Porsche Sells Malbec to Keep Access to Growing Argentina Auto Market: Cars
Porsche Sells Malbec to Keep Access to Growing Argentina Auto Market: Cars
Nov 2, 2011 6
(Bloomberg) - Porsche importer Hugo Pulenta has promised to ship wine from his family’s vineyards in the Andean foothills in exchange for permits to bring his expensive cars into Argentina.
Under similar agreements with the government, Mitsubishi Motor Corp.’s representative will export peanuts while imported Subarus will be matched by sales of chicken feed to Chile.
President Cristina Fernandez de Kirchner, who won re- election Oct. 23, is forcing sellers of foreign-made cars to become exporters of everything from bio-diesel to bottled water in return for access to an auto market that’s growing 30 percent a year. Argentina introduced the program in March to boost export, increase investment in local industry and shore up dwindling central bank reserves.
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