International
Investment and technology, keys to the economic relationship between Argentina and Germany
The relationship between Argentina and Germany – a country to which President Javier Milei will make a working visit this weekend – is based on foreign investment, cooperation in natural resources and trade exchange, supported by bilateral agreements and joint projects to promote economic and technological development in both countries.
Milei is scheduled to travel tomorrow, Saturday, to Germany, where he will be awarded in Hamburg (north) the Hayek medal that the homonymous society awarded him due to his achievements as a “reformer”.
The next day, the Argentine president and the German Chancellor, Olaf Scholz, will hold a meeting in Berlin at the head of their respective delegations.
Germany has shown interest in cooperating with Argentina in the exploration and production of critical minerals such as lithium and copper, essential for the energy transition and the manufacture of batteries. This aligns with Germany’s efforts to diversify its sources of supply and reduce dependence on China.
In 2023, the stock of total Foreign Direct Investment (FDI) in Argentina ammounted to 128,855 million dollars (about 120,382.7 million euros), which represents 10.4% more than the previous year and 26.4% of the Gross Domestic Product (GDP), according to data from the Ministry of Foreign Affairs.
The upward trend of FDI continues in 2024, with various sectors such as lithium extraction, hydrocarbons and financial technology attracting a considerable amount of foreign investment.
Germany – an important investor in the automotive, technology and manufacturing industry – is in eighth place in FDI in Argentina, after the United States, Spain, Brazil, the Netherlands, Chile, China and Italy.
In 2023, German companies in Argentina made a significant investment in various sectors.
A survey by the Argentine-German Chamber of Industry and Commerce (AHK) and the consultancy EY Argentina revealed that 74% of German companies planned to invest more than one hundred million dollars (about 93.42 million euros) in the South American country. These investments were mainly used for fixed assets and the incorporation of technology.
Germany’s FDI stock in Argentina is mainly focused on the manufacturing (35%), mineral and oil extraction (22.3%), and retail and wholesale sectors (10.9%).
German companies such as Siemens, Volkswagen and Bayer have a strong presence in Argentina, promoting innovation and technology transfer in various industries.
Projects and cooperation in critical minerals are another key point of the economic relationship between the two countries, since Argentina is one of the main producers of lithium, essential for the manufacture of batteries, and that in 2022 exports of this element increased by 234%.
In February 2024, representatives of Germany and Argentina discussed cooperation in the supply chain of critical minerals, such as copper and lithium, with the aim of reducing dependence on China.
Regarding Argentine investment in Germany, which is less significant, companies from the South American country are beginning to explore opportunities in high-tech and renewable energy sectors.
In terms of cooperation and strategic alliances, both countries have signed bilateral agreements to encourage investment and facilitate trade. Argentina and Germany collaborate in infrastructure and technological development projects, taking advantage of the German experience in these fields.
Trade between Argentina and Germany includes Argentine exports of agricultural and mineral products, and imports of German machinery and industrial products. This exchange is fundamental for the Argentine economy and benefits both countries by diversifying their markets.
In 2022, total trade between Germany and Argentina exceeded $3.6 billion, with a growth of 8% compared to 2021.
In March 2024, Germany exported products worth 169 million euros (181 million dollars) to Argentina and imported goods for 104 million euros, resulting in a positive trade balance of 65.3 million euros (70 million dollars) for Germany.
Exports from Germany to Argentina include machinery, vehicles, chemicals and pharmaceuticals. The European nation is a key supplier of advanced technologies and industrial equipment necessary for various sectors of the Argentine economy.
Meanwhile, imports from Germany from Argentina focus on agricultural products and food, such as soybeans, wine and meat, as well as minerals.
The commercial relationship benefits from the complementarity between the economies, where Argentina provides raw materials and food, and Germany provides technology and manufactured products.
Both countries are working on closing a free trade agreement between the European Union (EU) and Mercosur, which could further enhance trade exchange and open up new business opportunities.
This agreement has been the subject of long negotiations and currently faces significant opposition from several EU member countries, especially France and Austria.
In contrast, countries such as Germany, Spain and Portugal are in favor of moving forward with the agreement, highlighting the economic benefits and the need to strengthen trade relations with Latin America.
International
Pope Francis meets former Gaza hostages
Pope Francis met on Thursday at the Vatican with 16 Israelis who had been held hostage in Gaza for months by the Islamist group Hamas, according to the official Vatican news website.
The group consisted of ten women, four men, and two children, as reported by the same source. Several of the former hostages showed the Argentine pontiff banners or photos of their loved ones who remain in captivity.
Francis had previously met with the families of hostages in April this year and November 2023, but this was the first time he had met with individuals who had personally endured captivity.
Since the conflict between Israel and Hamas began, the pope has repeatedly called for the immediate release of Israeli hostages, while also condemning the suffering of the Palestinian population.
The war erupted on October 7, 2023, when Islamist militants attacked southern Israel, killing 1,206 people, mostly civilians, and kidnapping 251, according to an AFP tally based on official Israeli figures that include hostages who died in captivity.
Of the kidnapped, 97 are still being held in Gaza, but the Israeli military estimates that 34 of them have died.
The military offensive launched by Israel in response has killed at least 43,736 people in the Gaza Strip, mostly civilians, according to data from the Ministry of Health in the Hamas-governed territory.
International
Israeli airstrikes on Damascus kill 15 and injure 16, including women and children
Israeli forces carried out airstrikes on residential buildings in the Syrian capital, Damascus, and its surroundings on Thursday, resulting in at least 15 deaths and 16 injuries, according to Syria’s Ministry of Defense and state television.
The ministry stated that around 3:20 p.m. local time (12:20 GMT), the Israeli military launched an aerial attack from the direction of the occupied Golan Heights, targeting several residential buildings in the Mazzeh neighborhood in western Damascus and the Qudsaya suburb to the northwest of the capital.
The airstrikes “resulted in the death of 15 people and injuries to 16 others, including women and children,” based on initial estimates, in addition to significant damage to private property and civilian buildings, the ministry added.
Meanwhile, state television reported Israeli airstrikes on three buildings in Mazzeh and another on a building in an educational complex located in a residential area of Qudsaya.
Following the strikes, loud explosions were heard throughout the city, and thick plumes of smoke could be seen rising from the targeted locations. Ambulances and emergency services rushed to the scene to attend to the victims.
International
Drug trafficker dies after boat collision with Guardia Civil Vessel in Sanlúca
Three people were on the boat that collided with a Guardia Civil vessel around midnight at the mouth of the Guadalquivir River in Sanlúcar de Barrameda, near the Andalusian city of Cádiz, a spokesperson for the Civil Guard reported.
Two officers sustained “contusions,” the spokesperson explained.
The drug traffickers managed to bring the boat to shore, where one of them was “abandoned” severely injured. The other two fled.
The Civil Guard officers attempted to resuscitate the victim before transporting him to Sanlúcar de Barrameda, but he ultimately died early in the morning.
The other two suspects took advantage of the officers’ absence while they were taking the victim and returned to set their boat on fire.
The collision occurred very close to the site of another accident on September 1, where a drug trafficker died following a Guardia Civil pursuit.
The suspects’ boat traveled “400 meters” before crashing head-on and “at full speed” into the riverbank, where a hundred bundles of hashish were found.
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