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Investment and innovation: key drivers of Argentinas sustainable economic development

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Title: Investment and innovation: key drivers of Argentinas sustainable economic development


1
Investment and innovationkey drivers of
Argentinas sustainable economic development
  • Beatriz Nofal (Ph.D), President
  • Argentinas Investment Development Agency
  • Tokyo, May 2008

2
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

3
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

4
Argentina is facing an extraordinary opportunity
to reach the next station on the path towards
economic development
Innovation
Productivity
Factors
ARGENTINA
GDP per capita US PPP
Argentinas Investment Development Agency
4
4
5
By stabilizing the economic growth at moderately
high rates, we can reach the development and
equity levels of recently developed countries in
one generation
Income Distribution Gini Coefficient
GDP per cápita US PPP Year 2007
30.120
0,49
0,33
13.307
Argentina
Spain
Argentina
Spain
Estimated Source ProsperAr based on FMI World
Economic Outlook Database, April 2007
Source ProsperAr based on INDEC and OECD Stat.
Argentinas Investment Development Agency
5
6
Argentina offers an extraordinary investment
opportunity given the combination of high and
sustainable economic growth, favorable terms of
trade and a competitive base of production
factors.
Favorable terms of trade and high prices of
agricultural commodities and raw materials.
Five years of steady growth at an average rate of
8.8
Twin Surpluses fiscal and external
Accumulation of foreign exchange reserves and
reduction of public debt
Global Integration of Value Chains and off
shoring
ARGENTINAS SUSTAINABLE ECONOMIC GROWTH
FAVORABLE INTERNATIONAL SCENARIO
Prudent monetary policy
New global consumption patterns (product
differentiation)
Flexible and Competitive exchange rate
Marked reduction of unemployment and poverty
levels
Increasing demand for renewable energy sources
Record profitability
STRUCTURALLY COMPETITIVE FACTORS OF PRODUCTION
Skilled Human Resources
KNOWLEDGE
Entrepreneurial and innovative capacities
NATURE
Abundant Natural Resources
Modern Industries
CULTURE
Rich culture
6
7
Over the past five years, Argentina ranked among
the fastest growing economies worldwide. In 2007,
the annual GDP growth rate was 8.7 and the
average annual growth rate during the last five
years has been 8.8. For 2008, the estimated
growth rate is in the order of 8
Average 10.6
Average 8.8
Average 5.1
Average 3.6
Average 2.3
Source ProsperAr based on IMF WEO database, 2007.
7
8
Growth is based on solid macroeconomic
fundamentals that strengthen the countrys
economy, making it more resilient vis-à-vis
external shocks, and ruling out the possibility
of a crisis in the mid-term. Macroeconomic
sustainability results in higher predictability,
a key factor for investment.
Fiscal and Current Account Surplus (in billions
of pesos)
International Reserves (in billions of dollars)
Source ProsperAr based on Ministry of Economy
and Production.
During the first quarter of 2008, tax revenues
increased at a faster rate than public
expenditure and international reserves continued
growing steadily.
8
9
Investment has grown steadily, at higher rate
than GDP, leading to robust employment growth.
GDP, Investment and Employment In and Index
numbers 1997100
Estimated Source ProsperAr based on INDEC and
Ministry of Economy and Production
9
10
Likewise, there has been important productivity
gains in the industrial sector, as the surge in
production outpaces the rise in employment.
Industrial Production, Employment and Productivity
Productivity
Productivity
Productivity
- Production
Production
- Employment
- Employment
Production
Employment
10
11
One of the cornerstones of the current
macroeconomic program is the maintenance of a
flexible and competitive exchange rate.
Nominal and Real Exchange Rate (RER) EURO - USA
Brazil. Inverted Scale
Brazil RER
USA RER
EURO RER
Nominal ER (US dollar)
Source ProsperAr based on INDEC
11
12
Argentinas exports and imports are at
record-high levels. The country has experienced a
sizable and persistent trade surplus over the
past eight years.
Argentinean International Trade Millions of
dollars
Source ProsperAr based on INDEC
12
13
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

