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Uruguay Welcomes Visitor Number 3 Million, His Wife, 4 Kids & The Family Dog

On December 23, 2011, In foreign investment, tourism, uruguay, by InvestBA
Uruguay recibió al turista número 3 millones del año

President Mujica welcomes lucky number 3,000,000 and his family at the Port of Montevideo.

Exactly two months ago we shared the news that Uruguay was on pace to top 3 million tourists this year. Well, yesterday was the day, and you know it’s a big deal when the president of the country and the national media are involved.

Part reality TV, part game show, part much-deserved national celebration, the well choreographed ceremony took place yesterday at the Port of Montevideo. As the morning Buquebus from Buenos Aires was arriving, onlookers, invited guests and TV crews began to emerge. The unsuspecting family from Argentina then disembarked and proceeded to the family car which traveled aboard the same Buquebus.

When the North American husband, his Argentine wife, their four daughters and the family Labrador reached their SUV, they were greeted by a smiling President Mujica, the Minister of Tourism Hector Lescano, a backdrop declaring “Welcome to More Than 3,000,000 Tourists,” and a shower of confetti and flash bulbs. “You could not have chosen a better 3 millionth visitor, because we love Uruguay,” the wife told Pepe Mujica.

Minister Lescano put the 3 million milestone in perspective for a country that has seen a phenomenal rise in tourism growth over the past half century. “3 million tourists means a ratio of almost one Uruguay citizen per tourist, and we thought this was worth celebrating.” And the future only gets brighter. According to El Pais, the World Tourism Organization is forecasting an explosion of inbound tourism for Southern Cone countries like Argentina, Brazil and Uruguay in the coming years. (Full Story in Spanish)

For more information about unique travel destinations in Uruguay, download the new issue of InvestBA Privada.

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PPP: Uruguay To Actively Court Infrastructure Investors Abroad

On October 29, 2011, In competitiveness, foreign investment, uruguay, by InvestBA
Salto Grande Bridge

Uruguay will court foreign investors to accelerate infrastructure improvements nationwide.

With 947 days until it hosts the 2014 World Cup, Pele says Brazil is not ready. The Brazilian soccer legend says 7 of the 12 host cities have not even commenced construction on much-needed infrastructure. When it comes to courting infrastructure investment, Brazil may want to take a page from Uruguay’s playbook.

From airports to highways Uruguay already has some quality infrastructure, but the Mujica administration is not content to rest on well-paved laurels. On the contrary, the Executive Branch wants to accelerate the pace of Public Private Participation (PPP) for infrastructure improvements in Uruguay, and a global road show begins next week to lure foreign investors with a package of federal government incentives and guarantees.

Under Uruguay’s new PPP program, private developers will be awarded contracts for the design, construction and operation of specific infrastructure projects like building child care facilities and widening Highways 21 and 24. According to Sebastian Panzl at El Observador, new legislation lays the groundwork for the program which includes performance bonuses. The global road show will be led by national business groups like the Uruguay Chamber of Construction.

The first round of PPP outreach takes place next month in Madrid followed by a second round of meetings courting Chilean investors in Santiago. (Full Story in Spanish)

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Uruguay: The New Darling of Global Investors

On August 16, 2011, In foreign investment, uruguay, us companies, by InvestBA
Raymond James Uruguay

Sign of the Times: A billboard for Florida-based Raymond James at Punta del Este International Airport.

First The Switzerland of South America. Then A Good Place to Visit Your Money. Now Uruguay has a new national tagline thanks to Reuters: The New Darling of Global Investors. That is the theme of a well-researched piece by Hilary Burke and Malenda Castaldi. The duo point to the recent S&P upgrade as the latest in a series of events that find Uruguay on the receiving end of record DFI and the brink of investment grade.

A country that once depended heavily on its larger neighbors is now much more self-sufficient, although it has not always been easy. “Being located between the two largest economies in South America is like being a small dog in a pack of big dogs,” said Uruguay Construction Chamber president Ignacio Otegui adding, “The little dog has to bark louder, be a little rowdier, act badder than the big dogs, because if he doesn’t, he doesn’t exist.”

Today big foreign dogs want to come play with the little dog. “I am constantly receiving groups of foreign investors in my office,” says Vice President Danilo Astori, “but you can’t ever let yourself think you have reached the goal. You have to keep making the effort.” Part of the effort for Mujica, Astori & Co. has been the cultivation of stronger trade ties with Asia and maintaining what S&P described as “prudent and consistent policies.”

In conclusion, Burke and Castaldi say Uruguay’s size and geographic position make it the “perfect laboratory” for global companies that want to experiment and penetrate the Southern Cone. Any foreign companies planning a Mercosur domination campaign would be well advised to consult Pluna’s system map prior to landing in Montevideo. (Full Story in Spanish)

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SOLD: The Punta del Este Presidential Home

On July 12, 2011, In real estate, uruguay, by InvestBA
Casa Presidencial Punta del Este

SOLD: Banco de la Republica is buying the home and the entire triangular parcel in Punta del Este.

As the most powerful man in Uruguay, you’ve got to think a few presidential perks come along with the office. No waiting at La Silenciosa, express check-in at Carrasco, maybe your very own chivito at La Pasiva for starters.

How about a nice vacation home in Punta del Este? It turns out Jose Mujica and his presidential predecessors have all had such a coastal retreat at their disposal, but most of them have never used it.

The infamous residence on Roosevelt Avenue was originally built by an Argentine businessman who in turn gave it as a gift to then-President Luis Batlle Berres in 1948. Over the ensuing sixty-three years, most Uruguayan presidents have shunned the residence opting instead to vacation with family and friends. Marcelo Gallardo of El Pais says every incoming administration has waffled over selling the Punta home, until newly-elected Mujica took office.

Last February, the Casa Presidencial Esteña hit the market, and sixteen months later a buyer was found. La Gaceta says Banco de la Republica is buying the presidential home plus two other adjacent properties for US$2.7 million. The bank plans to transform the property into offices and open a Cultural Center, presumably to commemorate the Punta Presidential Palace that sat empty for the better part of six decades. (Full Story in Spanish)

For more information about unique destinations and investment opportunities along the Tango Coast of Uruguay, check out the new issue of InvestBA Privada.

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Brazil, Uruguay Talk Infrastructure, Integration

On May 30, 2011, In a-bric, energy & agriculture, foreign investment, technology, uruguay, by InvestBA
Brazil Uruguay Waterway

Rousseff and Mujica will discuss The Brazil-Uruguay Hidrovia and other regional integration issues.

Brazilian President Dilma Rousseff arrived in Montevideo this morning for her first one-on-one meeting with Uruguayan President Jose Mujica. According to El Pais, the two presidents will meet for five hours this afternoon and sign no fewer than 12 bilateral accords, several of which promote greater regional integration and infrastructure projects.

Prensa Latina says some of the most high-profile agenda items include the construction of a new bridge over the Jaguarao River separating the two countries, rebuilding vital railway links and the possible construction of new power lines between Brazil and Uruguay.

In addition to infrastructure projects, Mujica and Rousseff are also expected to discuss bilateral collaboration in the areas of science, technology and innovation. Brazil and Uruguay are planning to collaborate on building a laboratory for the creation of digital television content and interactive applications, as well as a plan for expanding broadband Internet access to the masses in both countries.

Brazil and Uruguay’s mutual importance and dependence is evident in the trade figures, as Brazil is the number one destination for Uruguayan exports and Brazil is the top supplier of imports to Uruguay. The Brazil-Uruguay trade flow exceeded US$3 billion in 2010, a 19% increase over 2009.  (Full Story in Portuguese)

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