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Montevideo, November 21st 2018 - 09:55 UTC

The very good reasons to invest in Uruguay, according to Minister Bergara

Wednesday, May 14th 2014 - 05:08 UTC
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The minister however admitted some challenges: infrastructure, qualified labor and short and midterm inflation The minister however admitted some challenges: infrastructure, qualified labor and short and midterm inflation

Minister of Economy Mario Bergara addressed on Tuesday the US Chamber of Commerce in Washington and said Uruguay was a good place to invest because despite being a small market, it was a good launching pad to develop in the region.

 Bergara spoke before the Chamber after President Jose Mujica with a speech that was far more technical admitting that infrastructure and qualified labor threaten to become a bottle neck for the continuing development of the Uruguayan economy.

“Uruguay is a good place to invest, we're not a large market, but we are a good launching pad to develop business in the region, besides the fact that the rules of the game in the country are very clear, the same for nationals and foreigners and legal security is a fact”, said Bergara

However the minister did admit Uruguay had with inflation “a serious challenge” in the “short and mid terms”, but nevertheless the average consumer and industrial prices indexes have fallen dramatically in the last decade compared to previous periods.

Bergara also pointed out as an achievement of the current government the considerable reduction of poverty and indicated that “we do not favor fast growth with high concentration of wealth and income”.

Nevertheless foreign trade has multiplied several times as has GDP with the influx of foreign investment attracted by clear rules of the game and a generous fiscal system.

Finally Bergara indicated that Uruguay's international reserves currently above 17bn dollars are more than enough to overcome adverse circumstances and trade is sufficiently diversified to avoid a crisis of the magnitude of 2002, which was the spillover from the melting of neighboring Argentina's economy and its massive sovereign default and contagion.

Uruguay however honored its sovereign debt and with financial help from the Bush administration, managed to rapidly overcome the situation. The bridge loan was returned to the US in three months and by 2003 the Uruguayan economy was again growing strongly, never having ceased to pay interest or capital.

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  • Conqueror

    Wonder if Bergara understands that a “launching pad” is something you leave behind? A slight drawback is that the economy of urineguay is pegged to that of argieland. It will fail shortly, when urineguay becomes known as steviemania. Similar to Germania, since neither exist nor could they!

    May 14th, 2014 - 11:58 am 0
  • Mr Ed

    The first reason to invest there is that it is not Argentina.

    The first reason not to invest there is the Uruguayan government.

    The second reason not to invest there is the uncertainty created by the British military threat to Uruguay, or rather that the scoundrels in power could bring themselves to say such a thing. If they can say stuff like that, they are clearly demented and cannot be trusted.

    May 14th, 2014 - 12:26 pm 0
  • ChrisR

    “Minister of Economy Mario Bergara addressed on Tuesday the US Chamber of Commerce in Washington and said Uruguay was a good place to invest because despite being a small market, it was a good launching pad to develop in the region.”

    Buggeritupa didn’t go on to say why it is a good launching pad to develop the region, why would he mention as soon as your company get’s here you will be inundated with “licence fees”, “inpections “of the premises every six months and be saddled with draconian union inspired laws that automatically come down on the side of the “poor itty bitty liddel employees”! Oh yes, I have met a few of them: snake oil sellers, all of them.

    You will soon be launching yourself out of the country to save yourself going bankrupt.

    “However the minister did admit Uruguay had with inflation “a serious challenge” in the “short and mid terms”, but nevertheless the average consumer and industrial prices indexes have fallen dramatically in the last decade compared to previous periods”

    Well of course they have with the inflation helping them! Buggeritupa must think he is so clever, but the hard-headed Yanks will see him for what he is; an over promoted bean counter from the Central Bank of which he was “Chairman / President / chief lackey to the now resigned FM.

    The final insult to Uruguay:
    “Uruguay however honored its sovereign debt and with financial help from the Bush administration, managed to rapidly overcome the situation. The bridge loan was returned to the US in three months and by 2003 the Uruguayan economy was again growing strongly, never having ceased to pay interest or capital.”

    ALL TRUE, but hese stupid illiterate and innumerate cunts weren’t in that government, were they.

    BTW the default was US$ 2.4 Billion then and “No Money Pepe” is presently looking at in excess of US$ 2 Billion to pay off the “Yankee” tobacco company which is actually Swedish. Seems the same thing always come around time after time in SA.

    May 14th, 2014 - 04:33 pm 0
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