14
Argentinas economic growth is supported by an
attractive and competitive resource endowment
base which combines a pool of talented people,
abundant natural resources, a wealth of culture
and significant entrepreneurial and business
skills...
Productive Capacities
  • High entrepreneurial and innovative skills
    (ranked 10th in the GEM 2007)
  • Strong industrial tradition
  • Modern infrastructure and technological
    availability
  • World-class producers of agricultural and
    industrial commodities
  • Competitive private sector
  • Preferential Access to Mercosur market at 0
    tariff
  • Rich culture and outstanding cultural
    productions in various fields
  • Distinguished international figures and works of
    art
  • Rich Urban life with a wealth of cultural
    possibilities
  • International destination chosen for its quality
    of life and tourism
  • Abundance of land and natural resources
  • A wide variety of mineral and energy resources
  • Diversity of regions, topography and climate
  • High commitment with environmental protection
    and sustainable development
  • Qualified Human Resources
  • High level of education and training
  • Prestigious Universities
  • Excellent Research Centers
  • Outstanding health indicators

14
15
Argentinas high educational standards are
similar to some developed countries.
Adult Literacy Rate (15 years)
School Attendance Expectations In years
Source ProsperAr based on GED 2006, UNESCO.
15
16
Argentina socioeconomic indicators are the
highest in Latin America and are among the top 40
in the world, out of 177 countries.
Fuente UNDP Report of Human Development 2007.
17
Likewise, Argentina shows significant innovative
and creative abilities.
Patents per million of inhabitants registered at
the US Patent and Trademark Office
Patents 1963-2005
Patents 1998-2005
Patents 2003-2005
Source Prosperar based on US Patent and
Trademark Office
17
18
Argentina has been honored with five Nobel
Prizes three of them related to Science
received by Houssay, Leloir and Milstein- who
graduated from Public Universities
  • BERNARDO A. HOUSSAY
  • He was awarded the Nobel Prize in Physiology and
    Medicine in 1947 for his discovery of the part
    played by the hormone of the anterior pituitary
    lobe in the metabolism of sugar.

LUIS FEDERICO LELOIR He was awarded the Nobel
Prize in Chemistry in 1970 for his work in
biochemistry. He discovered sugar nucleotides
and their function in the biosynthesis of
carbohydrates.
CÉSAR MILSTEIN He was awarded the Nobel Price in
Physiology and Medicine in 1984 for developing
the hybridoma technique for the production of
monoclonal antibodies.
19
Likewise, the country has fully exploited its
wealth of natural resources becoming a leading
producer and/or exporter in various
agroindustrial segments.
  • The Argentine territory has almost 250,000 km2 of
    farmland.
  • This large quantity of fertile land together with
    a competitive industry places Argentina as the
    worlds
  • N 1 producer and exporter of Sunflower Oil.
  • N 1 exporter and 3rd leading producer of Soy
    Oil.
  • N 1 exporter and 3rd leading producer of Honey.
  • N 1 exporter of Horse Meat.
  • N 1 exporter of Pears.
  • 2nd leading exporter of Peanut Oil.
  • 3rd leading producer of Beef.
  • 3rd leading producer of Soy Beans.
  • 3rd leading producer and the N 1 exporter of
    Lemons.
  • 5th leading producer of Wine.

Source ProsperAr based on FAO.
20
A long industrial tradition has enabled us to
reach an extensive and diverse manufacturing
development.
  • As an example, the annual production capacity of
    local industry includes
  • 7 million tons of vegetable oils and over 20
    million in by-products,
  • Over15 million hectoliters of wine,
  • 400 thousand tons of tanned leather,
  • 1.2 million tons of paper,
  • 200 thousand tons of PVC and over 1.5 million
    tons of derivatives such as propylene and
    polyethylene.
  • 275 thousand tons of raw aluminum,
  • 5 million tons of steel
  • 4.15 million tons of seamless and non-seamless
    pipes,
  • 550 thousand automobiles.

