Country Profile: Peru

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CII Business Mission to Argentina, Peru & Chile

25 February


06 2012



Scope Paper


Focus Latin America


Latin America is a large market of 20 countries, 556
million people, 4.7 trillion dollars of GDP,
8400 dollars per capita income, 896 billion dollars of exports and 793 billion imports.
This new
Latin American middle class is growing and has opened opportunities for Indian business.


The economies of the re
gion have become more resilient and less vulnerable to external shocks.


The stability of the economies of individual countries has been reinforced by the regional
integration through Mercosur, Andean Community, UNASUR and SICA. Through these groups,
barr
iers have been removed for free movement of goods, services, capital and people and there
is growing intraregional trade and investment.


The Preferential Trade Agreements with Mercosur and Chile have given a boost to trade. They
need to be widened and de
epened. India should
also
consider signing PTA with Mexico, Peru
and Colombia, the other major destinations of Indian exports.

Mercosur is becoming a global powerhouse in agriculture with its large production and surplus
for exports, vast fertile land are
a, abundant water resources, advanced technologies and best
practices. Indian companies should acquire farmland and forests in the region to source edible
oil, pulses, sugar, biofuels, wood and paper pulp.

Latin America contributes to India´s food and ener
gy security, with its supply of edible oil and
crude petroleum. It is also an important source of supply of minerals to India.

Indian companies including NRI companies have invested 12 billion dollars in the region in
pharmaceuticals, energy, agrochemical
s, IT, steel, mining, agribusiness and other areas. There is
more scope for investment.

IT companies of India have established software development centres, BPOs and KPOs,
employing 18,000 Latin Americans in ten countries.

The large mining and energy inv
estment plans of Brazil, Peru and Colombia offer new
opportunities for Indian companies.


Business with Latin America


In 2010 India's trade with Latin America was 23 billion dollars of which 9 bn were exports and 14
bn imports. The trade could go up to 5
0bn by 2014. India's export target should be at

least 20
billion dollars by 2014. The 2014 World Cup, 2016 Olympics and the 270 bn$ investment in
hydrocarbons by Brazil are the big ticket projects

offering

opportunities for Indian companies.
The region is
going to be a regular source of imports of crude oil, edible oil, minerals, timber and
other products

which India needs to sustain its high growth. Agribusiness, food processing,
energy and mining are the growth areas of Latin America and the Indian compan
ies
should

target

them for trade and investment











There is a unique opening for India at this time. The Latin Americans are disillusioned with
Europe and USA , their role models, who are facing crisis after crisis. They are

reassessing the
China
-

euphoria after their industries and jobs have been hit hard by the flood of cheap
imports.

The Latin Americans are attracted by the large, growing, democratic and non
-
threatening India which faces political and developmental circumstances similar to theirs
. They
see the value addition of Indian investment to their economies, industries and especially human
resource development by the Indian IT and BPO companies who employ 20000 Latin American
youth.











.


The New Latin American market and the favoura
ble mindset of the Latin Americans offer
unprecedented opportunities for Indian business.

This is, therefore, the

opportune time for the
Indian business to step up, focus and increase exports and investment in Latin America.




Argentina


Overview of the
Market


Argentina is the third largest market in Latin America with a GDP of USD 353

bn, after Brazil and
Mexico. It has a diversified production base and dynamic, open economy converge with a wide
range of profitable investment opportunities in sectors w
ith global growth potential. The
country provides access to an ample regional market and the country’s integration with global
value chains position Argentina as an attractive investment destination.


It is also an agricultural power, with a modern, large
scale and globally competitive agribusiness.
The country is using at present only 32 million hectares

for agriculture and they can easily
double the area of cultivation and volume of production.

It has a developed and efficient infrastructure, logistics an
d network for transportation and
shipping. It is also self
-
sufficient in energy and a net exporter of oil and gas. It has two

billion
barrels of reserves. Off
-
shore exploration has only now been started and the land area is under
-
explored. Argentina is the

second largest gas producer (50 billion cubic metres) in Latin America.


The Argentine manufacturing is relatively large diversified. It is strong in food processing,
automobiles, auto parts, engineering, metallurgy, pharmaceuticals and biotechnology.


Ar
gentina is a pioneer in the world in the development and use of CNG technology.


