Business / Economy

Chinese investment vital to Argentine manufacturing sector

(Xinhua) Updated: 2014-10-04 16:37

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BUENOS AIRES -- Chinese investment is vital to the growth of Argentina's manufacturing sector, international relations expert Jorge Castro said Friday.

In an interview with Xinhua, Castro underscored the importance of Chinese investment being channeled to the manufacturing sector in Argentina, as it did in Brazil.

"The manufacturing industry, as it did in Brazil, including a Chinese automotive plant, Chery, and a Foxconn (electronics) plant are fully underway in the state of Sao Paulo." Castro added.

"So far, investment from the asian giant in Argentina has mostly focused on agricultural and oil production, and now new and especially significant investment has been made in infrastructure, including energy plants and dams in the country's south, and in (state freight rail network) Belgrano Cargas," said Castro.

Castro believes that Argentina's industrial sector will offer abundant investment opportunities.

He said that in Latin America, Mexico, Brazil and Argentina have made the most progress towards industrialization, mainly through a policy of import substitution.

The next stage of development for those countries will require them to "link their industrial output to global production and value chains," he added.

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