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10 Reasons to invest in Argentina - July 2009
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10 Reasons to invest in Argentina - July 2009

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This publication presents Argentina´s key competitive advantages that allows the country to attend key global market needs. …

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 info@prosperar.gov.ar

This document was produced by ProsperAr, Argentina´s Investment Development Agency.

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  • 1. Naturally talented to meet global market needs
  • 2. >> 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
  • 3. Why Argentina? 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
  • 4. 1. Sustained Economic Growth 2. Attractive Business Profitability GROWTH. Argentina has been one of the fastest SOLID MACRO FOUNDATION. Investment—measured as a BUSINESS RESULTS. Argentina offers investors “The combination of innovation growing economies in the world and its 6.8% percent of GDP—reached 23% in 2008, the highest attractive profitability in a wide range of sectors. capabilities, technological readiness increase in GDP in 2008 confirms the sustained level in the past three decades, surpassing investment Earnings as a percentage of Foreign Direct Investment and fist-class creative local talent, on growth trend. The compound annual growth rate rates in a number of Latin America’s main economies. (FDI) stock were 10.2% average in 2006-2008, the Unlike previous growth cycles, Argentina has sound top of competitive costs, were crucial for 2003-2008 was 8.5%, below China (10.7%) and highest in past 15 years. Earnings as a percentage of India (8.4%). During this period, Argentina’s fiscal and current account surpluses (3.1% and 2.2% of revenues for the 340 largest non-financial companies to successfully relocate some of our growth was well above all other Latin American GDP, respectively, in 2008). Furthermore, the Central are also at record levels, averaging 15.4% per year over operations from Miami to Buenos economies. Furthermore, Argentina is expected to Bank’s foreign exchange reserves stood at an the period of 2005-2007. Aires. We firmly believe Argentina be one of the fastest growing economies in the unprecedented level of US$46.1 billion in June 2009. can become a creative player in the region in 2009, however given the current global The country’s recent economic performance will LEGAL FRAMEWORK. By law, FDI receives the same international scene”. financial crisis, at a lower rate. This strong provide Argentina with a solid foundation to face treatment as domestic investment. Remittance abroad economic performance has led to a net job creation upcoming challenges given the current global of profits and capital is unrestricted and transnational financial crisis. Pierluigi Gazzolo of 3.8 million positions since 2003. As a result, the companies are free to operate in any sector in the Chief Operating Officer unemployment rate for 2008 was 7.9%, the lowest country. In addition, Argentina holds 19 bilateral EXPORTS. Exports of goods and services grew steadily MTV Networks International in fifteen years. treaties to avoid double taxation and 55 bilateral starting in 2003 culminating in another record year in investment treaties for the protection and promotion 2008 for a total of US$82.1 billion. A competitive real of investments. exchange rate, an expanding export capacity and elevated international prices were key factors for the GDP growth (annual % change) FDI profits (as a % of FDI stock) strong performance. Export growth has not only been 10% 12% 9% led by traditional primary commodities but also by 8% manufactured goods (for example, designed 10% 7% 6% manufactured goods and food and beverages) and 8% 5% value-added services (such as information 6% 4% 3% technologies, professional consultancy and tourism), 4% 2% which have expanded at accelerated rates. During 2% 1% 0% 2008, the service export sector registered a 0% 2003 2004 2005 2006 2007 2008 record-high volume of US$12 billion, one of the highest 1992 - 2001- 2004 2005 2006 2007 2008 2000 2003 levels in Latin America. Argentina Latin America OECD 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 IMF Economic Outlook and the OECD Economic Outlook.
