services
11%
Agriculture, mining & fishing
14%
Wholesale & retail trade
12%
Transport, storage & communications
8%
Manufacturing 21%
Electricity, gas& water
1%
Government6%
Construction6%
Education, health &community services
13%
Hotels & restaurants 3%
Financial Services5%
2003 2004 2005 2006 2007 2008
GDP growth rate (annual %) 8.8% 9.0% 9.2% 8.5% 8.7% 6.8%
GDP (PPP) (millions of US$) 333,399 373,041 419,568 469,750 524,140 572,860
GDP (millions of US$) 128,078 152,158 181,967 212,868 260,682 326,872
Exports of goods and services (millions of US$) 34,439 39,864 47,021 54,569 66,356 82,110
Imports of goods and services (millions of US$) 18,827 27,930 34,926 41,111 53,352 67,536
Balance of trade of goods and services (millions of US$) 15,612 11,934 12,095 13,458 13,003 14,574
Trade surplus (% of GDP) 12.2% 7.8% 6.6% 6.3% 4.9% 4.5%
Current account surplus (% of GDP) 6.4% 2.1% 2.9% 3.6% 2.7% 2.2%
Primary fiscal surplus (% of GDP) 2.3% 3.9% 3.7% 3.5% 3.2% 3.1%
Gross capital formation (% of GDP, constant prices) 14.3% 17.7% 19.8% 21.6% 22.6% 23.0%
Gross national savings (% of GDP, current prices) 19.6% 20.6% 23.7% 26.4% 26.6% 26.7%E
Foreign direct investment (millions of US$) 1,652 4,125 5,265 5,537 6,473 8,853
Exchange rate ($/US$) 2.95 2.94 2.92 3.07 3.12 3.16
Foreign reserves (millions of US$) 14,119 19,646 28,077 32,037 46,176 46,109
Unemployment rate (% of EAP) 17.3% 13.6% 11.6% 10.2% 8.5% 7.9%
ProsperAr’s four main objectives are:
Provide services to investors ProsperAr provides investors with personalized professional services throughout the investment process, from initial advisory services to investment facilitation and aftercare. The Agency’s team assesses on investment projects, responds to queries from investors and provides key business information. Leveraging the Agency’s cooperative relationships with different government bodies, ProsperAr’s integral services offer investors a unified one-stop support system.
Attract and generate investment ProsperAr works in the promotion, attraction and expansion of both domestic and foreign investment. We identify investment and innovation opportunities in high growth sectors, communicating them to national and overseas investors through international missions, conferences, meetings and publications. We work to build relationships that enable multinational companies to take advantage of local, regional and global opportunities. We also encourage domestic firms to expand and develop their businesses.
Boost the Investment EnvironmentProsperAr works to strengthen Argentina’s investment environment. We interact with local and multinational companies, as well as potential investors, identifying and removing possible obstacles to doing business in Argentina. Through active dialogue with the private sector, and in coordination with other government departments, we advocate for the formulation of policies and programs to optimize the investment and innovation environment.
Promote the internationalizationof local companies
ProsperAr promotes the growth and internationalization of Argentine firms. Fostering local vocation for innovation and entrepreneurship and promoting overall competitiveness are key aspects of the Agency’s strategy. Two programs “Entreprenuer Development” and “Pioneers” are in place to strengthen local companies’ critical capacities in different growth phases. ProsperAr also assists international companies to invest in and/or work with their local counterparts to form global joint ventures.
ProsperAr is your strategic partner to invest and prosper in Argentina.
ProsperAr is Argentina’s Investment Development Agency.
Our mission is to develop direct foreign and domestic investment to contribute to Argentina’s competitiveness and sustainable development.
What ProsperAr can do for you:
>> Provide timely and relevant information on business sectors and geographical locations in Argentina.
>> Help identify investment and innovation opportunities in strategic sectors.
>> Troubleshoot red tape and obstacles; facilitate the investment process and doing business in Argentina.
>> Assist in building partnerships between foreign investors and local companies.
ProsperAr offers professional assistance for your business to find success in Argentina.
To learn more about how investing in Argentina can benefit you, please contact us:
[email protected]+ 5411-4328-9510
Naturally talented to meet global market needs