Who says factories and farms alone can deliver economies of today? Well, Argentina steadfastly transitions as services sectors like finance, tourism, media and outsourced business processes contribute close to 60% of national GDP today! By 2019, diverse service enterprises already engaged almost 8 million Argentines signaling immense job creation potential ahead as the economy formalizes.
Propelled by high literacy rates, a demanding middle class and increasing internet connectivity, Argentina’s services management, logistics and scientific skills are finding takers globally! Yet, the country’s true services export leadership potential remains untapped when benchmarked with regional stars like Chile or Colombia who attract much higher services foreign direct investments.
So what must Argentina now prioritize to claim its rightful services crown in Latin America? Well, for starters – language skills development, infrastructure upgrading encompassing power, transport and IT connectivity, digitizing delivery processes and targeted incubation facilities for high-value sub-sectors like health technology, creative arts, ecological tourism and more.
Specialized consulting could propose strategic initiatives to strengthen priority subsectors and boost exports.
For example, targeted skills and digital literacy programs may help address talent needs of high-growth industries like health tech, creative arts and eco-tourism. Incubators and co-working spaces situated near top universities could support spin-offs and startups commercializing local innovations.
Promoting special economic zones with reliable infrastructure and streamlined regulations may attract multinational services firms to establish regional hubs. Comprehensive investment promotion campaigns highlighting Argentina’s competitive advantages could aid … … in key overseas markets as well.
Negotiating modern provisions facilitating digital trade, temporary movement of professionals and mutual recognition of qualifications in trade agreements may further open global opportunities for Argentina’s burgeoning services enterprises. With coordinated efforts across different levels of government and industry, the country is well-positioned to realize its services potential.
We feel Argentina’s double-digit services export target is eminently feasible with the right public-private partnership blueprint as global outsourcing shifts market needs ever more dynamic. Our team can readily lend regional policy experience guiding initiatives – be it startup incubation models, investment promotion programs or trade agreement negotiations for Argentina to sign as a proud global services partner!