  • 5. 3. A Globally and Regionally Integrated Economy markets outside the region through the bloc’s developing country in FDI growth in 2008. Argentina is a key producer and exporter of successful and ample trade agreements. In Mercosur, Transnational corporations of long-standing presence commodities and raw materials and the world’s OPEN ECONOMY. Trade, financial and investment flows Argentina has preferential access to a regional market in the country increasing their production capacity number one exporter of sunflower oil, soybean oil, link Argentina to both the global economy and its of 241 million inhabitants, with a combined GDP of and new transnational firms entering the domestic pears and lemons. Over the period of 2003-2008, regional economy. Argentina is a founding member of US$1.9 trillion. Argentina’s outstanding economic market, both resulting in greenfield investments, have exports of both primary products and the World Trade Organization and actively engages in performance has transformed the country into the led to the increase. Unlike previous phases, mergers agricultural-based manufactured goods doubled. the multilateral trading system. Exports and imports main growth engine of Mercosur’s intra-regional and acquisitions currently represent less than 10% of Agriculture-based manufactured goods hit a historic of goods and services represent almost half of the trade, representing 48% of its increase in 1998-2008. FDI and equity contributions and reinvestment of record of US$24.1 billion in 2008. The country shows country’s GDP. The average import tariff for As part of Mercosur, Argentina has signed Free Trade earnings are almost 50%. a diversified export pattern, ranking right after agricultural products is 9.9% and 10.5% for Agreements and/or Economic Complementation Canada and the United Kingdom and above countries non-agricultural products. In addition, Argentina is a Agreements with Bolivia, Chile, Colombia, Ecuador, such as New Zealand, India, Mexico, South Africa full member of Mercosur, a customs union which also Peru and Venezuela (associate members of Mercosur). 4. A Diversified Economy and Australia, among others, in an export includes Brazil, Paraguay and Uruguay (Venezuela is concentration index published by the World Bank currently negotiating to become a full member of the FOREIGN DIRECT INVESTMENT. More than 1,000 VALUE-ADDED PRODUCTS. Argentina is a growing (World Trade Indicators, 2008). trade bloc). The intra-Mercosur trade tariff is 0% and overseas-based corporations operate in Argentina, producer of technological and differentiated goods a Common External Tariff (CET) applies to trade with including half of Fortune 100 firms, many of which and services. In fact, it is the second largest producer non-Mercosur countries. A Preferential Trade have been in the local market for over half a century. of genetically modified crops; the world’s fourth Agreement with India is in place, a free-trade Transnational companies carry out a wide range of largest producer and exporter of television content; agreement with Israel is awaiting Congress’ approval activities in diverse sectors as agro-industries, and as any tourist will attest to: a world renowned and diverse trade agreements are under negotiation automotives, chemicals and petrochemicals, producer of high-quality gourmet beef. The software “Economic growth with macroeconomic with the Southern African Customs Union (SACU), pharmaceuticals, information technologies, and IT services industry grew at a compound rate of stability and preferential access to countries of the Gulf Cooperation Council (GCC) and telecommunications, public utilities, finance and retail. 19% per year between 2002 and 2008; at the same Mercosur are two factors benefiting our Morocco. A more comprehensive agreement with the Foreign companies represent two-thirds of the time, the sector’s exports increased 26% per year business. Ongoing enhancements in European Union is under negotiation as well. country’s 500 largest non-financial enterprises and over the same period. Recent investments in trade logistics are improving the Argentina, through its participation in Mercosur, has account for more than 80% of their sales, three times agro-industry, biofuels, creative industries, also been an active participant in negotiations for the the region’s average (ECLAC, 2007). FDI has exhibited professional services and tourism, among other country’s competitiveness and further Free Trade Area of the Americas (FTAA). a dynamic performance since 2004 to reach US$8.9 sectors, also have boosted domestic production boosting our profitability. In other words, billion in 2008, up 37% from 2007 and up from last capacity for the local and global markets. as Argentina succeeds, so do we!”. MERCOSUR . As a common market open to the world, decade’s annual average net of privatizations of US$5.3 Mercosur offers investors in Argentina access to a billion. According to the United Nations Conference COMMODITY LEADER. Current and projected global Alan Gegenschatz large and attractive regional market as well as access on Trade and Development (UNCTAD), this consumption patterns and trends match Argentina’s General Manager to the rest of Latin America and other countries and performance positions Argentina as the fifth capacity to produce a diversity of food products. TNT Express Photo: LACO 2: Control cabin of the rolling facilities in Tenaris mill, Campana, Buenos Aires province, Argentina. Courtesy of Tenaris. Photo: Courtesy of Roemmers.