Argentina has significant reserves of gold, silver, zinc, uranium, copper, phosphate and iron. The
mineral resources have not yet been fully explored.



Main Sector for Trade
and Investments


India is already present in many sectors of Argentine investment market. However, it is also
equally important for Indian investors to identify and take advantage of the development of
new sectors, which are becoming more and more competi
tive in Argentina. This is more so
because the Argentine Foreign Investment Policy and availability of resources such as land and
labour at very low cost provide an attractive framework for Indian investment.


Telecommunications


The telecom sector has bee
n growing exponentially, with a deep penetration of mobile
telephony into more than 75% of the households. With the increase of domestic demand and
per capita income, there are plenty of investment opportunities. Clearly, India’s export potential
in teleco
m services can be directed towards meeting Argentina’s increasing needs in this area.
Investments are welcome, both in setting up of manufacturing facilities and provision of
telecommunication services.


Agriculture


Possibilities for collaboration in this

sector are numerous. Argentina encourages foreign
investment in productive activities including ‘Agriculture’. With agricultural and allied products

dominating the export flows, Indian investment in this area makes business sense, particularly in
view of
Argentina’s low cost, highly cultivable land area. Apart from hard core production, there
is also scope for strategic alliance between the two countries leading to sharing of know
-
how,
modernization of cultivation techniques and overall development of the
agricultural sectors of
both economies.


Energy


Argentina is not only self
-
sufficient in energy but also generates substantial surpluses for export,
especially in the petroleum products. On the other hand, India being a producer itself is a net
importer
in this sector and a significant portion of its energy requirements are satisfied through
petroleum, in its various forms. It is important that India explores business ties with energy rich
nation like Argentina.


Renewable Energy



Argentina enjoys a p
rivileged position with the resources, capacity and the potential to supply
the growing global demand for renewable energies. Argentina is one of the world’s leading
producers and exporters of biofuels. Moreover, given the country’s wealth of natural and
t
echnological resources, the country has the potential to lead the way in terms of wind energy
production, the development of second and third generation biofuels, solar power, wave and
geothermal energy, and the generation of energy from biogas, biomass an
d hydroelectricity.





Software/ IT Services


IT sector has started growing in recent years.

Argentine software industry´s ambition is to
increase turnover to 7 billion dollars by 2016 including exports of one billion dollars and
employment to 150,000
people.


Business prospect lies in IT consulting services in outsourcing systems and processes that could
India a high vale niche in the Argentine IT industry. On the other hand, Argentina will benefit
from Competitive business models in outsourcing and w
ill be able to reach out to the Spanish
speaking world by projecting itself as a high quality, low cost alternative. In recent times, with
Argentina becoming a global centre for creative outsourcing, synergies in this area between the
two countries can def
initely yield reciprocal advantages.


The Automative Sector



India features among the top 15 auto
-
makers. On the other hand, the demand for automotive
items in Argentina has been increasing over the last 5 years. In 2008, automobiles, and in
particular, t
ractors and auto components, were among the top ten items of exports from India
to Argentina. However reports suggest that, with the growth in Argentine imports, the market is
still under
-

penetrated by Indian exports and there exists opportunities for ste
pping up export
levels in this sector.


Pharmaceuticals


The Argentine pharmaceutical market is valued at 4.2 billion dollars. India is the 5
th

largest
producer of bulk drugs and close to 60% of its export demand comes from semi
-
regulated
markets such as
Argentina.


In the recent past, the market structure has been changing with focus slowly shifting from bulk
drugs to formulations. This is primarily due to the high demand for generic drugs worldwide
including in Argentina. As demand conditions in Argenti
na are favourable, the lifting of
restrictions will definitely increase trade flows by making Indian exporters more viable.


i. Ayurveda


From a broader perspective, apart from modern medicine, the export market for natural
remedies such as Ayurvedic medic
ines and treatment offers tremendous growth potential for
Indian manufacturers of Ayurvedic medicine. The export potential of Ayurveda is currently
pegged at Rs 12,500 crore and several main players like Dabur and Himalayas are already
exploring Argentine
market option. There is scope for export of Ayurvedic and herbal products
to Argentina.


