June 7, 2023

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India will increase its purchases of soybean meal and expand its allocation to 550,000 tonnes

Santiago Kafiro and Narendra Modi

Following the Foreign Minister’s visit, India ordered the expansion of purchases of soybean meal to 550,000 tonnes, representing about $ 220 million. Santiago cafiero And his meeting with the Prime Minister Narendra Modi.

“After Foreign Minister Santiago Kafiro’s visit and his meeting with Prime Minister Narendra Modi, he discussed other issues. Promote the global Southern agenda and the importance of bilateral co-operation in multilateral fora such as the WTO and G20 Based on emerging economies, India has ordered the expansion of soybean meal to 550,000 tonnes, which is approximately $ 220 million, ”the foreign ministry statement said.

Foreign Minister Kafiro said:The purpose of the tour is to increase bilateral exchange in products such as soybean and sunflower oilAnd add more Argentine exportable supplies such as an increase in the quota for soybean food.

Kafiro spoke with businesses and local chambers about the investment potential of our country in areas such as food, renewable energy, mining, energy, electromobility and the knowledge economy.

In this framework, he stressed that “as a result of the projects related to the extraction of lithium, our country has, in principle, attained an appropriate place in energy conversion with respect to the development of the mining and chemical industries.” He further explained: “If production of that mineral continues at this level, Argentina will become the world’s second largest lithium exporter this year.”

India is the largest democracy in the world with a population of over 1.3 billion; It is Argentina’s fifth business partner and has persistent growth perspectivesIt is also a leading country in the global Southern agenda created by emerging economies.

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Argentina is the world’s largest exporter of soybean food and grains, with a world market share of 32%, Brazil 25% and the United States 15%.

Of the total $ 23,805 million exported by the soybean complex in total, $ 11,664 million is equivalent to flour, according to the Argentine Agricultural Development Agency (FADA).

For its part, FADA rated India as the “major importer of soy products” from Argentina, which explains only 16% of the campus’s total exports.

For its part, the Rosario Stock Exchange (BCR) predicts that by 2022, Argentina will be able to export US $ 12,510 million worth of soy flour and granules, thanks to higher international prices.

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