  • 6. 6. Abundant and Diverse Natural Resources NATURAL RICHES. Argentina is one of the world’s most “Argentina represents an excellent geographically varied and resource-rich territories. It is investment opportunity due to its unique the second largest country in Latin America and the style and personality that has captivated eighth in the world. Along its 2.8 million square kilometers, Argentina is endowed with extraordinarily the world’s most delicate palates. fertile agriculture lands (mainly in the Pampa Húmeda), Untouched areas irrigated by pristine unexploited forest resources (mostly in the Northeast), waters that come from isolated exploitable mining deposits (along the 4,500 kilometers mountains and an industry 150 years old of the Andes) and rich fisheries (along the 4,700 make Argentina a place where anything kilometers of the Atlantic Coast). can be done”. UNIQUE GEOGRAPHY. Exuberant beauty and extraordinary flora and fauna can be found along Argentina’s territory. Daniel Pi Visitors are surprised by deep blue lakes, high mountain Chief Winemaker peaks, large salt pans, paleontological sites, fertile valleys, Grupo Trapiche 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). 5. Skilled and Talented Human Resources HUMAN CAPITAL. Argentina is internationally BRAINPOWER. Argentina offers a pool of motivated and acknowledged for its well-trained and highly educated talented entrepreneurs. The country ranks 4th in the human resources. The country ranks second in the region Global Entrepreneurship Monitor (2008) and has a in terms of its literacy rate and school life expectancy, number of world-class business schools. More than 87,100 exhibiting similar levels to developed countries like graduates from higher education programs and 6,160 Spain, Italy and Israel (UNESCO Global Education postgraduate students from 106 universities across the Database, 2008). English level is the highest in the region, country enter the labor market each year. Moreover, as reflected by Cambridge University’s English Exams Argentina ranks fifth worldwide in quantity of “Think Photo: Devil's Throat, Iguazú Falls. Province of Misiones. Courtesy of Secretaría de Turismo de la Nación . Photo: Perito Moreno Glacier. Province of Santa Cruz. Courtesy of Secretaría de Turismo de la Nación . results that place Argentina not only above Brazil, Chile Tanks” and was nominated Regional Think Tank Hub by and Mexico but also ahead of France, Italy, Indonesia and the University of Pennsylvania (2008). Spain (Cambridge ESOL, 2007). INNOVATION DRIVEN. Argentina’s professionals have Gross entry ratio to tertiary education (% of new entrants)* outstanding capabilities for technological innovation. The country ranked first in Guggenheim research United States Italy fellowships, receiving the largest number of scholarships Spain in Latin America for research initiatives (2009). The Argentina United Kingdom number of scientists and engineers devoted to research Israel and development activities per million inhabitants is France Chile higher than Brazil, Chile, Mexico and Uruguay Mexico (UNESCO, 2008). Notably, the number of patents per Brazil million inhabitants registered with the United States 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Patent and Trademark Office over the past 45 years * 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. (1963-2008) is the highest in the region. Source: Global Education Digest, UNESCO, 2008.
