Argentina’s Economy: Top Industries and Opportunities
Argentina’s Economy: Top Industries and Opportunities
For years, Argentina has been a world leader in the agricultural industry. However, new opportunities are starting to arise and expand throughout the nation. As Argentina continues to grow and see new economic development, a few industries are pulling ahead as leaders in the growing economy.
Argentina’s Top Industries
Argentina remains a world leader in the agricultural sector. Argentina is the number one exporter of soy-derived products in the world. In fact, approximately two-thirds of all exports from Argentina are from the agricultural sector. Producers are known for livestock farms, tobacco farms, and grape vineyards. The grapes translate to a large wine production that is world-renowned.
More than just food production, Argentina is known for growing soy and sugar cane to be used in bio-diesel fuel. It is the largest exporter of bio-diesel fuel worldwide. Since that’s the case, Argentina is poised to become a world leader in the energy field. The country has a large natural gas reserve and is one of the largest natural gas producers in South America. Overall, Argentina is one of the most mineral-rich countries in the world in regard to mining resources and growing bio-diesel products.
Even with all of the productivity in the agricultural market, the agricultural industry only employs 0.1% of the population. Farming is just one spoke in a much larger wheel. A significant portion of the Argentinian population, over 23%, works in the industrial sector. This sector includes processing and packaging the food so that it can be shipped out and sold overseas. Meat processing, flour grinding, and food packaging are all vital roles in Argentina’s economic success.
People who work in this sector also sell and repair the equipment used on farms and in the canning facilities. Collectively, the agricultural sector and the industrial sector go hand-in-hand to make Argentina a world leader in food, wine, and natural gas export.
The industrial sector also employs people in automotive labor, textile manufacturing, and more. Pharmaceutical and biotechnology have become a growing field within the industrial sector. As Argentina is expanding its economic horizons, the available industrial fields are expanding as well.
By far, the largest employment sector in Argentina is in services. Though tourism is starting to gain traction nationally, the primary services are in the ITC (information and communications technology) field. With over 77% of the population working in this field, Argentina is rapidly gaining ground in the services industry.
Argentina has become advanced in software technology development along with numerous other tech-industry niches. The Argentinian government estimates a large growth and development boost in the ITC realm over the next few years, which will create more jobs and more opportunities for investors and business partners.
As Argentina’s top industries have developed over the years, they have moved up in the world market. They have continued to be a top producer in oil and gas as well as food goods. Building on that reputation, they are starting to offer more opportunities in diverse sectors. In a world market economy, Argentina is positioned to excel in their new markets.
Argentina’s top opportunities
With the majority of the Argentinian population speaking English as a first or second language, it has been easy for American and European business partners to step in and make gains within the emerging territory. However, there’s still plenty of room for growth and development.
Argentina currently has over 50 airports, and they are mostly privately owned. As the business and tourism sectors continue to grow, more transit opportunities will be needed throughout the country. Especially as the tourism sector grows, road improvement will be imperative. Most of the roads in Argentina are currently un-paved, and that will need to improve as growth continues. Funding is in place to develop the infrastructure throughout the country, but the projects are still under development.
- Power and renewable energy
With a large number of shale resources and bio-diesel products, Argentina is ripe for energy production. In 2019, the Argentinian government began auctioning offshore opportunities for oil and gas exploration. It is predicted that opportunities will continue to grow in the oil, gas, and mining fields in Argentina throughout the next few years.
The Argentinian government is investing in telecom development and advancement. As the new telecom development continues, new systems will be built and implemented throughout the country. Since most of the progress in this industry is relatively new to the country, there are numerous opportunities for investors and business partners to get onboard.
The Argentinian government is committed to making improvements that will guarantee the economic success of the country. In that same vein, there are countless opportunities for investment from outside sources. As Argentina continues to make strides as a leader in the world market, other countries would do well to pay attention and take advantage of the opportunities that are available.
Eleonora Israele is an analyst at Clutch responsible for research on <a href="https://clutch.co/call-centers/answering-services">voice services</a> and <a href="https://clutch.co/website-builders">website builders.</a> Clutch is a Washington, DC-based research, reviews, and ratings platform for B2B. It identifies leading software and professional services firms that deliver results for their clients.