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Uruguay’s Hot Tourism Tandem: MVD & PDE

On August 24, 2010, In foreign investment, real estate, tourism, uruguay, by InvestBA
Montevideo Airport

First Impressions Are Lasting: Montevideo's ultra-modern airport is a wonderful gateway to Uruguay.

Back-to-back stories this week from MercoPress highlight the tourism attraction and real estate growth in Uruguay’s two leading destinations: Montevideo and Punta del Este. The statistics are encouraging, as they demonstrate some positive regional trends: more inbound visitors from countries besides Argentina, the long-standing number one for tourism exports to Uruguay, and a greater willingness among Uruguayans to explore other corners of the Southern Cone. In fact, Uruguayans posted triple-digit gains of citizens visiting Paraguay (+228% ) and Chile (+102%). Of those foreigners visiting Uruguay, the numbers reflect the economic status quo in key international markets: almost 25% more real-empowered Brazilians and 7% fewer visitors from the U.S. Montevideo’s cultural and urban Renaissance is finally being reflected in the tourism numbers, as more visitors made MVD their primary destination in the first six months of 2010 compared to Punta del Este. But don’t feel bad for PDE. Data released last week by the country’s Tourism Office shows $1.5 billion USD in real estate transactions taking place in the popular beachside destination over the past 18 months alone. The government estimates approximately 18.2 million square feet of new residential construction has been built in the last five years and—given current absorption rates—it’s not surprising the Mujica government is encouraging more foreign investment.

For more information on Uruguay’s quality of life and cost of living, visit our archives and download the new edition of InvestBA Privada.

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In Uruguay, U.S. Sees Export Hub for Mercosur

On August 19, 2010, In competitiveness, foreign investment, us companies, visionaries, by InvestBA
Montevideo Port

U.S. companies look to Montevideo as a regional hub for expanding export markets throughout Mercosur.

The U.S. may be mired in a full-blown recession, but economic activity and investment is surging here in the Southern Cone. Now Washington may finally be taking note, as evident by news yesterday out of Montevideo courtesy of El País. The U.S. Ambassador to Uruguay, David Nelson, told a gathering of businessmen at the Uruguayan Trade Chamber the U.S. is now encouraging more American companies to invest in the region in order to tap growing consumer demand in Mercosur countries Argentina, Brazil, Uruguay and Paraguay. “As consumer demand has fallen in the U.S., our companies are looking for more export opportunities,” said Nelson adding, “(U.S.) companies are very interested in the region as a platform for investment and also a potential market for exports.” Speaking about Uruguay specifically, Nelson says favorable tariff reductions at the San Juan Mercosur Summit has the U.S. eyeballing Uruguay as a regional distribution center. “In the last two weeks, I visited several free trade ports and companies investing in regional distribution logistics, and I see a very interesting possibility for American companies working together with Uruguayan partners to achieve this objective of export expansion.” In closing, the Ambassador reiterated the most salient talking point for any company considering regional expansion based in Uruguay, “”Uruguay is a very interesting country for investment given its political and economic stability as well as its human resource wealth.” (Full article in Spanish)

For more information on U.S. companies already investing in Argentina and Uruguay, check out the InvestBA archives and download the latest edition of InvestBA Privada.

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Santander Sees the Future in Latin America

On July 19, 2010, In foreign investment, franchises, visionaries, by InvestBA
Santander

With 37 million clients and 5,800 branches, Santander is the leading bank franchise in Latin America.

