Singapore's Prime Minister Lee Hsien Loong (left) meets Argentine President Mauricio Macri at the Olivos Presidential Residence in Buenos Aires. (Photo: Singaporean Ministry of Communications and Information)

Buenos Aires (VNA) – Singapore and Argentina will work to boost economic ties, underlining the need for new economic agreements in order to raise bilateral trade, and agreeing to soon conclude negotiations on investment protection.

The agreement was reached during a meeting between Singaporean Prime Minister Lee Hsien Loong and Argentine President Mauricio Macri ahead of the G20 Leaders’ Summit in Buenos Aires, Argentina, on November 29.

Macri said the Argentine government aims to promote not only cooperation with Singapore but also relations between the South America Customs union Mercosur and Asia.

He called on Singaporean businesses to invest in Argentina, especially in lithium exploitation and infrastructure building at Buenos Aires Port.

For his part, the Singaporean leader said Argentina’s agricultural products like beef and wine are favoured in his country.

According to Singapore’s The Straits Times, the bilateral economic ties have been growing in recent years, with trade reaching 240 million USD last year in such products as motor vehicle parts, insecticides and frozen fish.

Trade in services, including the transport and finance sectors, exceeded 200 million USD in 2016, while investment between the two countries reached almost 600 million USD by the end of 2016.-VNA