This document discusses foreign direct investment (FDI) trends in Latin America and Uruguay. Some key points:
- Latin America has seen strong FDI growth in recent years, attracting over $150 billion in 2011, a 31% increase from 2010. Uruguay set a record with $2.528 billion that year.
- Major sources of FDI to Latin America are the Netherlands, United States, Spain, and Japan. Emerging economies like China are also increasing investments.
- Brazil attracts over half the FDI to South America. Other big recipients are Chile, Colombia, and Venezuela. FDI is focused on natural resources and manufacturing.
- Uruguay stands out for having
Chinese investment in Spain topped 600 million euros in 2014, according to an ESADE study.
According to this report, 93.8% of Chinese direct investment in Spain since 2000, some €1.662 billion, occurred in the 2012-2014 period. Of that amount, €610 million was invested in 2014, 49% more than in 2013. Moreover, by the end of the year, total investment in 2015 could be even higher, as a result of various major transactions recorded over the last six months in the real estate/hotel and agribusiness industries.
This document summarizes Colombia's investment environment and business opportunities. Key points include:
- Colombia has a dynamic and stable economy, with growing middle class driving demand. It offers diverse investment opportunities across many sectors.
- The country has trade agreements with over 10 partners, enabling access to third markets. Its strategic location also facilitates regional business.
- Colombia has a growing pool of qualified local companies that can partner with international investors. It has low barriers to foreign direct investment.
This document summarizes the Economist Intelligence Unit's 2014 China Going Global Investment Index report. Some key findings:
- The US, Singapore, and Hong Kong remain the top three most attractive destinations for Chinese outbound direct investment.
- Japan falls to sixth place due to cooling relations with China and lackluster economic growth reducing innovation advantages.
- Southern European countries lag in opportunities but present acquisition opportunities due to economic struggles.
- African and Latin American country rankings diverge, with stable political environments seeing improved rankings.
This document summarizes investment opportunities in Colombia. It notes that Colombia has a dynamic and stable economy with a growing middle class, creating demand. It also has a pool of qualified Colombian companies and partners for international investors. There are diverse investment opportunities across many sectors. Colombia offers access to regional markets through its 10 trade agreements and strategic location. It has low barriers to foreign direct investment.
This research statement discusses factors that influence foreign direct investment (FDI) inflows in Middle East and North Africa (MENA) countries compared to European Union countries. It notes that MENA countries have implemented reforms to liberalize economies and encourage FDI, but FDI inflows remain relatively low. A key reason is that MENA countries invest little in science and technology infrastructure and research, and have fewer patents and scientific publications than other regions, limiting their ability to attract and benefit from FDI. Strengthening business linkages between foreign investors and domestic small- and medium-sized enterprises could help transfer technology and skills to upgrade domestic firms in MENA countries.
The document discusses the challenges facing the Netherlands-African Business Council (NABC) in assisting its members to build sustainable business opportunities in Africa. NABC provides services like trade missions and consulting to help Dutch businesses invest in emerging African markets. However, high infrastructure investments in Africa face challenges like long contract cycles, regulatory uncertainty, and new sources of foreign direct investment. As a result, NABC wants to review its strategic programs to ensure it provides value to members in these institutional environments.
Colombia is a major global supplier of agro-industrial products due to its variety of climates allowing year-round production, strategic geographic location with access to both the Pacific and Atlantic, and high quality products meeting international standards and consumer trends. Some of Colombia's main exports include fresh and processed fruits and vegetables, poultry, shrimp, confectionery goods, flour products, and snacks. Certifications help Colombian exporters meet demands of international markets.
This document provides an overview of investment opportunities in Colombia. It highlights Colombia's dynamic and stable economy, growing middle class, and diverse investment opportunities across multiple sectors. Colombia offers a strategic location in Latin America, a network of trade agreements, infrastructure development programs, and a business-friendly environment. The energy and infrastructure sectors are identified as areas of particular opportunity, with several examples of major international companies that have invested in these industries in Colombia.
Chinese investment in Spain topped 600 million euros in 2014, according to an ESADE study.
According to this report, 93.8% of Chinese direct investment in Spain since 2000, some €1.662 billion, occurred in the 2012-2014 period. Of that amount, €610 million was invested in 2014, 49% more than in 2013. Moreover, by the end of the year, total investment in 2015 could be even higher, as a result of various major transactions recorded over the last six months in the real estate/hotel and agribusiness industries.
This document summarizes Colombia's investment environment and business opportunities. Key points include:
- Colombia has a dynamic and stable economy, with growing middle class driving demand. It offers diverse investment opportunities across many sectors.
- The country has trade agreements with over 10 partners, enabling access to third markets. Its strategic location also facilitates regional business.
- Colombia has a growing pool of qualified local companies that can partner with international investors. It has low barriers to foreign direct investment.
This document summarizes the Economist Intelligence Unit's 2014 China Going Global Investment Index report. Some key findings:
- The US, Singapore, and Hong Kong remain the top three most attractive destinations for Chinese outbound direct investment.
- Japan falls to sixth place due to cooling relations with China and lackluster economic growth reducing innovation advantages.
