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Newsletter Finance | Arg in Focus S E T N E I R R O C F O E C N I V O R P - K R A P L A N O I T A N Á Y U C U R U B M Finance PRIORITIES OF PRESIDENT ALBERTO FERNANDEZ’S ADMINISTRATION Bilateral relations AGRIBUSINESS: ¿PARTNERS OR COMPETITORS? EMBASSY OF ARGENTINA, WASHINGTON, D.C. ARGENTINA G-20 THE B20 CREATES A SPACE FOR IN FOCUS DIALOGUE SEPTEMBER 2020 // NEWSLETTER FINANCE | ARG IN FOCUS President Alberto Fernández PRIORITIES OF PRESIDENT ALBERTO FERNANDEZ’S ADMINISTRATION Yesterday, the Executive Branch presented the The bill sent to Congress reveals the strategic draft 2021 Budget to the Chamber of Deputies. priorities of the administration of President Alberto Fernández in its first budget: namely, to Minister Martín Guzmán stated that it defines “a reactivate production, create jobs, enhance path towards economic recovery within a innovation, and allocate more resources to framework of prudence.” In this regard, the education and health. Likewise, for the first time, a budget projects growth will be 5.5% in 2021, gender and diversity perspective is added to the starting the road to recovery after three years of a budget. very deep recession, and which was exacerbated by the pandemic. Once again I have the pleasure of sharing the latest edition of our Embassy Newsletter. In this edition, we share with you an article on the Argentine Government budget proposal for 2021, featuring President Fernandez’s priorities. This edition includes as well, thanks to the collaboration of the Argentine Investment and International Trade Agency, the second article of a series on the Argentine agribusiness sector and its enormous potential. Finally, an article on the B20 Argentina-Arabia Dialogue, organized by the Argentine Industrial Union (UIA) and the G20 Presidency. Jorge Argüello Ambassador to the United States FINANCE | ARG IN FOCUS President Alberto Fernández and Minister of Economy, Martín Guzmán EFFORTS TO ADDRESS A FISCAL using inclusive criteria at a federal level, based BALANCE WILL BE CONSISTENT on an investment that will climb to 2.2% of WITH PATH TOWARDS AN GDP in 2021, doubling the 2019 budget in real INCLUSIVE GROWTH terms. Investment in Innovation and Development will The State will play a key role in promoting an grow 160% in real terms compared to the inclusive and federal economic recovery process; 2019 budget, thereby sustaining the the government’s plan aims to enhance the extraordinary investment level of 0.5% of GDP country’s productive capacities and its global spurred by the pandemic. integration within the framework of an economy that fosters a more equitable distribution of Investment in Public Health will increase 49% income and greater opportunities for progress for in real terms when compared to the 2019 the most disadvantaged groups. budget (pre-pandemic), and will reach 0.5% of GDP. When preparing a budget, fiscal sustainability is one of the guiding principles. Minister Guzmán Investment in Education and Connectivity will indicated that sustainability cannot be achieved increase 11% in real terms. haphazardly, and that it requires "consistent efforts, in pursuit of fiscal balance, that are Investment in active social inclusion will grow compatible with a path towards inclusive growth.” 49.5% compared to 2019 and will represent 0.7% of GDP. The strategic priorities of the Argentine government are reflected in the six pillars of its Investment in Gender and Diversity will public investment policy: multiply by more than thirteen times when Infrastructure will once again be a driving compared to the last budget of the previous force of the economy, of job creation and administration. competitiveness for Argentine companies, 3 BILATERAL RELATIONS | ARG IN FOCUS AGRIBUSINESS: ¿PARTNERS OR COMPETITORS? A preliminary review of the production of food United States ranks 2nd and Argentina 3rd; and and agricultural products in Argentina reveal that prawns, as Argentina is the 7th world exporter there are clear similarities with the United States while the USA is 10th, just to mention a few and, transcending distances and volumes, we examples. both participate and compete in the same international markets. Notwithstanding this similarity, a space for cooperation was created, both in the public and Indeed, both countries rank among the world's private sectors. Indeed, from international fairs, top 10 of trade (USDA Trade Map) of many types conferences, and technical missions, to bilateral of foods. For example, fresh lemons, where negotiations public-private cooperation has Argentina occupies 4th place and the USA 5th; always been aligned in laying the foundations for bovine meat, a sector in which Argentina new business opportunities for both countries. recovered the 5th place, and remains one position behind the US; poultry meat, where the Argentine companies tend to rely on their US is the 2nd world exporter and Argentina the technological strength, as well as leverage US 10th; and sorghum, in which both countries share capital finance their growth and investment. At the top rank (US is 1st and Argentina, 2nd). Reference same time, US companies