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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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Uruguay Embraces Pro-Construction Policies

On July 30, 2010, In foreign investment, real estate, tourism, uruguay, by InvestBA
Mujica Astori

President Mujica and VP Astori want to encourage more foreign developers to launch projects in Uruguay.

After the U.S.’s $787 billion Grow Government package which Harvard essentially labeled a failure, it’s refreshing to hear about a stimulus package that could actually create jobs, promote development and provide some much needed housing. Montevideo’s LR21 reports today on the Uruguay government’s decision to promote a series of fiscal stimulus measures to incentivize private investment in the construction of new homes and condominiums. The President and Vice President of the Republic, José Mujica y Danilo Astori, made the announcement yesterday at a luncheon hosted by the APPCU, the Association of Private Developers in Uruguay. While some members of the U.S. Congress seem completely out of touch with the private sector, President Mujica said he values interaction with groups like APPCU to better understand the needs and challenges facing leaders in the country’s most important job creating sectors. Vice President Astori also acknowledged the critical role national and foreign developers will play in realizing one of the priorities of the Mujica administration, “promoting tourism-related real estate development which provides tremendous revenue and job creation for Uruguay.” And while national builders still account for he bulk of the new construction, Astori officially rolled out the light blue carpet for foreign developers. “These incentives are as much for national investors as they are for foreign groups who can collaborate with the public sector in developing new projects,” Astori said adding, “National investors dominate housing construction, while in the real estate tourism sector, we are hoping for more foreign investment.” (Full Story in Spanish)

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China To Back Argentina’s Rail Renaissance

On July 15, 2010, In foreign investment, by InvestBA

The Belgrano Cargas line connects BA with 13 of Argentina's richest commodity-producing provinces.

With close to 30,000 miles of functioning tracks, Argentina’s rail network was one of the world’s most extensive and profitable by the middle of the last century, but you wouldn’t know it by visiting the country today. Sixty years of neglect have left the once robust freight and passenger railroads a rusting shell of their former selves. For example the train connecting Buenos Aires and Córdoba was suspended in 1993, reinstated in 2005, but today the tracks are so dilapidated the 385-mile trip can take as long as two days. The most recent glimmer of hope for a rail renaissance was the 2008 announcement of a Bullet Train (Tren Bala) connecting Buenos Aires and Córdoba, but there has been no progress on that front for two years. Now it seems an Argentina rail renaissance may actually begin with backing and financial support from the world’s largest importer of just about everything: China. No stranger to infrastructure development projects in Africa and the Americas to expedite the flow of commodities she craves, China has committed to work on Argentina rail projects valued at roughly $12 billion. According to Bloomberg, the rail upgrades will take place on the The Belgrano Cargas line, a freight network connecting BA with 13 provinces, and the Ferrocarril Belgrano. Future Chinese-backed infrastructure enhancements in Argentina may also include a $1.8-billion subway system for Córdoba and a rail line extension connecting BA with Ezeiza International Airport.

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BA’s New Cinderella Neighborhood: Barracas

On June 3, 2010, In foreign investment, lifestyle, real estate, by InvestBA
Barracas

Investors, government officials and developers of projects like Moca see the potential in Barracas.

You can take the boy out of the barrio, but can you take the barrio out of the barrio? That’s the question posed by Jude Webber in a Financial Times analysis of one of Buenos Aires’ rising stars, Barracas. In addition to being three of the most expensive neighborhoods in the city, Webber says, Belgrano, Palermo and Recoleta have lost much of their neighborhood feel or barrio-ness, as working-class families gave way to new commercial and residential construction over the past decade. During the same period, grittier and more industrial Barracas, saw factory closures and falling property values. Those lower prices, along with urban renewal efforts by the City of Buenos Aires government, are now attracting more porteños and foreign investors. Considering it was home to some of BA’s wealthiest families in the 19th century, there is classic architecture on par with Montevideo’s Ciudad Vieja. The abundance of closed factories is also drawing the interest of residential developers. Projects like The Moca, a massive urban redevelopment of an old factory, highlight the potential that exists in Barracas. As one analyst tells Webber, “Barracas has excellent potential. There are millions of square meters available and the possibility for multimillion reconversions.” One New Yorker who owns a converted B&B sums up the cool Barracas vibe: “This neighborhood is definitely up and coming. But I wouldn’t want to see it change totally. I like it a little dirty and arty.” (Full Story)

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Surf’s Up: City Government Brings The Beach to BA

On January 14, 2010, In buenos aires events, tourism, by InvestBA
The 3 Playas Porteñas were such a hit in 2009, the City opened several more for 2010.

Besides providing relief from the heat, the 3 Playas Porteñas have been a great exercise in public trust.

Even though it’s summertime and thousands of Buenos Aires residents have made their annual exodus to the beaches of Argentina, Uruguay and Brazil, surveys suggest 70% of porteños have neither the time nor the resources for such a vacation. In 2009, the Government of the City of Buenos Aires took a novel approach and decided if residents couldn’t go the beach, the City would bring the beach to them. The “Playas Porteñas” debuted last summer and almost 300,000 residents took advantage of the urban beaches complete with sand, volleyball courts, soccer fields, cooling stations and the signature yellow umbrellas and chairs. The Buenos Aires coastline had popular beaches a century ago, but years of pollution and water contamination have rendered the Río de la Plata unfit for swimming. The 3 Playas Porteñas were such a hit last year, several more were added for the 2010 Season. According to Clarín, the beaches have been a good exercise in public trust: the neighbors, thankful for the opportunity to relax and cool off with their families, took pride in the Playas and kept them clean, orderly and free of vandalism to the umbrellas and chairs. So A.) if you’re in Buenos Aires and B.) you’re burning up, the beaches will be open daily now through February 28. (YouTube video)

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