- Southern European countries lag in opportunities but present acquisition opportunities due to economic struggles.
- African and Latin American country rankings diverge, with stable political environments seeing improved rankings.
This document summarizes investment opportunities in Colombia. It notes that Colombia has a dynamic and stable economy with a growing middle class, creating demand. It also has a pool of qualified Colombian companies and partners for international investors. There are diverse investment opportunities across many sectors. Colombia offers access to regional markets through its 10 trade agreements and strategic location. It has low barriers to foreign direct investment.
This research statement discusses factors that influence foreign direct investment (FDI) inflows in Middle East and North Africa (MENA) countries compared to European Union countries. It notes that MENA countries have implemented reforms to liberalize economies and encourage FDI, but FDI inflows remain relatively low. A key reason is that MENA countries invest little in science and technology infrastructure and research, and have fewer patents and scientific publications than other regions, limiting their ability to attract and benefit from FDI. Strengthening business linkages between foreign investors and domestic small- and medium-sized enterprises could help transfer technology and skills to upgrade domestic firms in MENA countries.
The document discusses the challenges facing the Netherlands-African Business Council (NABC) in assisting its members to build sustainable business opportunities in Africa. NABC provides services like trade missions and consulting to help Dutch businesses invest in emerging African markets. However, high infrastructure investments in Africa face challenges like long contract cycles, regulatory uncertainty, and new sources of foreign direct investment. As a result, NABC wants to review its strategic programs to ensure it provides value to members in these institutional environments.
Colombia is a major global supplier of agro-industrial products due to its variety of climates allowing year-round production, strategic geographic location with access to both the Pacific and Atlantic, and high quality products meeting international standards and consumer trends. Some of Colombia's main exports include fresh and processed fruits and vegetables, poultry, shrimp, confectionery goods, flour products, and snacks. Certifications help Colombian exporters meet demands of international markets.
This document provides an overview of investment opportunities in Colombia. It highlights Colombia's dynamic and stable economy, growing middle class, and diverse investment opportunities across multiple sectors. Colombia offers a strategic location in Latin America, a network of trade agreements, infrastructure development programs, and a business-friendly environment. The energy and infrastructure sectors are identified as areas of particular opportunity, with several examples of major international companies that have invested in these industries in Colombia.
FDI inflows to developing Asia reached a record $300 billion in 2010, a 24% increase over 2009. Within the region, ASEAN countries saw over 100% growth in FDI, while inflows to East Asia grew due to increases in China and Hong Kong. However, FDI to South Asia declined, with a 31% drop in inflows to India. FDI outflows from developing Asia also grew by 20% to $230 billion in 2010, led by increases from China, Hong Kong, Malaysia, South Korea, Singapore, and Taiwan.
- Colombia has a dynamic and stable economy that is the 31st largest in the world and 4th largest in Latin America. It has seen strong and consistent GDP growth in recent years.
- The country has a growing middle class, reducing poverty, and a highly qualified workforce. It also has a strategic location that allows easy access to markets throughout North and South America.
- Colombia offers a variety of investment opportunities across multiple industries and regions. It has over 10 trade agreements providing access to international markets and is pursuing OECD membership to further open its economy.
Colombia has experienced strong economic growth in recent years, with GDP growth over 4% annually from 2012-2013. Foreign direct investment in Colombia has also reached record levels, with FDI of US$16.3 billion in 2013. The country's stable macroeconomic environment, young population, and strategic free trade agreements contributing to access of major markets have supported its economic expansion and increasing competitiveness.
Diving into the Nordic and Baltic 2020 Venture Capital LandscapeWhite Star Capital
This document provides an overview of the Nordic and Baltic venture capital landscape from the perspective of an international investor. Some key points:
- The Nordic region saw record VC funding in 2018 and 2019, with over $4.6 billion invested in 2019 alone. Deal volume and sizes are also increasing.
- Sweden dominates the market currently but growth is shifting to Denmark and Finland with larger deal sizes. Seed deals are maturing into larger Series A and B rounds.
- Valuations have grown significantly, driven by some huge late-stage rounds for companies like Klarna, iZettle, and Pleo. Median pre-money valuations have increased over 20% annually.
-
This document discusses foreign direct investment (FDI) from a Nigerian perspective. It outlines how some Nigerian enterprises have become multinational companies investing in other countries, particularly in sub-Saharan Africa, in sectors like banking, oil and gas, and telecommunications. The document examines the determinants and trends of FDI in Africa since the 1970s. It aims to understand if existing policies are sufficient to attract investment and discusses factors influencing FDI, its role, trends, sector allocation, and reasons for Africa's lower levels of FDI historically. Recommendations are provided for multinational enterprises and policymakers.
Emerging markets present both opportunities and hidden risks for investors. While emerging economies often experience rapid GDP growth, studies show there is little correlation between GDP growth and investment returns. Investments in emerging markets face risks including foreign exchange conversion risks impacting returns, less liquidity, poor corporate governance, and political and regulatory risks like inconsistent transfer pricing rules. Thoroughly understanding country-specific risks is essential for investors when evaluating opportunities in emerging economies.