capitalize on the can also be made to soybeans and peanuts: the productive efficiency of Argentina Credits: Ministry of Agriculture, Livestock and Fisheries BILATERAL RELATIONS | ARG IN FOCUS OUR COUNTRY IS IN SECOND Local production for a global business. PLACE AMONG THE Argentina, like the United States is a federal country, and offers diverse investment DESTINATIONS CHOSEN BY opportunities that, together with an extensive THE US COMPANIES TO infrastructure and transportation network, enable SETTLE IN THE REGION. local marketing of products, as well as exports. The US is the major foreign investor in local and our expertise, to turn their local operations agribusiness, which demonstrates the US into commercial management centers to supply companies’ confidence in the credibility and the southern cone. Companies such as Mars, potential of Argentina. PEPSICO, Mondelez, Simplot and P&G, among others, base their operations in Argentina to later The country has been a privileged destination for develop the markets in Chile, Uruguay, Bolivia and US agricultural investments: it ranks second, after Paraguay and thus supply a region with 85 million Brazil, as a South American destination and people. represents about 20% of the total amount invested by the US in the region in productive Over the years Argentina has shown to be an ventures, with investment projects for over $ efficient hub that makes it a strategic link in global 2,140 million, according to AAICI based on own value chains for the development of international estimates, and data from Orbis Crossborder business. Investment. BILATERAL RELATIONS | ARG IN FOCUS These investments were made mostly by US COMPANIES CAPITALIZE companies already installed in the market, which ON THE PRODUCTIVE demonstrates their trust and conviction in the present and future of Argentina. EFFICIENCY OF ARGENTINA AND OUR EXPERTISE, TO TURN Some of the projects were allocated to the THEIR LOCAL OPERATIONS production of pet-food, made by Royal INTO COMMERCIAL Canin/Mars, to traditional businesses such as food MANAGEMENT CENTERS TO and beverages, by giants such as Pepsico and Mondelez, or seeds and grains from Albaugh LLC, SUPPLY THE SOUTHERN CONE. among others. Regarding M&A operations, Argentina is once There is a future field of work for consensus in more in second place among the destinations which, far from being competitors, we are chosen by US companies to settle in the region, strategic partners in the regional and global focused especially on operations in companies agri-food market. with value-added products, mostly for mass consumption, indicating the commitment to the local consumer market and as a platform for expansion in the region. Among some of the examples, the acquisition of ADES by Coca Cola Co., La Salteña by Gral. Mills, as well as the investment in the Susana Balbo and Luigi Bosca winery by L. Catterton, among others. Continuing and expanding this trend based on the strengthening of mutual complementation, is the immediate challenge faced by both countries. The results of this complementation transcend their leading position as food suppliers and are reflected in diverse issues that require a consensus in their positions in order to provide global responses to issues such as access to markets, investments, intellectual property and the environment. An example of this is the global response that the two countries can offer as members of the Ag-5 group on food security and agricultural trade, based on scientific principles and sound risk analysis. (Argentina in Focus No. 13) 6 G20 | ARG IN FOCUS Sherpa B20 Abdulwahab Al-Sadoun, Argentine Ambassador to the United States and G20 Sherpa Jorge Argüello, President of the Unión Industrial Argentina Miguel Acevedo THE B20 CREATES A SPACE FOR DIALOGUE Created in 2010 in South Korea, the Business 20 G20 Leaders in the upcoming Summit, in (B20) is one of the engagement groups of the November. G20, and the premier international gathering of business leaders from all member countries. With Among the speakers were UIA President, Miguel the aim of debating and working on solutions to Acevedo; the B20 Sherpa, Abdulwahab Al-Sadoun; facilitate international business and cooperation, UIA VP Daniel Funes de Rioja; the Argentine the B20 is vital not only for international Sherpa, Ambassador Jorge Arguello; Argentine economic welfare and to build economic Foreign Affairs Secretary, Ambassador Pablo relationships between nations, but also for global Tettamanti, and businessmen representing the economic development to be accomplished in a different B20 task forces. The Argentine B20 sustainable and responsible manner. Sherpa, Fernando Landa, moderated the event that had over 100 participants. On August 20th, the Unión Industrial Argentina (UIA) and the G20 Presidency of Saudi Arabia Ambassador Arguello highlighted the key role and organized the “B20 Argentina-Saudi Arabia responsibility that the G20 has in providing Dialogue”, in which four of the six B20 task answers to the global health and economic crisis; forces presented at a national level their and in leading the way towards a new world.
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