New support for UK businesses in Argentina
06 April 2017
The UK government has announced it is re-introducing export credit financial support for UK businesses looking to trade with Argentina after an almost 20 year hiatus.
The announcement is being made in Buenos Aires as part of a visit to South America by International Trade Minister Greg Hands, covering Argentina, Brazil and Peru. The minister confirmed that UK Export Finance, the government’s export credit agency, will offer up to £1 billion of support to help UK companies secure business in Argentina.
The £1 billion support will help UK companies secure contracts by providing attractive financing terms, loans for delivering projects and insurance against the risks of operating in other countries.
International Trade Minister Greg Hands said:
"Argentina has huge potential to be a modern vibrant economy, which is why we are reintroducing financial support for UK companies to maximise investment opportunities and wealth creation."
"The UK’s world leading expertise in areas like green energy and healthcare are in demand across the world and will form the basis of new trading relationships with South American countries as we leave the EU."
With bilateral trade between the UK and Argentina at £1.3 billion and growing, the support will provide a boost to UK companies and comes as the Department for International Trade (DIT) announces a new UK-Argentina Commercial Dialogue group with the Argentine Production Ministry. The dialogue will build on a joint statement from the UK and Argentina in September committing to boosting bilateral trade and investment by helping develop new commercial links and reducing existing barriers.
The minister will also sign an updated Air Services Agreement, making it easier to establish more direct flights between the UK and Argentina to further increase commercial links. The agreements come as Argentina’s economy opens up to the world, hosting the G20 Summit next year, and ensures that UK companies are well placed to seize new opportunities in the country.