Russia, Argentina Poised to Restore Trade Levels Soon

Russia and Argentina are preparing several large investment projects that will help the countries restore their bilateral trade to previous levels in the near future, Russian Ambassador to Argentina Victor Koronelli told Sputnik Monday.

MONTEVIDEO (Sputnik) — "Unfortunately, last year the volume of our trade slightly decreased, but we are convinced that this is a temporary phenomenon and a trend toward recovery in trade volumes will emerge soon," the envoy said.

In 2014, trade between the two countries amounted to some $1.34 billion, compared to $1.5 billion in 2013.

Koronelli added that currently Russia and Argentina are discussing several major investment projects.

"First of all, the construction of the Chihuido-1 hydroelectric power plant in Argentina's Neuquen province. We have every reason to believe that construction will begin next year," Koronelli pointed out.

He added that the second ambitious project was the construction of a sixth power unit at Argentina's Atucha nuclear power plant near Buenos Aires, while Russian energy giant Gazprom and Argentine YPF were discussing prospects for cooperation on joint projects in the country.

In April, Argentine President Cristina Fernandez de Kirchner met with Russian President Vladimir Putin in Moscow. The sides signed several cooperation deals and confirmed that bilateral ties between Moscow and Buenos Aires were strengthening.

Last week, Putin said Russia would invest some $2 billion in the construction of a hydroelectric power plant in Argentina.