This document is the 2018 edition of the France Attractiveness Scoreboard published by Business France. It assesses France's competitiveness and attractiveness for foreign investment compared to 13 other major OECD countries. Some of France's key strengths highlighted in the report include its large market size, highly skilled workforce, strong infrastructure, and improving administrative and regulatory environment. However, some observers note that further efforts are still needed to reduce business costs and taxation. The reforms enacted by the French government in recent years aim to enhance France's attractiveness over the medium term by transforming its business image.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
The document summarizes opportunities for Italian companies in the United Arab Emirates market across various sectors. Key points include:
1. The UAE represents a major export market for Italy and bilateral trade has increased significantly in recent years, with the main sectors being jewelry, machinery, and mechanical products.
2. Infrastructure projects related to EXPO 2020 provide opportunities for Italian construction companies to acquire contracts for civil works.
3. Other sectors with growth prospects include food, clothing, furniture, and services/products for new development projects in areas like tourism.
4. Trade missions can help Italian companies explore partnerships and business opportunities by arranging pre-scheduled meetings with potential partners in the UAE market.
Georgia Economic Outlook By Vitner July2010LenderJason
This document summarizes the economic outlook for Georgia in July 2010. It finds that Georgia's economy is beginning to see improvement, with job growth and declining unemployment rates over the past few months. However, the recovery is expected to be slow, with employment not returning to pre-recession levels until 2014 at the earliest. Georgia's population growth and low-cost business environment will continue to support its long-term economic growth, but challenges around infrastructure and workforce development remain due to the impacts of the deep recession. The state is also working to strengthen its international trade and investment ties.
This document discusses the economic opportunities and challenges in sub-Saharan Africa, with a focus on Nigeria. It notes that sub-Saharan Africa has experienced strong economic growth above 5% annually despite the global economic slowdown. This growth is driven by factors like natural resources, a large population including many youths, and increasing urbanization and middle class. However, challenges include infrastructure gaps, poverty, and lack of education. The document argues that sub-Saharan Africa, and Nigeria in particular, have potential to emerge as the next frontier for global retail investments if countries can address challenges and improve conditions.
The document discusses foreign direct investment (FDI) trends in India over several decades. It notes that sectors like telecommunications, construction, and computer software and hardware have been major recipients of FDI. India ranks highly in global FDI confidence indexes and saw FDI inflows increase significantly from the early 1990s after economic liberalization, reaching over $40 billion annually by 2008 despite the global economic crisis. Major international companies are finding ways to invest in India despite some restrictions.
Building Trade Capacities for Africa's Trasformation: A Critical Review of Ai...Dr Lendy Spires
This document analyzes trends in Aid for Trade flows to Africa between 2002-2011. It finds that while Africa is the second largest recipient region for Aid for Trade, commitments declined sharply in 2011 due to the global economic crisis. However, disbursements to Africa proved more resilient than other regions. Going forward, scaling up Aid for Trade financing will require innovative approaches beyond traditional donors to engage new partners and strengthen domestic resource mobilization.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
In the sixth of a series of reports, commissioned by HSBC, we look at China’s overseas direct investment (ODI) into developed markets and how cooperation between Chinese companies and their developed-market partners is evolving.
This paper uncovers key insights on potential collaboration between Chinese companies and businesses from the developed world. I
Drawing on data sources such as the Grant Thornton International Business Report (IBR), the Economist Intelligence Unit (EIU) and the International Monetary Fund (IMF), this short report considers the outlook for the economy, including the expectations of 400 businesses interviewed in Spain, and more than 12,500 globally, over the past 12 months.
Executive summary: Advertising Expenditure Forecasts June 2015Hidden Marketing
Zenith Optimedia predicts global ad expenditure will grow 4.2% in 2015 to $531 billion. Growth is forecast to be slower than previous estimates due to weakness in Latin America from low commodity prices and Brazil's economy. Ad markets are grouped into regional blocs based on geographical proximity and performance similarity. Forecasts are provided for each bloc between 2014-2017, with Fast-Track Asia expected to see the strongest growth while Eastern Europe & Central Asia will see declines due to issues in Russia, Ukraine, and Belarus.
This document discusses the impact of foreign direct investment (FDI) on balance of payments. It summarizes trends in FDI inflows and outflows for various countries from 2015-2016. It finds that while some large FDI recipient countries like China, Ireland and Netherlands had current account surpluses in 2017, other large recipients like the US, UK, India, Canada and France had deficits. For India specifically, FDI inflows increased substantially from 2000-2001 to 2016-2017, though India's current account balance was mixed, with deficits in trade but surpluses in net invisibles. The document concludes that countries receiving large FDI inflows should focus on export-oriented and import-substituting industries to
FDI in Argentina-International Business Environment Sandeep Patel
This document discusses foreign direct investment (FDI) in Argentina. It provides details on trends in FDI in Argentina over time, with the most recent wave from 2004-2008 seeing investments primarily in manufacturing, natural resources, and technology. However, FDI declined in 2009 due to the global economic crisis. The document also outlines the main corporate players involved in FDI in Argentina and the sectors that attract the most investment, as well as discussing Argentina's investment policies and the effects of the current global economic crisis on FDI.
