Export Council of Australia highlights lucrative trade opportunities with Argentina
A new study has revealed how Australian businesses can benefit from exporting business to Argentina.
The Export Council of Australia (ECA), in conjunction with the Australian Trade and Investment Commission (Austrade), has launched 'Argentina’s Renewal: Capitalising on Reform in South America’s Second-Largest Economy', a new report that highlights opportunities for Australian companies in a modernising Argentina.
Australian companies in energy and resources, agriculture, infrastructure, education and training, and the digital economy are particularly well-placed to both benefit from, and contribute to, renewal in Argentina. The South American country has recently been reforming to open up trade with foreign organisations.
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ECA Strategic Advisor Lisa McAuley said: “As one of the largest and most developed markets in Latin America, Argentina offers potentially lucrative opportunities for Australian companies with investment, technology and expertise to offer in a number of areas.
“Argentina is at an economical turning point and Australian businesses are ready to take advantage of the growing momentum.”
Indeed, this is already starting to happen. In 2016 Australian companies made two new investment totalling US$200mn, with recent announcements in 2017 of a further US$860mn, and the number of Australian firms visiting Buenos Aires to investigate the market has increased markedly
Shannon Powell, Senior Trade Commissioner for Austrade Andean LATAM, added: “Argentina has come a long way since its debt default in 2001. There is still some distance to go, but the renaissance is well underway and Australian companies will reap the rewards as opportunities unfold.”
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.