Mining


Argentina has a strong potential in the mining field, creating opportunities for mining services
companies to establish a presence and participate in the grow
th. The Argentine Government
started a mining investment campaign in 2003, which has started to show results. As a
consequence of it, big exploration projects have commenced, mainly involving Canadian
companies. However, India could take part in some of th
ese new international mining projects,
particularly in view of the following factors: Firstly, a favorable FDI policy in mining with both
exploration and exploitation of minerals are permitted and secondly, tax incentives.



Biofuels


With growing environm
ental consciousness and the search for eco
-
friendly energy alternatives,
the biofuels industry is assuming significance the world over. The Government also offers tax
incentives in the form of deduction and exemptions. One particular area where Argentina i
s
looking for investment is R&D in this sector and this could be a good opportunity for Indian
Industry to provide the necessary financial and intellectual capital to meet Argentina’s
knowledge
-

based requirements.



Manufacturing

Industry


Argentine man
ufacturing industry is relatively large and diversified. It is strong in food
processing, automobiles, auto parts, consumer goods, pharmaceuticals, paper and metallurgy.


Forestry


Commercial forestry in Argentina consisting of both native and cultivated f
orests, is a very
lucrative business proposition today. On the other hand, the growth rates in this sector are very
promising and the industry is focusing on high value added products as opposed to primary
products. On the other hand, lack of infrastructur
e inhibits exploitation of the entire potential
this sector offers. This challenge could translate into an opportunity for Indian investors to
bridge the infrastructural gap. The investment climate is all the more attractive because of the
availability of

significant portions of high quality land at affordable prices and the incentives /
support offered by the Argentian Government, mostly in the form of tax benefits, appreciation
depreciation on capital goods etc, which are available to both local and f
oreign investors.


Real estate


Buenos Aires is a city where you can buy residential property of a comfort level equivalent to
those found in Western countries, at incredibily low prices. Moreover, investments in this sector
are welcome as no restriction i
s imposed upon foreigners wishing to purchase property in
Argentina. Equally the construction sector is very promising for the same reason. Therefore,
while for an investor evaluating business prospects in Argentina, buying land/building might be
a good st
art; Argentine property market may also attract individuals looking for personal
investment options.


Railway Projects

With India’s expertise in this sector, Argentina and India can collaborate in this sector especially
when Argentina is looking to moder
nizing and developing its railway network.


Creative Industry


The Argentine creative industries are reportedly growing faster than the entire economy. This
industry might be particularly appealing to Indian investors willing to forge partnerships with th
e
Argentine creative houses. Of late, Argentina has also become an outsourcing hub in the
creative industry including Graphic design, Flash 3, Web Design, Games and Video projects.
Creative businesses worldwide have identified the advantages of low cost bu
t high quality
creative output from Argentina. The possibility of India exporting consulting services in
outsourcing to Argentina exist
.






Peru


Outstanding Economic Performance


Peruvian economy has been referred by different experts during the last ye
ars as the “Peruvian
Miracle,” due to its excellent dynamism and impressive results. Peru ended in 2010 with a
growth of 8.7% and the growth projection is expected to reflect this positive tendency. The
International Monetary (IMF) stated that Peru will le
ad South America’s growth with an
expansion of 6.6% in 2011 and 5.9% in 2012.


Public investment, which has been showing a sustained growth rate, registered a 45.8% growth
last year, which demonstrates the commitment of the Peruvian government to support t
he
dynamism of private investment by providing the country with infrastructure and services.


Peru as the Commercial Hub of the South American Pacific Rim


Peru is a country full of opportunities, with outstanding natural, mining and energy resources.
The
country’s central location on the Western Coast of South America makes it possible its
projection as a regional productive and commercial hub. Through the Pacific Ocean, Peru is also
connected to the APEC countries, of which Peru is a member, and it consti
tutes the most
important and rich market in the world.


Peru has developed vast Free Trade Agreement network vanishing rates, fees and preferences in
almost every exchange of goods and services among them. These platforms can be used
investors to access th
e most important markets of the world with 4 billion people with a GDP
higher than US$ 56 TRILLION. Peru has developed Free Trade Agreements with US, Canada,
China, European Union, Japan, South Korea, Singapore, Thailand, EFTA, South American region,
Mexic
o etc.



