Uruguay will welcome global leaders in November to the 28th Ibero-American Free Trade Zone Conference

Montevideo was the setting for the 28th Ibero-American Free Trade Zones WQConference launch, which will take place from November 19 to 21 in Punta del Este. In the CAF-Development Bank of Latin America and the Caribbean auditorium, national authorities, representatives of international organizations, and industry leaders agreed that Uruguay will not only host a key event but also take advantage of the opportunity to reaffirm its model as a regional benchmark.

The national director of the Free Trade Zones, Isabella Antonaccio, emphasized that the country offers a “unique combination” of attributes: institutional, democratic, and macroeconomic stability, together with a system of tax and fiscal incentives that “favors a favorable business climate.” She pointed out that preserving and strengthening this combination is essential in an increasingly turbulent world. “Free trade zones have been a significant economic and social development engine. More than 17,000 people work in them, with salaries averaging over US$4,000,” she said. She also highlighted cases of territorial impact, such as Florida, Colonia, Paso de los Toros, and projects in Maldonado.

“This type of construction that Uruguay has been doing over the years has always been based on joint work between the public and private sectors; we are partners, and I believe that is one of our advantages. We must not be afraid to face these challenges and, as a country, rise to the occasion,” he said.

Along the same lines, Mariana Ferreira, executive director of Uruguay XXI, reaffirmed the strategic importance of free trade zones for attracting investment. “When we seek investment abroad, we offer the entire regulatory framework and incentives, and we often do so together with colleagues from free trade zones, whom we consider multipliers for the agency,” she said.

Ferreira cited the latest satisfaction survey of foreign companies conducted by Uruguay XXI. “More than 40% of companies use the free trade zone regime, and 87% are very satisfied with it.”

For Ferreira, the stability of the system is a decisive selling point. “All parties have governed, and the regime has remained in place. We don’t just say this, we prove it with facts,” he said, adding that free trade zones account for more than 35% of goods exports and more than 60% of high-value-added global services exports.

From a regional perspective, Antonio Silveira, vice president of CAF, put the regime’s value into context. He pointed out that Uruguay understood early on that competing is not just about selling more but selling better, creating conditions to attract investment, generate skilled employment, and consolidate itself as a hub for exporting high-value services to the Americas and Europe.

He cited data from Uruguay XXI showing global service exports of more than US$10 billion in 2023, which rises to almost US$16 billion if trade associated with these activities is included.

He recalled that regulatory and tax stability has been maintained since the legal framework was created in 1987, allowing for the development of 12 free trade zones. These zones are responsible for about 6% of the country's GDP and one-third of its exports. Between 2014 and 2021, employment in these zones grew by more than 40%.

Silveira also highlighted the importance of deepening links with the local economy, promoting high-value-added SMEs, and sustaining evidence-based public policies.

The representatives of the Association of Free Trade Zones of the Americas (AZFA), its vice president, Juan Opertti, and its executive director, Julio Rodríguez, emphasized that Uruguay has been an example and a guide for many countries in the region and announced that the conference will bring together international leaders from different continents and sectors, including leaders of technology companies and innovation hubs. They explained that the agenda will seek to present cutting-edge experiences and practices, generate strategic debates, and project the regime's challenges in the new global context.

The event was closed by Enrique Buero, president of the Uruguayan Free Trade Zone Chamber, who highlighted that 2023 will mark the 100th anniversary of Uruguay's Free Trade Zone Regime. “At that time, we highlighted the success of a long-standing public-private partnership that has overcome the various challenges presented by the world in order to maintain the competitiveness of the regime,” he said.