US Chamber of Commerce CEO: “The World Needs More Uruguay”

Patrick Archer agribusiness, competitiveness, foreign investment, real estate, uruguay, us companies, visionaries

Those were the powerful words of U.S. Chamber of Commerce President and CEO Thomas J. Donohue in his formal introduction of Uruguay President Jose Mujica earlier today in Washington. 

Before U.S. Businessmen, Mujica Sold Uruguay As A Country To Live and Invest is how the local papers are summarizing the president’s 36-minute presentation this morning at the U.S. Chamber. But judging by the introductory words of Donohue, it sounds as if U.S. corporate intelligentsia was already on board with Team Uruguay. In the last six months alone, the U.S. has opened the trade door for Uruguay citrus and Uruguay sheepmeat.

“Uruguay: A New Age of Global Dynamism” was the title of Mujica’s presentation during which he emphasized the strong bonds between U.S. and Uruguay companies, as well as the explosion in direct foreign investment in Uruguay over the past decade from US$175 million in 2005 to almost US$3 billion today. (See Why Invest in Uruguay? Foreigners Offer 2.775 Billion Reasons)

Uruguay timberland is one of the arenas where U.S. institutional investors have invested millions in Uruguay, and Mujica didn’t miss an opportunity to tout another major infrastructure project that will soon benefit the sector and Uruguay timberland values. According to El Observador, “Mujica mentioned the planned investment of billions of dollars in a new pulp mill in the Department of Cerro Largo.”

“Uruguay has witnessed a tremendous boom in productivity, because in the last ten years the country has changed. Uruguay is a country worth betting on,” concluded Mujica whose presentation was followed by Economics Minister Mario Bergara who emphasized Uruguay’s economic and social stability.

Apparently convinced of the country’s pro-business merits and stability, U.S. Chamber of Commerce CEO Donohue said to Mujica, “The U.S. Chamber of Commerce is going to be your friend, your partner. The world needs more Uruguay.” (Full Story in Spanish)

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