FDI inflows to developing Asia reached a record $300 billion in 2010, a 24% increase over 2009. Within the region, ASEAN countries saw over 100% growth in FDI, while inflows to East Asia grew due to increases in China and Hong Kong. However, FDI to South Asia declined, with a 31% drop in inflows to India. FDI outflows from developing Asia also grew by 20% to $230 billion in 2010, led by increases from China, Hong Kong, Malaysia, South Korea, Singapore, and Taiwan.
- Colombia has a dynamic and stable economy that is the 31st largest in the world and 4th largest in Latin America. It has seen strong and consistent GDP growth in recent years.
- The country has a growing middle class, reducing poverty, and a highly qualified workforce. It also has a strategic location that allows easy access to markets throughout North and South America.
- Colombia offers a variety of investment opportunities across multiple industries and regions. It has over 10 trade agreements providing access to international markets and is pursuing OECD membership to further open its economy.
Colombia has experienced strong economic growth in recent years, with GDP growth over 4% annually from 2012-2013. Foreign direct investment in Colombia has also reached record levels, with FDI of US$16.3 billion in 2013. The country's stable macroeconomic environment, young population, and strategic free trade agreements contributing to access of major markets have supported its economic expansion and increasing competitiveness.
Diving into the Nordic and Baltic 2020 Venture Capital LandscapeWhite Star Capital
This document provides an overview of the Nordic and Baltic venture capital landscape from the perspective of an international investor. Some key points:
- The Nordic region saw record VC funding in 2018 and 2019, with over $4.6 billion invested in 2019 alone. Deal volume and sizes are also increasing.
- Sweden dominates the market currently but growth is shifting to Denmark and Finland with larger deal sizes. Seed deals are maturing into larger Series A and B rounds.
- Valuations have grown significantly, driven by some huge late-stage rounds for companies like Klarna, iZettle, and Pleo. Median pre-money valuations have increased over 20% annually.
-
This document discusses foreign direct investment (FDI) from a Nigerian perspective. It outlines how some Nigerian enterprises have become multinational companies investing in other countries, particularly in sub-Saharan Africa, in sectors like banking, oil and gas, and telecommunications. The document examines the determinants and trends of FDI in Africa since the 1970s. It aims to understand if existing policies are sufficient to attract investment and discusses factors influencing FDI, its role, trends, sector allocation, and reasons for Africa's lower levels of FDI historically. Recommendations are provided for multinational enterprises and policymakers.
Emerging markets present both opportunities and hidden risks for investors. While emerging economies often experience rapid GDP growth, studies show there is little correlation between GDP growth and investment returns. Investments in emerging markets face risks including foreign exchange conversion risks impacting returns, less liquidity, poor corporate governance, and political and regulatory risks like inconsistent transfer pricing rules. Thoroughly understanding country-specific risks is essential for investors when evaluating opportunities in emerging economies.
This document is the 2018 edition of the France Attractiveness Scoreboard published by Business France. It assesses France's competitiveness and attractiveness for foreign investment compared to 13 other major OECD countries. Some of France's key strengths highlighted in the report include its large market size, highly skilled workforce, strong infrastructure, and improving administrative and regulatory environment. However, some observers note that further efforts are still needed to reduce business costs and taxation. The reforms enacted by the French government in recent years aim to enhance France's attractiveness over the medium term by transforming its business image.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
The document summarizes opportunities for Italian companies in the United Arab Emirates market across various sectors. Key points include:
1. The UAE represents a major export market for Italy and bilateral trade has increased significantly in recent years, with the main sectors being jewelry, machinery, and mechanical products.
2. Infrastructure projects related to EXPO 2020 provide opportunities for Italian construction companies to acquire contracts for civil works.
3. Other sectors with growth prospects include food, clothing, furniture, and services/products for new development projects in areas like tourism.
4. Trade missions can help Italian companies explore partnerships and business opportunities by arranging pre-scheduled meetings with potential partners in the UAE market.
Georgia Economic Outlook By Vitner July2010LenderJason
This document summarizes the economic outlook for Georgia in July 2010. It finds that Georgia's economy is beginning to see improvement, with job growth and declining unemployment rates over the past few months. However, the recovery is expected to be slow, with employment not returning to pre-recession levels until 2014 at the earliest. Georgia's population growth and low-cost business environment will continue to support its long-term economic growth, but challenges around infrastructure and workforce development remain due to the impacts of the deep recession. The state is also working to strengthen its international trade and investment ties.
This document discusses the economic opportunities and challenges in sub-Saharan Africa, with a focus on Nigeria. It notes that sub-Saharan Africa has experienced strong economic growth above 5% annually despite the global economic slowdown. This growth is driven by factors like natural resources, a large population including many youths, and increasing urbanization and middle class. However, challenges include infrastructure gaps, poverty, and lack of education. The document argues that sub-Saharan Africa, and Nigeria in particular, have potential to emerge as the next frontier for global retail investments if countries can address challenges and improve conditions.
