Dear CACEE members,
We recently signed on to an agreement with GoinGlobal that makes available a 20% discount for new GoinGlobal customers who are CACEE members. As part of this agreement, GoinGlobal periodically will be providing interesting insights into the employment opportunities outside of Canada. This is our first one – an introduction to Buenos Aires. Enjoy!
Working and Living in Buenos Aires
Expats are drawn to Argentina’s capital city for its low cost of living and growing employment opportunities.
By Mary Anne Thompson, Founder and President, Goinglobal Inc.
Endowed with abundant natural resources, Argentina benefits from an extremely educated workforce, globally competitive agricultural sector and diversified industrial base. It has the second-largest economy in South America, and the third-largest in Latin America overall.
Services, especially real estate and financial services, comprise the main economic activity in Buenos Aires, representing nearly three-quarters of the city’s GDP (Gross Domestic Product).
Other key industries:
The Argentine economy is currently in recession, and layoffs are becoming more frequent.
The official unemployment rate in Argentina as a whole is 7.5 percent, while the unemployment rate in Buenos Aires is 4.4 percent. It should be noted that independent experts are increasingly suspicious of the accuracy of Argentina’s official labor statistics; unemployment may be as much as 2 points higher than reported.
The Greater Buenos Aires region has the best hiring prospects in the country. The most promising areas are transportation and utilities, while finance, insurance and real estate report the weakest outlook, according to Manpower.
Argentina’s IT sector offers services and products such as consulting, support, applications implementation, business management and security programs, and video game and animated film development. Major IT clusters are located in Buenos Aires.
Positions in demand
Engineers are required for the continued development of infrastructure. Currently, engineers are in short supply – Argentina has about 125,000 engineers, or one in every 6,600 people, fewer than in China or Brazil, and fewer than required for development to continue.
Industrial engineers are particularly in demand, especially in manufacturing. Infrastructure projects also require engineers, such as for the creation of subway tunnels and maintaining Buenos Aires’ waste water network.
Positions in demand
Banking in Argentina is less developed than in other Latin American countries. The insurance and financial services industries need accountants, tax specialists and other financial professionals. There is an increasing need for professionals with bank management experience and for professionals with knowledge of bank regulations. Software development is an area of interest for professionals with both financial and IT expertise.
Positions in Demand :
Argentina has become a hotspot for outsourced business services, such as auditing, accounting and financial services and legal processes. Buenos Aires is the world's 15th best outsourcing city and fifth among emerging outsourcing cities, according to one study. Client contact centers are prevalent in Argentina and account for approximately 70,000 jobs. Buenos Aires is also a vibrant marketing hub. The latest Gunn Report ranks the country seventh in the world for marketing creativity and efficiency.
Positions in Demand:
Despite its issues with inflation, Buenos Aires is a favorite among expatriates for its standard and cost of living, its dynamic culture and welcoming climate. Its growing job opportunities and lowering unemployment rates also help keep it a viable option for jobseekers.