Argentina has undertaken a string of economic reforms aimed at sustainable development and new vigor and dynamism await investors, according to the country’s top envoy to Korea.

Speaking at the National Day reception last week, Argentine Ambassador to Korea Jorge Roballo said the administration of President Mauricio Macri, who was sworn in in December 2015, is wholly committed to reducing poverty and raising living standards.

Argentina’s economy emerged from recession in last year’s third quarter, he said, and improvements are visible in manufacturing, consumer spending, commodity prices, employment and export

Buenos Aires has identified energy, mining, transportation, telecommunications and infrastructure as ideal sectors for foreign investment. 

“Therefore we invite more Korean companies to keep an eye on the country and identify and develop business opportunities,” the diplomat said in a speech on Thursday marking the 207th anniversary of the May Revolution, which ushered in independence across Argentina and South America.

Argentina is striving to export more of its beef, poultry, citrus fruits, wine and other products to Korea, he highlighted, adding more bilateral cooperation is needed in general education, the environment, forestry and science and technology.

Argentina and Korea established diplomatic relations in 1962. The two countries celebrate the 52nd anniversary of the first Korean immigration to the Latin American country this year. The 30,000 or so Koreans in Argentina have served as a model of dedication, integration and success, the ambassador said.

“In a time of global change and uncertainty, Argentina continues to make strides with its liberal policies and open posture toward the global market,” said Lee Tae-ho, deputy minister for economic affairs at the Ministry of Foreign Affairs.

Pointing to the trade agreement between Korea and Southern Common Market Mercosur, the Korean diplomat said the platform will lay a firm institutional foundation for two-way trade and investment, bolstered by Argentina’s chairing of the subregional economic bloc this year, designed to facilitate trade across Argentina, Brazil, Paraguay, Uruguay and Venezuela.

By Joel Lee (joel@heraldcorp.com)