The document discusses foreign direct investment (FDI) trends in India over several decades. It notes that sectors like telecommunications, construction, and computer software and hardware have been major recipients of FDI. India ranks highly in global FDI confidence indexes and saw FDI inflows increase significantly from the early 1990s after economic liberalization, reaching over $40 billion annually by 2008 despite the global economic crisis. Major international companies are finding ways to invest in India despite some restrictions.
Building Trade Capacities for Africa's Trasformation: A Critical Review of Ai...Dr Lendy Spires
This document analyzes trends in Aid for Trade flows to Africa between 2002-2011. It finds that while Africa is the second largest recipient region for Aid for Trade, commitments declined sharply in 2011 due to the global economic crisis. However, disbursements to Africa proved more resilient than other regions. Going forward, scaling up Aid for Trade financing will require innovative approaches beyond traditional donors to engage new partners and strengthen domestic resource mobilization.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
In the sixth of a series of reports, commissioned by HSBC, we look at China’s overseas direct investment (ODI) into developed markets and how cooperation between Chinese companies and their developed-market partners is evolving.
This paper uncovers key insights on potential collaboration between Chinese companies and businesses from the developed world. I
Drawing on data sources such as the Grant Thornton International Business Report (IBR), the Economist Intelligence Unit (EIU) and the International Monetary Fund (IMF), this short report considers the outlook for the economy, including the expectations of 400 businesses interviewed in Spain, and more than 12,500 globally, over the past 12 months.
Executive summary: Advertising Expenditure Forecasts June 2015Hidden Marketing
Zenith Optimedia predicts global ad expenditure will grow 4.2% in 2015 to $531 billion. Growth is forecast to be slower than previous estimates due to weakness in Latin America from low commodity prices and Brazil's economy. Ad markets are grouped into regional blocs based on geographical proximity and performance similarity. Forecasts are provided for each bloc between 2014-2017, with Fast-Track Asia expected to see the strongest growth while Eastern Europe & Central Asia will see declines due to issues in Russia, Ukraine, and Belarus.
This document discusses the impact of foreign direct investment (FDI) on balance of payments. It summarizes trends in FDI inflows and outflows for various countries from 2015-2016. It finds that while some large FDI recipient countries like China, Ireland and Netherlands had current account surpluses in 2017, other large recipients like the US, UK, India, Canada and France had deficits. For India specifically, FDI inflows increased substantially from 2000-2001 to 2016-2017, though India's current account balance was mixed, with deficits in trade but surpluses in net invisibles. The document concludes that countries receiving large FDI inflows should focus on export-oriented and import-substituting industries to
FDI in Argentina-International Business Environment Sandeep Patel
This document discusses foreign direct investment (FDI) in Argentina. It provides details on trends in FDI in Argentina over time, with the most recent wave from 2004-2008 seeing investments primarily in manufacturing, natural resources, and technology. However, FDI declined in 2009 due to the global economic crisis. The document also outlines the main corporate players involved in FDI in Argentina and the sectors that attract the most investment, as well as discussing Argentina's investment policies and the effects of the current global economic crisis on FDI.
Dr Dev Kambhampati | Doing Business in Uruguay - 2014 Country Commercial Guid...Dr Dev Kambhampati
This document provides an overview and guide for doing business in Uruguay. It discusses the country's political and economic environment, how to sell U.S. products and services in Uruguay using various market entry strategies, leading industries, trade regulations, investment climate, and contacts for further information. Key points include: Uruguay has a market-oriented economy and is a member of the trade bloc MERCOSUR; the U.S. enjoys good relations with Uruguay; opportunities exist for U.S. exports in areas like technology, machinery, and renewable energy; and the document provides guidance on finding local partners, establishing a presence, and selling to the government in Uruguay.
The document provides an overview of Uruguay's tax and investment profile. Some key points:
- Uruguay has a stable democracy and growing economy, with political, economic, and social stability that provides an exceptional climate for business.
- Major exports include beef, rice, wool, hides, dairy products, and cereals. Leading trade partners are Brazil, Argentina, China, US, and EU.
- Foreign investment is encouraged with guarantees of national treatment, no discrimination against foreign investors, free transfer of capital and profits abroad. Various tax incentives are available for promoted industries.
- Business entities include corporations, limited liability companies, partnerships, sole proprietorships, and foreign branches. Corporations and
The document provides an overview of Uruguay's tax and investment profile. Some key points:
- Uruguay has a stable democratic government and growing economy, with GDP growth of 2.9% in 2009 and projected growth of 8.3% in 2010.
- Major exports include beef, rice, wool, hides, dairy products and cereals. Leading trade partners are Brazil, Argentina, China and the US.
- Uruguay encourages foreign investment and offers legal protections and tax incentives for investors. The banking system is stable and there are no exchange controls.
- Common business entities include corporations, limited liability companies, partnerships and branches of foreign companies. Establishing a branch or company requires registration and
This document discusses foreign direct investment (FDI) in Mexico. It provides statistics on FDI flows to Mexico in recent years, noting a decline in 2009 due to the global economic crisis. However, Mexico remained an attractive destination for FDI, especially from the US. The document also reviews literature examining the relationship between FDI and economic growth, finding mixed results depending on a country's development level and ability to absorb new technologies. FDI is seen as important for technology transfer but may not always directly stimulate growth.
