Czech Republic is prepared to invest CZK 2.5bn (EUR 82.2mn) into cooperation with Argentina in the coming five years, trade minister Milan Urban announced during his visit in Argentina. The investment would be used for providing export loans and insuring foreign contracts, ministry spokesman Ivo Mravinac added.
Contracts would be insured by the Czech Export Bank (CEB) and export guarantee and insurance company (EGAP). The CzechTrade agency would use some financial resources for the purpose as well. According to Urban, Czech companies as engineering company Skodaexport which will build two units of thermal power plant in Rio Turbio for around CZK 2bn, are gradually returning onto the Argentinean market.
Urban also proposed to modernise the coal mine in Rio Turbio in which export alliance Ceska dobyvaci technika could take part. Mravinac explained that in the first stage, the modernisation would in particular include repairs of mining equipment supplied by Czech companies in the past and presentation of new mining technology. Trade between the Czech Republic and Argentina has been growing in the last few years as Czech exports increased more than twofold since 2002 to CZK 600mn in 2004.