MercoPress. South Atlantic News Agency

Uruguay makes presentation in Seoul to attract Korean investors

Deputy Minister Pablo Genta: Uruguay a founding member of Mercosur

Uruguay’s sound economic and stable political environment were underlined by the country’s Deputy Minister for Public Works and Transport during a high level business forum to attract investors to Latin American which was held in the capital of South Korea, Seoul.

Cabinet ministers and top government officials from eleven Latin American countries touted the pro-business climate of their respective countries to South Korean investors at the High-Level Forum on Korea-Latin American Continent Partnership.

“Over the past half century, Uruguay has achieved an average growth rate of 2.5% to 3%. Last year, the rate stood at 8.5%” said Deputy Minister Pablo Genta during his half hour presentation. He added that among Latin American nations, “Uruguay’s inflation rate is the lowest. Unemployment stood at 14% in early 2000s, but it went sharply down to 6% last year.”

With a wise mix of financial and tax policies, Genta continued to say that Uruguay was able to avoid being sucked by the global economic slowdown that hit many nations in 2009.

“Uruguay is an attractive investment destination for foreign investors, particularly given its long tradition of a sound economic and stable political environment. Uruguay is also a founding member of Mercosur, South America’s main trade block”.

Genta said South Korean investors can join plans to upgrade Uruguay’s outdated railway system, build the logistics and transport system or construct hotels or other accommodation facilities in tourist hot spots.

In the keynote presentation speech at the event, Korean Trade Minister Kim Jong-hoon said Latin America has emerged as a major trade partner of South Korea over the past decade. He said trade between South Korea and the entire continent quadrupled during that period.

Kim indicated that South Korea can be a model for Latin American nations since the country has evolved from one of the poorest nations in the world following the Korean peninsula war in the early fifties to become an economic power and functioning democracy in Asia.

The two-day forum consisted of four sessions: trade and investment; resources and energy; green growth; and infrastructure building.