The investment in the construction industry in Uruguay soared 26.45% last year over 2011 and reached seven billion dollars, of which 40% correspond to the Brazilian-Chilean pulp mill, Montes del Plata, the country’s largest investment in years equivalent to 2 billion dollars. However there are storm clouds ahead.
Uruguayan President Jose Mujica begins on Wednesday the longest and most ambitious of his overseas trips hoping to convince China to invest in infrastructure projects that are crucial for the development of the country and its foreign trade: a deep water port and recovering the rail cargo network.
For several days beginning Wednesday Uruguay, as its neighbours, Brazil and Argentina will be ruled by a woman. Lucia Topolansky, Fist Lady but also Senator and third in the succession line will become interim president since her husband is off on an official trip to China and Europe, and Vice-president Danilo Astori will be attending the Alliance of the Pacific summit in Colombia.
Uruguay's main economic problem is high inflation, and policymakers will continue to use interest rates and bank reserve requirements to bring it under control, Vice President Danilo Astori said on Tuesday. Consumer prices in Uruguay rose 8.14% in the 12 months through April, far outside the country's official annual target range of 4 to 6%.
The Uruguayan 2012/13 cruise season experienced a 10% increase in the number of calls to the ports of Montevideo and Punta del Este totalling 240 and approximately 400.000 visitors between passengers and crew members.
In an interview with the Spanish government news agency EFE, Uruguayan President José “Pepe” Mujica said Argentina’s economic “autarkic project” “worsens” bilateral ties and “multiplies” trade troubles. Still, he ruled out pressures on Buenos Aires; “they won’t work,” he insisted.
By Jude Webber in Montevideo - The Financial Times has published a piece on Uruguayan president Jose Mujica and his view on the future and his government’s policy towards two powerful neighbors, Argentina and Brazil.
Uruguay awarded French gas and power group GDF Suez SA a contract to build a liquefied natural gas (LNG) re-gasification plant at an estimated cost of 1.125 billion dollars, the government said on Tuesday.
The White House announced that Peruvian President Ollanta Humala and Chile’s President Sebastian Piñera will travel to Washington in June and meet with President Barack Obama. The White House also said that Vice President Joe Biden’s next week will visit Brazil and Colombia with a stop in Trinidad and Tobago.
Venezuelan President Nicolas Maduro got strong backing from regional heavyweight Brazil on a tour of Mercosur allies to cement his legitimacy as political heir to the late Hugo Chavez.