Peru As
A

Strategic Trade Partner of India


During last years, the bilateral trade has shown a growing tendency from US$ 73 million in 2003
to US$ 674 in 2010. There is US$ 498 millions of export from India and US$ 156 millions of
export from Per
u. In the last months, this massive spurt in trade, particularly imports from Peru,
has let, for example, an increase of 574% in bilateral trade (April2011) compared to the same
month in 2010. They represent a diversified offer that includes mining, agricu
ltural, fisheries,
textiles, wood and chemical products.


Outstanding Investment Opportunities in Peru


Peru offers stable and favourable conditions for the development of numerous projects. The
country has been granted b since July 2008, the investment g
rade status by four credit risk
rating agencies (S&P, Fitch Ratings, Moody’s and the Canadian agency Dominion Bond Rating
Service.


Currently, Peru occupies the leading place in the region in terms of government receptivity to
private investment owning a d
ynamic capital market with highly profitable record. Important
Indian enterprises such as Reliance Industries, Jindal Steel& Power Ltd, Mahindra Group, Bajaj
Auto Ltd, IFFCO etc are developing successful business in Peru.


Its friendly regulatory framework

is one of the more opened in the region.


Peru

improved business regulation the most in the region, moving up 10 places in the global
ranking on the overall ease of doing business, to 36 (among 183 economies). Peru was also
among the world's 10 most acti
ve economies, improving in four of nine areas covered by the
report
Doing

Business 2011: Making a Difference for Entrepreneurs.


.


Main Opportunity Sectors for Trade & Investment


Mining & Minerals:
Peru as the Mining Cluster of Latin America


Peru’s min
ing industry is second only to Chile’s, and has the potential to become the leader in
LAC.
Mining investment in Peru amounted to US$4.02 billion in 2010 and this is expected to
increase in the coming years. Analysts predict that in 2011 and 2012 alone, at
least USD

29 billion of mining investment will go into Peru and Colombia.


Many foreign and Peruvian mining companies including
Newmont, Barrick, Freeport Macmoran,
Xstrata, BHP Billiton, Shougang, Chinalco, Rio Tinto, Anglo America, Grupo Mexico and CVR
are
operating in Peru. Only 10% of the territory with mining potential has been explored in Peru.
Between 1999


2009
investments

in the mining sector have exceeded US$ 14.4 bn, and US$ 37
b
n

more are to be invested in the upcoming years. Therefore, it is
expected that many more
mining projects would be coming up.



Almost all the major transnational mining companies are operating in Peru. It is one of the few
countries owning also deposits of non
-
metallic mining: borates, diatomite, bentonite,
phospohor
ic rock and travestine, among others.


Peru as a source of innovative and high quality foods:


Peru owns 5 million hes.
o
f

cultivable

land
, most of them, with the possibility of scheduling crop
periods due to optional climate conditions. The agribusiness a
nd food industry in Peru had a fast
and steady development, particularly in sectors such as fresh fruits and vegetables, processed
food, frozen and dehydrated food, frozen and canned seafood products and ethnic, organic and
natural goods.


Projections expe
ct that 90,000 ha. Currently used for agro exports to be doubled as
consequence of the large irrigation projects in portfolio.


Peru as a leading fishing producer


Peru is a top exporter of fishmeal and fish oil in the world, with many of the species not
yet
been exploited. The country’s long coastal strip and numerous lakes, rivers and lagoons sustain
the vast development potential of this marine and continental. In recent years, it has developed
an increased catalog of export products for direct human co
nsumption, mainly frozen, canned
and processed fish products that are being exported in over 100 countries.


Multi Sector Business Opportunities in Peru


Oil, Gas & Chemicals:


Peru owns a great potential in gas resources and a big capacity of petrochemica
l production. It is
the only sustainable source of natural gas in the South American Pacific Coast. The gas reserve
of natural and liquid gas in Camisea
-
Cusco, owns trillion of cubic feet that could be extended
after new exploration works.


Peru owns excel
lent conditions for the configuration of petrochemical existing several
investment projects associated with that.


Periodically, new gas and oil blocks are offered for bidding in the Amazon rainforest with the
participation of the main energy enterprises
in the world. In previous processes Indian
enterprises such as Reliance Industries and Jindal have been obtained exploration blocks.