Peru offers a stable macroeconomic environment and opportunities for investment in sectors like mining, agriculture, fishing, textiles, and tourism. Foreign investment in Peru has increased, especially in mining, finances, communications, industry and energy. Peru's main exports are minerals, fishmeal, textiles, and agricultural products. The US, China, and Japan are Peru's largest export markets.
Global FDI flows declined significantly in 2012, dropping 18% to an estimated $1.3 trillion. This decline reversed the recovery that began in 2010-2011. Developing countries saw more resilient FDI, absorbing $130 billion more than developed nations for the first time. Macroeconomic and policy uncertainties continued to dampen investor confidence, though FDI may rise moderately in 2013-2014 if the global economy improves. Significant risks to a recovery remain, however.
Uruguay has seen increasing tourism in recent years, with visitor numbers rising from 1.8 million in 2006 to an estimated 2.4 million in 2010. Tourism accounts for approximately 6% of Uruguay's GDP and is focused around the coastal regions, Montevideo, and rural areas. The national sustainable tourism plan aims to make Uruguay an internationally recognized sustainable tourism destination through 2022. Hotels are a major part of Uruguay's tourism industry, with the majority concentrated in Montevideo and Punta del Este.
Uruguay has seen increasing tourism in recent years, with visitor numbers rising from 1.8 million in 2006 to an estimated 2.4 million in 2010. Tourism accounts for approximately 6% of Uruguay's GDP and is focused around the coastal regions, Montevideo, and colonial town of Colonia. The national sustainable tourism plan aims to establish Uruguay as an internationally recognized sustainable tourism destination through 2020. Real estate and hotel investments have increased in popular destinations like Punta del Este to accommodate growing tourism.
Foreign Direct Investments into UkraineEasyBusiness
Foreign direct investment as one of the main vehicles of development and globalization in the
World economy is a complex phenomenon.
Most common definition used in the modern economic theory states that Foreign Direct
Investment (FDI) – “is acquisition of at least ten percent of the ordinary shares or voting power
in a public or private enterprise by nonresident investors. Direct investment involves a lasting
interest in the management of an enterprise and includes reinvestment of profits.”1
It is important to understand that FDI is not just the flow of capital between economies but also
a flow of technologies, management practices and established customer/supplier bases.
Usually FDI has a spillover effect for the host economy when management practices and
technologies are propagated from the initial target company to other companies in the region.
This propagation is achieved through moving labor force, reverse-engineering and intensified
competition.
FDI is crucial for Developing and Transition economies not just because they suffer from the
lack of capital but because they don’t have access to new technologies and their managerial
and business techniques are outdated.
Different countries have achieved different results in their ability to attract FDI. In order to
analyze reasons driving country specific performance it is important to look at the following
issues:
- Dynamics and trends of global FDI flows
- General investment climate in a given country
- Industry specific opportunities provided by current situation in the host economy
This framework is used to analyze Ukraine’s competitive positioning to attract foreign direct
investment.
Colombia, key destination for new businessesprospectappt
Market research article that analyzes the opportunities for Foreign Direct Investment in Colombia. This article was written by Prospecta, a consultancy firm specialized in strategy, corporate governance and market entry based in Bogotá, Colombia
Illicit financial flows why africa needs to track it! stop it! get it! Dr Lendy Spires
This document discusses illicit financial flows from Africa. It defines illicit financial flows as money that is illegally earned, transferred or utilized. Estimates show that from 1970 to 2008, Africa lost between $854 billion and $1.8 trillion in illicit financial flows, draining the continent of important resources. Commercial illicit financial flows, such as tax evasion and trade mispricing, account for the largest proportion, followed by proceeds from criminal activities and corruption. Illicit financial flows have considerable negative impacts on Africa's development by reducing government revenues, deepening corruption, increasing debt burdens, and impeding growth. The document examines illicit financial flows in various sectors like natural resources and their impacts on governance, revenue collection,
In July 2020, the Investment Committee recommended to Council to invite Uruguay to become the 50th adherent to the OECD Declaration on International Investment and Multinational Enterprises. This OECD Investment Policy Review of Uruguay documents the progress made in recent years to align investment policies with the national development strategy in pursuit of the Sustainable Development Goals (SDGs). The Review also assesses remaining challenges in improving the business climate, in particular the actions needed to establish an enabling responsible business environment and ensure full application of the Declaration. Uruguay’s success in attracting more and better investment will make its economy more resilient and better prepared to accelerate the recovery after COVID-19.
Find out more at: https://www.oecd.org/investment/oecd-investment-policy-reviews-uruguay-1135f88e-en.htm
Whitepaper: Latin America: Room for growthDubaiChamber
Latin America: Room for growth is an Economist Intelligence Unit (EIU) report, commissioned by Dubai Chamber. The report discusses the current economic and political climate in Latin America and explores sectors that present opportunities for economic growth—particularly trade-related infrastructure and the services sector. The findings are based on desk research and interviews with experts in the topic.