A significant number of transnational
corporations have been present in the country
for decades. A group of prime national companies
world-class. A segment of flexible, innovative
and dynamic small and medium sized enterprises
(SMEs)
21
As a member of MERCOSUR, Argentina enjoys
preferential access (no import tariffs) to a
highly attractive market 265 millions of
consumers and joint GDP of US 1.800 billions in
2007.
MERCOSUR Venezuela (2) GDP US 1,800
Billions Population 265 Millions
MERCOSUR partners in FTAs (3) GDP US 2,300
Billions Population 381 Millions
MERCOSUR
MERCOSUR (1) GDP US 1,575 Billions Population
238 Millions
Pacific Ocean
Atlantic Ocean
  • MERCOSUR is a common market formed in 1991 by
    Argentina, Brazil, Paraguay y Uruguay.
  • Venezuela is under negotiations process to
    become a full member of MERCOSUR.
  • Bolivia, Chile, Peru, Colombia y Ecuador are
    associated members.
  • Estimated 2007
  • Source ProsperAr based on IMF World Economic
    Outlook, October 2007.

21
22
Intra and extra-Mercosur trade has grown
significantly over the last six years.
Intra-regional exports peaked in 2007
Increase in Intra and Extra Mercosurs Exports (
)
Fuente ProsperAr en base al INDEC
22
23
Argentina is the main growth engine of Mercosurs
intra-regional trade
Mercosur intra-regional imports grew from US 20
billion in 1998 to US 33 billion in 2007.
Two-third of that growth (64) was explained by
the increase in Argentinas intra-regional
imports, while Brazil only accounted for 17 of
it. However, Brazils import demand grew from
US 57.6 billion in 1998 to US 135.5 billion in
2007, but 96.5 of that growth was explained by
extra-regional imports
Fuente Prosperar en base a INDEC y CEI
23
24
The combination of these resources and capacities
results in a supply of competitive goods and
services that are very attractive and
complementary to world demand trends.
Premium Food, Organics and with traceability
High value added Professional Services
Technological and Differentiated Industries
Cultural Products and Services
Tourism and Leisure in unique places
Increasing global demand of Premium
Wines Premium Beef Olive oil and other vegetables
oils Organic products
Precision Machinery Shipbuilding
industry Biotechnology Software Fashion design
Business Professional Services Health
Services High Education Services
International demand of cultural
goods Entertainment and works of art with
national identity
Increasing flows of International
tourism European and American citizens with a
second alternative housing, outside of its own
country
24
25
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

26
Argentina offers a favorable political/institution
al framework for investment.
Full enforcement of civil and democratic
rights. Argentina is a country where freedom
prevails in every area, as confirmed by the 2007
Freedom in the World report.
Democracy Within a framework of freedom and full
enforcement of the rule of law, our country has
moved consistently towards strengthening the
democratic system.
Strategically Safe Country There are neither
terrorist groups, drug trafficking gangs or
organized crime activities registered nor
differences between religious or ethnic groups
that could affect the institutional and economic
life or the security of the country.
Country of choice among multinational
companies Argentina ranks 18th out of 25
countries of choice among the largest 100
multinational corporations, according to a UNCTAD
report.
Good quality of life Argentina ranks among the 10
best countries according to the 2007
quality-of-life index prepared by the specialized
publication International Living.
Preferred international tourism
destination Buenos Aires was rated the 2nd best
city to visit (Travel Leisure 2007).
27
Foreign direct investments in Argentina are
widely protected by domestic law and by bilateral
investment protection treaties, and receive equal
treatment to local investors (National Treatment)
  • The Argentine Constitution gives foreigners an
    equal treatment and recognizes they have the same
    rights than native citizens.