Infrastructure:


The process of opening international trade has been generating several regional development
centers that

require and justify big investment in both public and private infrastructure. During
the last years,

t
he Peruvian State has been bidding important infrastructure projects required to
keep the competitiveness of the country including huge integration highw
ays between Peru
-
Brazil
-
Bolivia and to the North Amazon region with a length of 2,600 kms. Other projects are
related to Airports, Maritime Ports, Energy, sanitary etc.


Because of Peru’s rapid growth

in

the construction business is booming all over the co
untry
.
Hence there should be a great demand for various machinery and equipment in the sector.


Energy

Peru is energy deficient and a number of projects are coming up for local companies as well as
overseas investors
.
Peru also has a very important potent
ial into generation of renewable
energy with hydrologic, aeolic and geothermal resources. It has identified eleven aeolic projects
for investment on USD 30 billion.



Automobiles

Automobile sector offers good potential for
Indian
companies. These range fro
m personal
vehicles (two wheelers, cars, SUVs) to commercial vehicles (three wheelers, pick ups, trucks,
buses etc). Some of these vehicles with bumper trucks and earth moving vehicles, also have a
big market in the mining industry.


Textiles


The quality

of Peruvian pima cotton is widely recognized, and is considered as one of the most
demanded and finest fiber in the world. Among some of the known labels produced in Peru to
be exported to international market figure: Armani exchange; Abercrombie & Fitch,

Christian
Dior, Calvin Klein, DKNY, Ralph Lauren, amongst others.


Forestry


Peru is the second country with the largest natural forest area in Latin America with a great
biological diversity and highly commercial value woods, in both hard tropical in th
e forest and
soft wood in the highlands, including mahogany, tropical cedar and cumula.


Export of timber has been growing in a rate of 10% annually. This sector also offers investment
opportunities in industrial timber and teak complexes.



Chile


Chile
is one
the successful economies of the region. The economy enjoys a strong financial
institutions and sound macroeconomic fundamentals. In order to main exports as growth driver,
Chile has entered into a number of free trade and preferential trade agreemen
ts.


Sector Trade
:

Potential


Chemicals


Chile, given its well developed fertilizer industry, can be leveraged as a hub for India exports of
Chemicals to the LAC region. Chile’s highly developed agro industry serves as a major demand
driver for Chilean imp
orts and offers opportunities for expansion to Indian exporters.


Textiles



India’s exports of identified textile categories to Chile stood at US$ 36.4 mn in 2010 constituting
0.3% of India’s global exports of these items. In 2010, these products held a
share of 10% in
India’s total exports to Chile amounting to US 381mn.


Pharmaceuticals


India
-
Chile PTA, which came into effect from 2007, provides India tariff concessions on
pharmaceuticals products. Despite this, India’s pharmaceutical
s exports to Chil
e have not
witnessed any significant improvement and India’s share in Chile’s total pharmaceutical imports
remain as low as 4%.


Engineering


Chile is the 4
th

most important market as far as imports for engineering products by Latin
American countries are
concerned. However, India’s share as a supplier is miniscule

at0.7%.
There is a lot of room for expansion of such exports.


IT &BPO



Chile’s IT services market, which captures 37% of the total IT market revenues, was at USD
901mn in 2010 and is growing a
t a phenomenal rate, expected to be 14% per annum over the
2010
-
2014 forecast period. A majority of the demand, around 75%, still comes from the large
company sector, but smaller companies are also becoming more sophisticated in their demand
.

Another proac
tive government approach acting as a growth driver for the domestic IT sector has
been the introduction of incentives, including tax breaks for IT companies that invest in Chile as
an IT service hub.


Chile is considered as the top popular destination in L
atin America for ‘Near
-
shore and Offshore

ITO and KPO’ work. The prmary reason why Chile is being viewed as a delivery center by Indian
companies is due its focus on high value
-
added services especially in speacialised IT domains like
IT applications, IT
infrastructure, IT security and industry
-

specific IT impleme
n
tations.


Another benefit that Chile can boast of is of being a ‘test market’ for many new technologies
,
new products and new business models. For an Indian company planning to grow in Latin
Am
erica, the ideal location would be Chile for its convenient location, stable economy, with
specialization in high
-
value knowledge services, provides a perfect position as a hub for the
delivery of services


ITO and KPO from Latin America to the US and oth
er key markets.