  • 7. 7. Remarkable Quality of Life TICKETS PLEASE. The vivacious life in Argentina’s main 8. A Vibrant Culture diverse open-air venues. Argentina is also known for its urban centers is world renowned, where dynamic and theater industry, comparable to few other countries in LIVE ARGENTINA. Argentina enjoys an outstanding diverse cultural activities include 928 museums, 2,813 CREATIVE INDUSTRIES. Argentines are endowed with an the world. There are over 200 plays shown regularly on quality of life; ranking 11th in the Quality of Life Index theatres and 448 cinemas. Argentina’s sporting events especially vibrant and dynamic culture. The international Saturdays: 10 shows per hour. Indeed, the national film elaborated by the trade publication International (the football classic—yes, soccer—Boca vs. River stands market has taken notice. Awards include four Miguel de industry reached its height last decade with the arrival Living (2008). The rich cultural heritage and a people out), as well as the possibility to practice every Cervantes Prizes in literature; five Oscar’s nominations on the scene of young directors making up the “new known for its hospitality and warmness make imaginable sport, will impress any sports aficionado. for film; several Goya Awards and honorable mentions at Argentine cinema”. Argentina experienced extraordinary Argentina an exceptional place to live. . Argentina was nominated the best golf destination in the Cannes and Berlin Film Festivals; 28 Latin Grammy growth in the movie industry, releasing almost 80 the region by the International Association of Golf Awards and 23 MTV Awards 2002-2007 for music. From national films per year in 2007 and 2008. The television TO YOUR HEALTH. Argentina ranks second in Latin Tour Operators (Awards 2008). music, dance and theatre to cinema, literature and plastic content and advertising industries are also developing at America in the United Nations Human Development arts, the intense cultural life makes for a growing cultural high speeds and increasingly supplying regional and Index and in the UN Gender-related Development CAPITAL VIEWS. The capital city, Buenos Aires, is an and creative industry, which represents almost 3% of global markets. Index (2008). In both the areas of health and education, attractive metropolis with first-rate hotels and GDP (above the region’s average). there are prestigious local institutions with a service restaurants, and an active nightlife. Buenos Aires was LITERATURE AND WORKS OF ART. Admiration for Argentine level comparable to their best international nominated as the best city to live in Latin America in TANGO. Tango music and dance are world renowned and artists and authors goes well beyond the country’s counterparts. Visitors will find world-class options, be The Economist´s Liveability Survey (2009). Calm, today stand as the main “porteño” cultural icon, as reflected national borders. The most famous of Argentine it a language class from one of the many bilingual tree-lined residential streets in the suburbs to the by the growing sale of records, tickets for concerts, dance literature exponents is Jorge Luis Borges, but Argentina schools specializing in the English, German, French busy streets lined with French style petits hôtels in shows, dance classes, shoes, trinkets and specialized also has three other world renowned winners of the and Italian languages, or medical attention from one of Recoleta are but two of the diverse neighborhood publications. Tango-themed tours are increasingly popular; Miguel de Cervantes Prize of the Spanish Royal Academy the complex-care medical centers in every major city. styles in the city. Buenos Aires has been ranked in the visitors cannot resist the music and dancing at Milongas, (Ernesto Sábato, Adolfo Bioy Casares and Juan Gelman), top five cities to visit worldwide for three consecutive the tango events held at local dance halls. as well as a new generation of gifted young writers. The years (Travel & Leisure, 2009) and ranks third in Argentine people’s growing interest in reading can be Latin America in the Worldwide Quality of Living STEP BY STEP But not everything boils down to tango in . measured by attendance records at the Buenos Aires Survey (Mercer Human Resource Consulting, 2008). Argentina. Folk dances are popular and a new generation International Book Fair, which was visited by 1.2 million Owing to its traditional design background and strong of ballet dancers offers marvelous performances at the people in 2008. Meanwhile, Argentine works of art are contemporary art scene, Buenos Aires was appointed splendid Buenos Aires Opera House (Teatro Colón) and experiencing an unprecedented growth in sales. as the first UNESCO City of Design in 2005. Photo: Independence Theater, Province of Mendoza. Courtesy of Secretaría de Turismo de Mendoza.