International negotiations Regional Level The
Southern Cone Common Market (MERCOSUR) made up by
Argentina, Brazil, Paraguay, Uruguay and
Venezuela, in addition to Bolivia and Chile as
Associate States. Bilateral Level Argentina
has subscribed fifty-eight (58) Bilateral
Agreements for Mutual Promotion and Protection of
Investments (APPRI). Multilateral Level
Argentina has been a member of the World Trade
Organization (WTO) since 1995 and has
participated as observer in the Investment
Committee of the Organization for Economic
Cooperation and Development (OECD) since 1996.
Additionally, it is a member of the Multilateral
Investment Guarantee Agency (MIGA).
  • The Foreign Investments Act (enacted in 1976)
    defines the legal framework for foreign
    investments and gives equal treatment to local
    investors.
  • Foreign investors may
  • Transfer liquid and realized gains from their
    investments abroad, as well as repatriate their
    investments.
  • Use any of the legal organizational forms
    provided by national laws.
  • Use domestic credit with the same rights and
    under the same conditions than local companies
    owned by nationals.

28
Argentina offers an attractive set of fiscal
investment incentives that may be used by both
local and foreign investors.
  • Horizontal Incentives to any region or economic
    activity to reduce the fiscal burden during the
    initial investment period
  • Promotion of Investment Law (N 26.360) Early
    reimbursement of VAT and/or accelerated
    amortization for capital goods and
    infrastructure.
  • 0 import tariff for capital goods.
  • 0 import tariff for all goods that are part of
    large investment projects.
  • Sectorial Incentives aimed at promoting specific
    economic sectors.
  • - Software - Mining - Tourism - Biofuel
  • - Biotechnology - Forestry - Automotive
  • Regional Incentives Provincial promotion schemes
    and support for infrastructure for investments
  • Exemptions on provincial taxes
  • Support for infrastructure investments
  • Facilities to purchase and lease public goods.
  • Public services at competitive costs

29
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

30
To continue growing at high rates, investment and
innovation are key success factors
30
31
Investment has recovered and grown steadily since
2002, reaching a record high-level as a percent
of GDP. In 2007 gross fixed capital grew at a
14.4 annual rate, and represented 22.7 of the
countrys GDP, the highest rate in the last 30
years.
Gross Fixed Capital Investment At current prices.
Percent of GDP
Gross Fixed Capital Investment/GDP Ratio At
prices of 1993. Percent of GDP
Source ProsperAr based on DNCN, INDEC.
31
32
Argentinas investment/GDP ratio (at current
prices) is the highest in Latin America.
Gross Fixed Capital Investment/GDP ratio by
country in Latin America Year 2007, at current
prices
2006 Source ProsperAr based on different
Nationals Statistics Institutes of the region.
32
33
Foreign Direct Investment has recovered and is
currently above the average of the 1990s,
excluding privatizations. However, Argentina
faces the challenge to recover its average
historical share of FDI flows into South America.
Total FDI and net FDI (without privatizations) -mi
llions of US dollars-
Argentinas share of South American FDI inflows,
(includes privatizations)
1992-2000 average without privatizations US 5300
M
Preliminary estimates Source ProsperAr based
on INDEC and UNCTAD
1999 was the year of aquisition of YPF, the
public oil company, by Repsol from Spain Source
ProsperAr based on INDEC
33
34
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

35
Notwithstanding the positive results, Argentina
faces important challenges in terms of investment
Challenges
Results
Significant increase in Investment as a
percentage of the GDP Investments mainly oriented
to tradable sectors of the economy. Recovery of
Foreign Direct Investment after 2004 Public
investment accompanying investment of the private
sector Investment growth coupled with employment
growth
To increase and sustain high investment/GDP
ratios, consistent with the requirements of a
sustainable growth and price stability. To
improve the quality of investment. To increase
our participation in world and regional flows of
Foreign Direct Investment To promote further
global value chain integration of international
companies with their suppliers and clients To
support the growth and internationalization of
local companies To meet the increasing demand for
energy and infrastructure that results from
strong economic growth
35
36
For sustainable economic growth and development
it is necessary to consolidate macroeconomic
stability and to build microeconomic and
institutional capacities which will allow us to
produce and sell innovative and high value-added
products and services in the domestic and
international markets.
  • Greater productive diversification, with a
    growing participation of value-added and
    differentiated goods, propelled by a strong
    domestic demand.
  • Higher value of exports and exports/GDP
  • Higher participation of differentiated and
    value-added products and services in total
    exports.