Investment Potential


Agribusiness


Agribusiness sector in Chile has grown tremendously in the last two decades. The domestic
market for agricultural products is relatively small, forcing producers to rely heavily on
exports, thus leadi
ng to the worldwide recognition of its agribusiness industry. There is
scope for Indian companies






Functional foods & nutraceuticals



Bio
-
technology and agro
-
technology, including seed production, plant disease
detection kits, pest and disease management
, plat pathology, post harvest
management, quality control and preservation, market selection for plant
improvement and stress protection for plants



Fruits and Vegetables plantations, specially avacados, grapefruits, citrus fruits,
single seed fruits, ber
ries, nuts & almonds and olive trees



High quality wines

and companies that produce Pisco (distilled white wine)



Forestry product with specific investment opportunities in genetic markets, genetic
improvement of species, clean technology for pulp and paper

production,
environment friendly bio pesticides and bio fertilizers and conversion of pulp into
bio fuels.

Investment by Indian companies in sectors like pulp and paper can be of
benefit to India since India imports huge quantities of pulp and paper.



Dai
ry and meat products.


Mining & Minerals


Chile mining industry represented 18.8% of GDP between 2005 and 2009, and 61.2% of the
country’s total exports during the period. The country is the world’s biggest producer and
exporter of copper with estimated co
pper production of 5.7mn tons in 2011. It has the
worl’d
2
nd

largest reserves of Molybdenum. Projected investment in Mining industry related
capital goods and services in Chile are US$ 50 bn by 2017.


The country has earmarked USD 37bn for investment in th
e mining sector for the period
2009


2018. The projected investment for the same period in mining industry related
capital goods and services (supplies), however, exceeds the above figure and is expected to
touch US$ 50BN. The mining sector offers potenti
al investment opportunities in






Underground and open pit machinery, reagents and sulphuric acid, waer and mill
balls and other related mining equipment



Development and use of new materials for operation, exploration, transport and
machinery with opportu
nities for forward and backward linkages



Remote control, radio freque
n
cy identification, photonic networks, robotics
connectivity and telecommunications



Administration of production process information and management




Scope for Indian Companies: Besides ta
pping opportunities
in excavating minerals, Indian
companies can explore opportunities related to acquisitions, manufacturing and sub
-
contr
a
cting in the area of mining equipment including communication equipment.


Pharmaceuticals & Healthcare


Chile is an
emerging location for clinical trials and is actively working on promoting clinical
investigation. The country attracted US$24mn investments in he area of clinical research.
There were 140 clinical trials approved in 2008.


Through a powerful series of in
itiatives, including a new regulatory framework and
economic incentives, Chile seeks to develop a world

class biotechnology sector. Invest
Chile has attracted US$135mn foreign investment in biotechnology over last 3 years.


Scope for Indian Companies
:

C
hile offers good opportunities to Indian companies in the
areas of Clinical Research and Biotechnology
. Indian companies


have strong technological
capabilities in these areas.


IT
-
BPO Industry


Chile’s export in the IT
-
BPO sector is estimated to have tou
ched the US$ 1 bn mark
in 2010 with KPO services bringing in around US$450

MN. Chile’s KPO exports
include engineering services, financial & business services, medical services and
digital media and content services of which the largest share belongs to e
ngineering
services. Chile’s BPO exports are estimated to be around US$ 250mn with horizontal
or function
-
specific services like purchasing, logistics, marketing and sales,
customer service, human resources, finances and accounting contributing 18.3% of
th
e total export market. Also Chile ranks first among Spanish speaking BPO
locations.


Chile’s main focus is providing higher value
-
added services, specifically knowledge
process outsourcing (KPO), biotechnology research & development (R&D), and IT
related s
ervices and establish captive operations.


To date, n
early 40 multinational firms have opened global services operations in
Chile, spanning a arrange of industries from airlines and mining to financial
institutions and software development.

Energy


Wind

Energy



Chile’s renewable energy sector is expected to expand significantly in the coming years
. In
wind energy, Chile has favourable natural conditions particularly in coastal areas

and some
valleys in the interior. The new regulations and higher energy

prices have boosted the
market related to wind energy projects. Currently, there are 46 projects in development
corresponding to 1,565 MW capacity and a further 130MW capacity under construction.


Scope for Indian Companies
:
Given Chile’s future plans in
renewable energy sector,
Indian companies can tap emerging opportunities by way of collaborations/partnerships
and in supply of equipments.