The MOU provides a framework for exchange of information on best practices and technologies, cooperation in research and development and promotion of trade, investment and joint ventures. Shri Pawar visited Argentina last week, in response to the invitation extended by his Argentine counterpart Mr. Julian Andres Dominguez , who was in India last month. 

Argentina is the largest source of import of soya oil by India. In the first seven months of this year, India has imported soya oil worth US$1.4 billion. India is also importing from Argentina sunflower oil and other agro-products. Argentina is the largest exporter of soya and sunflower oils in the world. 

During the meetings with Shri Pawar, some Argentine companies had shown interest in growing pulses for exports to India in the future.There are 14 Indian companies which have invested about one billion dollars in IT, agrochemicals, steel, pharmaceuticals and cosmetics in Argentina. United Phosphorus and Punjab Chemicals & Crop Protection Ltd have invested 100 million dollars in Argentina in the production and export of agrochemicals and seeds. 

Agricultural machinery is emerging as a new area of trade and collaboration. Mahindra, TAFE and Sonalika from India have started exporting their tractors to India. Sonalika plans to assemble their tractors in Argentina. The Argentine company Vassali is in contact with Sonalika to assemble harvesters in India. 

IFFCO is exploring the possibility of setting up a fertilizer plant in Argentina using natural gas as the raw material. -2- A number of Indian companies have shown interest in investment and joint ventures in agribusiness in Argentina, which has one of the most advanced and competitive agriculture sectors in the world. 

Shri Pawar was accompanied by Deputy Chief Minister of Punjab, Shri S.S. Badal, Minister for Energy and Water Resources, Shri Ajit Pawar, and Minister for Rural Development in Maharashtra Government Shri Jayant Patil, and Minister of State for Agriculture in Haryana, Shri Sukhbir Singh Kataria.