The leading feature of this report is a ranking of non-financial Argentine MNEs based on their foreign assets, presented in table 1 below. The 23 MNEs ranked in table 1 held nearly USD 21 billion in foreign assets in 2009.6 Tenaris, which ranked first, accounted for somewhat over USD 10 billion and Ternium followed with something under USD 8 billion. These two firms, both in the metal products business, account for about 85% of the foreign assets of the top 23.

The third Argentine MNE in the ranking with about USD 1 billion in foreign assets is Grupo Insud, a pharmaceutical company that also has investments in various other sectors such as agribusiness, energy distribution, cultural industries, The list shows high concentration of foreign assets at the top but it should be noted that this is not unusual for emerging market MNEs, as indicated by a number of other country reports published by the VCC in this project.

 

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