  • 8. Photo: Biotechnology research. Courtesy of Biosidus. Photo: Autoparts plant. Courtesy of Basso. Photo: Peugeot’s automotive plant Courtesy of Autopistas del Sol Photo: General Paz highway. 9. Quality Connectivity and 10. Public Sector Supportive Modern Infrastructure of Investment “Toyota started its production in WIRED. Argentina benefits from advanced and PROSPERAR. The creation in 2006 of Argentina’s “As we searched for country locations Argentina in 1997. In 2002, was competitive telecommunications in a highly National Investment Development Agency, ProsperAr, to build our third global software deregulated market. Large capital investments have is a clear sign of the government’s commitment to chosen as one of the four global development center, finding the right IT resulted in digital networks with national and support the expansion of investment and the production and export bases for the international connectivity. Fixed-line and mobile talent was a critical factor in our attraction of FDI for competitiveness and sustainable Innovative Multipurpose Vehicle density in Argentina (105 subscribers per 100 development. decision. In Argentina we found an Project. A highly qualified domestic inhabitants) is the highest in Latin America; while impressive mix of experience, analytical labor force allowed Toyota Argentina Internet penetration (21 users per 100 people) is INVESTMENT INCENTIVES. Argentina’s strategy to capacity, creativity and passion for the to obtain the “Quality Gold Award”. increasing rapidly, ranking well above the region’s attract investment also includes a series of fiscal, business. ProsperAr played a key role in average (World Bank, 2008). Companies also value export-related, training, innovation and Currently the company produces our decision making process, facilitating Argentina’s time zone (GMT-03:00), which allows industry-related incentives. A number of incentives around 70,000 units per year, and them to efficiently serve both American and access to vital information and contact designed to promote investment and improve exports more than 70% of its European markets. profitability are in place at the national, regional and to local institutions”. production to 20 destinations in Latin municipal level. Specifically, Argentina offers America and the Caribbean HIGH ROAD. The country has a developed transport and investors: fiscal and tax benefits to reduce the fiscal Jorge Cordova countries”. infrastructure system: more than 231,374 kilometers of burden of the investment phase (0% tariff on imports Managing Director roadways; one of the longest railroad networks in the of capital goods, accelerated depreciation for Sabre Holdings world (31,409 kilometers); 25 seaports and 38 river machinery and equipment, early recovery of Value Daniel Afione ports; and 58 airports (23 international). More than 25 Added Tax); incentives for export promotion Corporate Affairs General Manager airlines offer non-stop flights from Argentina to more (reimbursement of VAT, drawback mechanisms, Toyota Argentina than 40 destinations in five continents. Argentina temporary admission regime); fiscal credit for specific ranks second in the region in the World Bank’s training programs; and funds for scientific and Logistics Performance Index and is one of only two technological research and innovation. Furthermore, Latin American countries included among the world’s some investment incentives are in place for sectors top 50 countries in terms of ease and affordability to such as automotives, biofuels, biotechnology, forestry, arrange international shipments (World Bank, 2008). mining, oil and gas, and software.
  • 9. 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 ($) Form of government Federal Presidential Republic Political division 23 autonomous provinces and the Autonomous City of Buenos Aires Time zone GMT-03:00 Official language Spanish Main Economic Indicators 2003 2004 2005 2006 2007 2008 GDP growth rate (annual %) 8.8% 9.0% 9.2% 8.5% 8.7% 6.8% GDP (PPP) (millions of US$) 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% 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 the United Nations Conference on Trade and Development (as of April 30, 2009). GDP by Economic Sector (2008) Real State and Government 6% Education, health & community services Business Services 13% Argentina 11% Financial Services 5% Agriculture, mining & fishing Transport, storage 14% & communications 8% Hotels & restaurants 3% Manufacturing 21% Wholesale & retail trade Electricity, gas Source: ProsperAr based on data provided by the 12% Construction & water Argentine National Institute of Statistics and Census. 6% 1%
  • 10. 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 ProsperAr is Argentina’s Investment information. Leveraging the Agency’s cooperative relationships with different government bodies, ProsperAr’s integral services offer investors a unified one-stop support system. Development Agency. Attract and generate investment Our mission is to develop direct foreign ProsperAr works in the promotion, attraction and expansion of both domestic and foreign investment. We identify investment and innovation opportunities in high growth sectors, and domestic investment to contribute to 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 Argentina’s competitiveness and domestic firms to expand and develop their businesses. sustainable development. Boost the Investment Environment ProsperAr 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. What ProsperAr can do for you: >> Provide timely and relevant information on business Promote the internationalization sectors and geographical locations in Argentina. of local companies ProsperAr promotes the growth and internationalization of Argentine firms. Fostering local >> Help identify investment and innovation opportunities 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 strategic sectors. 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. >> 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 ProsperAr is your strategic partner to invest business to find success in Argentina. and prosper in Argentina.
  • 11. To learn more about how investing in Argentina can benefit you, please contact us: www.prosperar.gov.ar info@prosperar.gov.ar + 5411-4328-9510

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