Global foreign direct investment declined in 2014 due to economic fragility, policy uncertainty, and geopolitical risks. Developing countries saw a 2% rise in inward investment flows, with China becoming the largest recipient. Mongolia is working to improve its investment environment through liberalization, promotion, and large infrastructure projects to attract more foreign investment and diversify its commodity-dependent economy.
Investment attraction and innovation policy, combine to create a favorable bu...cgrowth
This document discusses investment attraction and innovation policy in Peru. It provides context on the global and Latin American economies following the 2008 financial crisis. Some key points:
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2. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
I. EXECUTIVE SUMMARY ............................................................................................... 3
II. FDI IN LATIN AMERICA.............................................................................................. 4
III. FDI IN MERCOSUR ................................................................................................ 7
IV. FDI IN URUGUAY ..................................................................................................... 9
V. URUGUAYAN FDI PER COUNTRY OF ORIGIN ...................................................................12
VI. URUGUAYAN FDI PER ACTIVITY SECTOR .......................................................................15
VII. ENQUIRIES RECEIVED BY THE INVESTMENT PROMOTION DEPARTMENT ................................17
VIII. PERSPECTIVES FOR FDI IN URUGUAY ...........................................................................18
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3. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
I. Executive Summary
Latin America is consolidating as an important region for Foreign Direct Investment (FDI)
attraction. In the last years, this region has increased its participation as global FDI attraction
region. Several countries are acquiring more importance as foreign investment attraction
destination. Uruguay is not an exception. Taking into account FDI data in terms of GDP, it can
be observed that in Uruguay FDI accounts for over 5% the GDP (as of 2011), which reports one
of the highest investment percentages of the region, in relative terms.
Uruguayan FDI has experienced a strong growth over the last years, reaching in 2011 US$
2,528 millions, a record figure. This means that Uruguayan FDI multiplied by eight in the last
decade.
Considering the origins of Uruguayan FDI (2001-2009 period), the main countries of origin of
our FDI have been Argentina, Spain, United States, Brazil and England, altogether accounting
for less than half the FDI attracted by Uruguay in the period.
As regards the different sectors, the largest foreign capital raising sectors in Uruguay have
been: agriculture, cattle raising, and forestry (afforestation), construction and manufacturing
industry, which altogether account for more than 60% the total FDI of 2001-2009 period.
Uruguay XXI’s Investment Promotion Department receives a large number of enquiries from
foreign investors interested in settling in Uruguay. In 2011, more than 260 companies from
over 40 countries have contacted said department. Enquiries received were mainly from
Argentina, Spain and the United States. Furthermore, enquiries from Japan stand out.
Enquiries received were oriented to investments mainly in automotive and autopart industries,
services (in particular, tourism), agribusiness, energy and construction.
Finally, FDI perspectives are introduced. FDI flows towards the region are expected to keep
their growth in the next years. Moreover, Uruguay is expected to follow this trend and
consolidate as one of the main FDI attracting countries of the region, in relative terms.
Therefore, it is necessary to continue the progress towards the improvement of the regulatory
framework in order to promote investments and continue enhancing investment conditions in
Uruguay. An important milestone is that Uruguay has recovered the Investment Grade Rating
(GR) it had lost a decade ago. This shows the trust generated by the country’s institutional
framework as well as by the economic policy management, thus creating an even more
attractive framework to do business in Uruguay.
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4. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
II. FDI in Latin America
Over the last decade, Latin America has been consolidating as an important Foreign Direct
Investment (FDI) attractive region. According to the last report submitted by the Economic
Commission for Latin America and the Caribbean (ECLAC)1, the FDI flows towards the region in
2011 registered an increase of 31% compared to 2010, reaching US$ 153,448 million. Latin
America and the Caribbean (LA&C) was the region with the highest FDI attraction growth rate
with a 10% participation in total global investments. According to the ECLAC forecast for 2012,
the region will continue to be an attractive localization, maintaining FDI inflows of around US$
150,000 million.
The underlying reason for such dynamism is to have taken advantage of the domestic markets
as a consequence of the economic growth in the South region - the high price for raw
materials that spurred investments in natural resource extraction and processing and an
increase in outsourcing of manufacturing activities and business services by developed
countries). On the other hand, the growth of emerging economies has revealed an increase in
investments in the South.
South America has shown an outstanding performance as the sub-region’s major recipient,
with a participation of 80% of the total FDI, with Brazil accounting for over half of the FDI
inflow. Furthermore, other Latin American countries achieved historical records; such is the
case of Chile (US$ 17,199 million), Colombia (US$ 13,234 million) and Uruguay (US$ 2,528
million).
The FDI sector destination varies according to countries of destination. In South America
companies invest mainly in natural resources, with the exception of Brazil which has the
manufacturing industry as main destination with a focus on the metallurgical industry and
food and beverages. Alternatively, Mexico, Central America and the Caribbean’s major FDI is in
the services and manufacturing sector.