High Value Added Exports 18
High Value Added Exports 30
15 Traditional Export Groups 82
15 Traditional Export Groups 70
High-Value Added Agribusiness Products Biotechnol
ogy Differentiated manufacturing
Software and IT Services Tourism Education, Health
Source FORTEZA, J. (2007)
36
37
In this sense, Argentina has several success
stories in a wide range of sectors and activities
with high growth-potential, usually found in
economies that are knowledge-and innovation-
oriented.
Natural Products
Food Products
Raw Materials
Hi-tech and Value-Added Professional Services
Biotechnology and Natural Sciences
Design- Intensive Manufacturing
Real-estate and Tourism Development
Business Processes Outsourcing (BPO)
Culture
37
38
To reach the next stage in the path towards
sustainable development requires
BUILDING SOLID CONSENSUS
NEW INVESTMENTS
INNOVATION, EDUCATION, Science Technology
STRATEGIC VISION
A BRIDGE BETWEEN THE GOVERNMENT AND THE PRIVATE
SECTORS
within an institutional change-driven
environment.
38
39
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

40
Given the extraordinary opportunity Argentina
faces in the world economy the country's
Investment Development Agency, ProsperAr, was
created to
encourage national and foreign investment
support the development and internationalization
of local companies
contribute to the optimization of Argentinas
investment and innovation environment.
Argentinas Investment Development Agency
40
40
41
Our vision is that that fostering Argentinas
entrepreneurship and innovation skills will
increase investment and improve its quality.
Argentinas Investment Development Agency
41
42
Argentinas Investment Development Agency
constitutes an institutional innovation in terms
of its mission and organizational design.
Autonomy
Stability
Transparency
Transparency
Public-private coordination and collaboration
Yearly rendering of accounts Internal Audit
Department in coordination with the National
Audit Commission
Yearly rendering of accounts Internal Audit
Department in coordination with the National
Audit Commission
  • Governance Model
  • National Investment Council
  • Minister Chief of Cabinet
  • Minister of Economy and Production
  • Minister of Foreign Affairs
  • Advisory Councils
  • Private and academic sector
  • International

Economic-Financial Autarchy Legal status Ability
to perform in the public and private law fields
Ability to send correspondents abroad
Board members hold a 4-year term of office The
presidents rank is equivalent to that of a
Secretary of State and the Directors rank to
that of Undersecretary of State
Argentinas Investment Development Agency
42
43
We have launched ten programs within five major
areas of activity to optimize the investment and
innovation environment.
Services to investors
Creating a diferential image for Argentina
Boost Investment Environment
Atract and Generate Investment
Development and internationalization of local
firms
Pioneers Program enhancing the growth of
innovative firms
8
1
6
3
  • Communicating the countrys sustainable economic
    growth and investment opportunities
  • b) Creating a differential country image aligned
    to its identity knowledge nature culture

2
Active Investor Dialogue
Identification of investment and innovation
opportunities and matching them with potential
investors Investment- focused Missions
Personalized investor services
4
Financial instruments to facilitate investment
and productive innovation
Programs
9
Promoting the internationalization of local firms
5
Enhancement of Investment and Innovation
Environment
7
10
Fostering the integration of local suppliers to
Global Value Chains
Argentinas Investment Development Agency
43
44
ProsperAr has in its governance model concrete
public-private collaboration working schemes.
Board of Directors President (1) Dr. Beatriz
Nofal Members (2) Mr. Daniel Falcón Ms. Luciana
Pagani
  • National Council on Development Investments
  • - Chief of Cabinet
  • Minister of Economy and Production
  • Minister of Foreign Relations, International
    Trade and Worship

Advisory Council private sector
Superior International Advisory Council
Internal Audit Department
Argentinas Investment Development Agency
44
45
With public-private coordination and a
collaborative environment, we want to maximize
the impact of our work regarding
Concrete Initiatives and Projects
High-Impact Tools
Differential Strategy and Positioning
  • Refinement of the Agencys programs to
  • Stimulate domestic and foreign direct
    investments.
  • Support the growth and internationalization of
    domestic companies.
  • Improve access to financing and capital.
  • Initiatives for optimizing the innovation and
    investment environment.
  • Investment projects to take advantages of
    opportunities or to close competitive gaps.
  • Differential strategy and positioning of
    Argentina in productive activities with
    high-growth potential.

