URUGUAY PRESENTED ITS INFRASTRUCTURE PLAN FOR US$ 12 BILLONS

Fecha de publicación: 20/04/2018

The executive director of Uruguay XXI, Antonio Carámbula and his investment manager, Álvaro Brunini, participated in the second edition of "Uruguay Energy & Infrastucture Summit".

The international forum "Uruguay Energy & Infrastructure Summit" had, in its second edition, the participation of the executive director of Uruguay XXI, Antonio Carámbula and its investment manager, Álvaro Brunini, who explained the benefits offered by the country in terms of investments and its solid and sustained economic growth in the last decade.

The meeting presented opportunities in social infrastructure projects (schools and hospitals, among others) and roads, as well as local projects. The forum also served to allow participants to meet with the main international representatives of the infrastructure sector in the areas of engineering and construction, as well as with regulators, government representatives, financial institutions, advisors and investors.

Carámbula welcomed the organization of the forum, which he said "arrives at a great moment", and indicated that Uruguay has been experiencing sustained growth for more than 10 years, explained by the level of exports and fundamentally by the arrival of investments in the country.

"Uruguay has had in recent years investment levels similar to those of OECD countries, of 20% in relation to gross product", he said.

He added that for the realization of these investments, political, social and economic stability, legal security, the investment grade granted by the main consultancy firms and the investment promotion law, which makes no distinction between national and foreign capital, have been key factors.

In this context, he considered it vital to continue improving the infrastructure and mentioned the plans being executed that involve an investment of more than USD 12 million.

Within this framework, the change in the energy matrix was highlighted, which led 95% of the average electric power consumed to come from renewable sources and which allowed Uruguay to become an exporter for countries in the region, specifically Brazil and Argentina.

He also pointed out investments in Internet connectivity, including the underwater cable with the United States, the country's main client in terms of global services.

As part of the panel "Management and Development of the Infrastructure Plan", Brunini detailed the three fundamental aspects that make Uruguay an attractive destination for investments: the institutional strength, the macroeconomic solidity and the quality of life that it offers.

He explained that the country enjoys strong international recognition on issues of transparency, democracy, low corruption and the rule of law, among others, which is reflected in different global and Latin American rankings

He also noted that its strategic location makes it the gateway to the southern cone and explained its commitment to consolidate as a regional logistics hub, offering tax incentives through the free port and airport and its free zone system.

"There are a number of conditions that make it easy to do business in our country. You can buy and sell foreign currency, you can repatriate profits, you do not need a local counterpart. Whereas the law of investment promotion offers important tax exemptions ", stated Brunini.

The development of the activity counted with the support of Uruguay XXI and also included the participation of the representative for Uruguay of the Inter-American Development Bank and various local ministries.

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