If you had any doubts about where the smart money is moving globally, you might want to take a look at Grupo Santander, the largest bank in the Euro-zone and one of the largest banks in the world. In recent interviews with everyone from Bloomberg to El País, Santander officials are understandably bullish on Argentina, Brazil and Latin America in general…so much so bank executives feel the region will outperform Asia in the coming years. Santander’s Director for the region Francisco Luzon sees the XXI century as Latin America’s inflection point: “In this century, Latin America will move beyond being a ‘developing’ region. Latin America has talent and structural competitive advantages that will make it a winner in the XXI century.” Luzon believes Latin America is the region best positioned to benefit from the process of globalization, while banks like Santander are well positioned to capitalize on the continued bancarización of LatAm. Santander estimates the financial systems of the seven core Latin countries—Brasil, México, Argentina, Chile, Perú, Colombia y Uruguay—have a current valuation of US$500 billion and could reach $1 trillion by 2015. If full-year projections for 2010 are any indication of what’s to come, it’s easy to understand why a bank like Santander sees the future in Latin America. According to Bloomberg, the region will account for 45% of the bank’s profit this year, up from 39% in 2009.

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Brazil Business & Banks Come A Calling in BA

On July 16, 2010, In competitiveness, foreign investment, franchises, by InvestBA
Banco do Brasil

Crescente: Bovespa President Edemir Pinto & Banco do Brasil CEO Aldemir Bendine at this month's offering.

With the 2014 World Cup and 2016 Olympics on the horizon, there’s no question about all eyes being on our neighbor to the north. With the world poised to descend on Brazil in the coming years, it is interesting to note how Brazil is beginning to look beyond its borders and engage with foreign countries. Right now, for example, the slopes of Bariloche are teeming with well-heeled paulistas and cariocas, and lilting Portuguese accents can be heard around BA’s finest restaurants and gallerias. But the Brazilian Foreign Investment Experiment (BFIE for short) is starting to expand well beyond tourism and into the boardroom with Argentina being the logical first step, says the Latin Business Chronicle. “The country’s corporate sector has embraced globalization,” writes LBC, “and many Brazilian companies have chosen neighboring Argentina for their first foreign venture. To date, over 400 Brazilian companies have done JV’s or outright purchases of Argentine companies in sectors ranging from cement to beverages to auto parts manufacturing. Now many olhos brasileiros are focusing on opportunities in the banking sectors. The analysts and professors interviewed by LBC describe the phenomenon of “follow sourcing” as a logical pattern where Brazilian banks are increasingly following their best corporate clients into Argentina to fund the growth and expansion of their Argentina subsidiaries. University of Palermo professor Rodolfo Rapán puts the importance of Brazil’s FDI in context: “Since 2003, an average of about $4 billion in foreign funds has flowed into Argentina each year, and 40 percent of those funds have come from Brazil.”  (Full article in English)

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On and Off Field, Uruguay Converts Skeptics

On July 5, 2010, In lifestyle, tourism, uruguay, by InvestBA
Diego Forlan

Any Questions?: Much like his country, striker Diego Forlan is slowly silencing Uruguay's skeptics.

One of the greatest story lines in this year’s World Cup has been Uruguay. When the tournament started June 11, many futbol experts believed they would lose in the First Round to the likes of mighty France and Mexico. All eyes and wagers were on perennial powerhouse neighbors Brazil and Argentina. When Uruguay advanced to the Round of 16, we contrasted the Maradona-stoked cockiness of Argentina with the humble, workmanlike approach of Uruguay. Now both neighbors are home and Uruguay is two wins away from hoisting its third World Cup. Marie Elena Martinez, a travel writer for the Miami Herald proves Uruguay’s skeptics are alive and well off the field as well. “A lover of big cities, I arrived in Montevideo, Uruguay with low expectations,” she writes, “I wasn’t sure Uruguay could offer anything different than South American spots more popular with tourists — Chile, Argentina and Brazil.” Arriving at Montevideo’s ultra-modern Carrasco International Airport is often a foreign visitor’s first taste that expectations will soon be exceeded. Over the course of her visit, Martinez discovers the beaches of Pocitos, the Mercado del Puerto, the Plaza Fabini and the 14-mile winding waterfront, La Rambla. By journey’s end, her confession is a familiar refrain among one-time doubters in the Switzerland of South America: “I was exhausted, but no longer skeptical. Yes, absolutely: Uruguay.” For more information about investment opportunities in Uruguay, visit our archives or download the July 2010 edition of InvestBA Privada.

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