Argentinas Investment Development Agency
45
45
46
In conclusion, at ProsperAr we work within a
public-private collaborative framework with the
goal of making investment and innovation the
engines of sustainable development. To achieve
this goal, it is necessary to continue
consolidating sustainable macroeconomic growth
and to build social consensus aimed at enhancing
a natural resource based export economy with the
application of new investment, knowledge and
innovation to produce also world-class
competitive high value added products and
services.
46
47
Table of Contents
  • Investment Opportunity
  • Macroeconomic Sustainability
  • Competitive Production Factors
  • Incentives and Investment Environment
  • Investment Performance
  • Future Challenges
  • ProsperAr
  • Argentina - Japan bilateral relations

48
Japanese direct investment has contributed
significantly to the building of productive
capacities in our country, with strong
participation in the automotive industry.
Investment announcements made by Japanese
companies in Argentina In millions of dollars
Source ProsperAr based on CEP The investments
mentioned above correspond to companies
announcements taken from the media. Investments
in greenfield, expansion of existing plants and
mergers acquisitions have been considered.
49
World-class leading Japanese companies have been
actively present in our country for several
decades
Some major Japanese companies present in Argentina
Source ProsperAr based on CEP
50
Renewed dynamism has been observed in bilateral
trade flows over the last three years
Argentina-Japan Trade. 1996/2007 millions of US
Source ProsperAr based on INDEC
51
... with a recovery of Japan's share in total
Argentine trade, although this share remains
relatively low showing a significant growth
potential.
Japan's share in Argentina's Exports and Imports
Source ProsperAr based on CEP and INDEC
52
Likewise, Argentina's share of Japanese trade
also shows signals of recovery, but it continues
at low levels.
Argentina's share in Japan's Exports and Imports
Source ProsperAr based on CEP and JETRO
53
Bilateral trade has a clear specialization
pattern. Exports from Argentina are mainly
primary products (58) while imports from Japan
are concentrated on capital goods and their parts
(65 of total imports).
Argentina - Japan trade breakdown Year 2007
Exports to Japan
Imports from Japan
Primary Products 58.2
Capital Goods Parts Accessories 37.2
Capital Goods 28.4
MOA (farming livestock manufactures) 21.7
Intermediate Goods 16.7
MOI (industrial manufactures) 17.3
Consumer Goods 9.2
Passenger vehicles 8.3
Fuel Energy 2.9
Source ProsperAr based on INDEC
54
Investment and trade flows between Japan and
Argentina are clearly complementary.
Trade flows with Japan and investments made by
Japanese companies in Argentina. Millions of USD
Source ProsperAr based on CEP The investments
mentioned above correspond to companies
announcements taken from the media. Investments
in greenfield, expansion of existing plants and
mergers acquisitions have been considered.
55
To conclude...
  • An important recovery of trade and investment
    flows has been observed between Japan and
    Argentina over the past few years
  • The challenge is to continue increasing the
    intensity of bilateral trade flows and to improve
    Argentinas export composition towards higher
    value added products and services.
  • Japanese direct investments in Argentina, and
    maybe Argentinean investments in Japan -although
    to a lesser extent- can contribute to meet that
    challenge.

56
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57
Muchas GraciasThank you
To learn more about how to invest in Argentina,
contact ProsperAr
Florida 375, 8th Floor Suite B (C1005AAG) Buenos
Aires Argentina Tel (5411) 4328-9510 email
info_at_prosperar.gov.ar www.prosperar.gov.ar
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