Buenos Aires, 14 June 2023 (TDI): The EU Commission President Ursula von der Leyen addressed the EU-Argentina Business Forum today, emphasizing the shared historical and cultural ties between the EU and Argentina while stressing the advancement of future cooperation in the energy sector.
While cherishing their long-held friendship, the President commended Argentina on its FIFA World Cup victory and acknowledged their shared passion for football.
Also Read: Argentina Reclaims FIFA World Cup after 36 Years
She emphasized the democratic dogma and values mutually shared by the two sides and also highlighted that more than half of Foreign Direct Investments (FDIs) in Argentina were made by the EU during the forty years of their friendship.
Besides being the third largest trade partner of Argentina as well as providing job opportunities to its people in the form of financial services through chemicals and automotive manufacturing, the EU and Argentina hold much more potential to cooperate, especially when both share economic interests now more than ever, asserted the President.
The Forum and the President’s visit to Argentina will act as a stepping stone toward fostering historical ties between Europe and the former.
In this regard, the first avenue of collaboration, as put forward by the President, is the completion of the landmark EU-Mercosur Agreement as soon as possible.
Swift Completion of the EU-Mercosur Agreement
The President emphasized that the milestone trade agreement between two of the world’s largest trading blocs, the EU and Mercosur, has already perked up economic security and human welfare in South Korea in the form of its evolving trade relations with the EU.
Thus, she extended her expectations to Argentina, the current Chair of Mercosur, to resolve the issues impeding the completion of the agreement as quickly as possible.
While appreciating Argentina for being a hub of the World’s best-ranked universities, entrepreneurs and the best education system in Latin America and among G20 countries, the President offered the investment services of the EU conditioned on the former’s determination to provide a suitable investment climate.
Furthermore, the President offered to reinvigorate partnerships in renewable energy development by harnessing wind energy and installing proper infrastructure for electricity and green hydrogen with EU investment, to empower Argentina and benefit the whole world.
Additionally, as electric vehicle demand skyrocketed, the plentiful lithium raw material in Argentina could prove handy when the EU and Argentina collaborate on its value chain. Consequently, the two parties signed an MoU on significant raw materials to embark on a journey of mutual benefit.
Europe Invests Through the Global Gateway Plan
Europe is ready to invest in potential sectors through the Global Gateway investment plan. The President announced to double the investment through the provision of EUR 10 billion by the EU in complement to other investments by individual member states and private entities for the implementation of projects in Latin America and the Caribbean region
Global Gateway holds immense importance for Argentina as it brings together financial institutions, public and private investments and other companies while promoting sustainability principles and financial transparency.
Also Read: Europe Leads Climate and Development Financing with Global Gateway
The President concluded by appreciating Argentina’s firm stance against the Russian invasion of Ukraine and expressed willingness to extend an old partnership to a new beginning, prioritizing people.
