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Argentine president highlights growing trade with China

Xinhua, May 13, 2015 Adjust font size:

Argentine President Cristina Fernandez Tuesday highlighted her country's expanding trade ties with China.

During a ceremony announcing the refinancing of debt owed by some 17 provinces, Fernandez stressed the importance of growing trade with China, especially at a time when Argentina's access to global capital markets has been blocked by legal disputes.

China is not only "the leading destination for Argentinean meats," and it has recently agreed to buy alfalfa from the South American country, said Fernandez.

It has been in Argentina's "interest ... to build comprehensive strategic partnerships, like the one we have with China," Fernandez said during the ceremony broadcast on national radio and television.

In February, Fernandez met with her Chinese counterpart Xi Jinping, and the two agreed to further enhance the comprehensive strategic partnership between the two countries.

The agreement led to a series of bilateral accords, among them a 4.7 billion U.S.-dollar investment in infrastructure development in Argentina's energy sector, including the construction of two dams in the south of the country.

In the transport sector, China will be investing more than 2 billion dollars to renovate Argentina's Belgrano Cargas cargo railroad, a move that is expected to help boost the country's agricultural exports.

The two countries, which established diplomatic ties in 1972, also have bilateral accords in other areas, including cultural exchange, and in veterinary and sanitary cooperation.

Today, China is Argentina's third largest foreign investor, with more than 8 billion dollars, and second largest trade partner, according to official data.

Two-way trade between the two countries stood at nearly 15 billion dollars in 2013, according to China's official statistics.

The two emerging markets are set on boosting exchange and cooperation, sharing opportunities for development, and working together to tackle common challenges.

Argentina has traditionally been a major producer and exporter of primary agricultural products, but hopes to export more high- tech and value-added goods to China in a bid to strengthen its productive sector.

Beijing has been helping the South American nation in such strategic industries as transport, hydraulic engineering, and nuclear energy, while Buenos Aires can help China boost its food security. Endite