The UK Government is pumping £1bn into helping British companies trade with Argentina after a 20-year hiatus.
International trade minister Greg Hands announced the news during a speech in the Argentian capital of Buenos Aires yesterday.
The funding will see UK Export Finance, the government’s export credit agency, offer up to £1bn worth of support to help UK companies secure business in Argentina.
The 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.
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 £1.3bn 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.
Hands has also signed 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.