During the last months we have followed the progress of the so-called New World wines, the competitiveness they show is exemplary, and that is that they spare no means. During these last ten years Argentine wineries for example, they have invested up to 500 million dollars in improving their facilities with new technologies that allow them to improve their wine production processes.
It is an important economic volume, but they know that it is something necessary in an increasingly competitive market in which all aspects that a wine presents are valued. Not long ago we showed what was emerging as the most expensive wine in Argentina and we were surprised at its price, well below what many wines cost in other countries. The Argentine wine was produced by the Luigi Bosca winery and its price was around 340 euros. If we analyze the relationship, investment, quality, price, we can verify that, if this trend continues, Argentina will undoubtedly be a powerful winemaker.
The commitment of the country of tango is very clear, it is necessary to continue investing in technology to improve, you just have to review the investments of each winery in this country to realize that they all meet this same objective. Although it should also be noted that the fruit of investment and work is reflected in the numbers, we have not finished the year 2007 and some wineries have already exceeded their sales compared to last year by 40%.
The growth of Argentine wineries is quite spectacular and is due to all the technological, promotional and professional effort that is made, not only due to the low costs. Perhaps some Spanish wineries should take an example of this performance, our position is quite good, but we must not accommodate.