In the following chart Latin America’s main FDI origins can be observed for the accumulated
period 2006-2010 and the year 2011. Netherlands is the main investor (accounting for 21% of
the total FDI)2, followed by the United States (18%), Spain (14%) and Japan (8%). An interesting
fact worth mentioning is the increase of investments from Asia in 2011. In effect, 9 of the 10
major cross-border merges and acquisitions carried out by foreign companies were Japanese
and Chinese.
1
Foreign Direct Investment in Latin America and the Caribbean,2011.
2
Due to its status as a hub for investments carried out from foreign countries.
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5. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
Chart II. 1 – FDI in Latin America per country of origin (% share)
Others 38% 20%
The Netherlands 7% 21%
USA 23% 18%
Spain 9% 14%
Latin America 9% 9%
Japan 3% 8%
United Kingdom 4% 4%
Canada 5% 4%
China 2% 1%
50% 30% 10% 10% 30% 50%
2006-2010 2011
Source: URUGUAY XXI based on ECLAC
Uruguay appears in the list among the major FDI attracting countries in the region over the
past few years. Brazil is the main FDI recipient in Latin America, followed by Mexico and Chile.
Colombia and Venezuela have also attracted greater FDI flows by 92% and 339% respectively
compared to 2010. The rise in FDI received by Colombia is driven by the investments carried
out in the natural resources sector, particularly mining and oil as well as investments in the
trade and transport and telecommunications sector3. Moreover, the surge recorded in
Venezuela corresponds to reinvested earnings and inter-affiliate loans in the oil sector and
financial activities.
Chart II. 2 – Main FDI recipients in the region (In billions of US$)
50
45
40
35
30
25
20
15
10
5
0
2010 2011
Source: URUGUAY XXI based on ECLAC
3
Some of the main investments carried out in Colombia: Itochu, acquisition of assets of mining company Drummond (US$ 1,524
million); BHP Billiton y Xstrata, expansion of coal mines (US$1,300 million); DHL, logistic center (US$ 1,300 million).
5
6. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
Comparing the FDI in terms of GDP of different countries of Latin America and the Caribbean,
it can be observed that in 2011 the Uruguayan FDI accounts for almost 6% of the GDP. Such
figure not only shows the significance of FDI in our country but also positions us as one of the
major investment flow recipients in the region, in relative terms, with a significantly larger
percentage than other Mercosur member states.
Chart II. 3 – FDI in South America (GDP %) – 2011
Chile 7.1%
Uruguay 5.4%
Peru 4.3%
Brazil 4.1%
Colombia 4.1%
Paraguay 2.4%
Argentina 1.2%
0% 2% 4% 6% 8%
Source: URUGUAY XXI based on Central Banks of each country
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7. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
III. FDI in MERCOSUR
In the last decade, the flows of FDI into MERCOSUR had followed an upward trend, registering
in the period 2001-2011 an average growth rate of 21%. This dynamism has determined an
important increase of the MERCOSUR’s share in global FDI flows. In 2010, the share of FDI
attracted by MERCOSUR reached the maximum value in the last 10 years - 5% of total global
FDI flows, meanwhile in 2001 was 3%-.
In 2011, FDI in MERCOSUR exceed the value recorded in 2010 by 31%, reaching a record high
of US$ 76,580 million, after the decrease in 2009 experienced as a result of the fall of global
FDI. The volume of FDI relative to GDP increased, reached 2.7% in 2011. This value was slightly
below the maximum value reached in 2008.
Chart III.1- FDI in MERCOSUR (US$ Millions and % of GDP)
US$ millions
4%
90000
76,580 3%
80000
70000 3%
57,209 57,548
60000
2%
50000 42,573
40000 31,767 2%
25,004 26,026
30000 22,641
21,232
18,943 1%
20000 12,239
10000 1%
0
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: URUGUAY XXI based on ECLAC
Over the past years there have been changes regarding the recipient countries of FDI in
MERCOSUR. Brazil continues to stand as the largest recipient of FDI, with a share of over 80%.
Argentina was the second recipient but Uruguay begun acquiring greater significance since
2005. In particular, in 2011 Uruguay’s share was 3% of the total FDI received by MERCOSUR.
While Paraguay has also increased its participation over the last three years, its share is still
around 1%. Regarding sectors, investment flows were mainly directed to natural resource,
manufacturing and services.
7
8. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
Chart III.2- Distribution of FDI in MERCOSUR (%)
100%
80% 100% 1%
3%
80%
60%
60%
40% 11%
40% 9%
20% 20%
0% 0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2011
Argentina Uruguay Paraguay Brazil Argentina Paraguay Uruguay
Source: URUGUAY XXI based on ECLAC
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9. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
4
IV. FDI in Uruguay
FDI in Uruguay has grown strongly, tripling in the last 7 years. In 2011, FDI reached US$ 2,528
millions. Therefore, 2011 is a record year regarding FDI attraction, even surpassing the levels
reported in 2008.
Chart IV.1 - Uruguayan FDI (Millions of US$ and GDP %)
US$ millions GDP %
3000 10%
2,528
2500 2,358
8%
2,106
2000
1,593 6%
1,493
1500 1,329
4%
1000 847
416 2%
500 297 332
194
0 0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Uruguay XXI based on Central Bank of Uruguay
Chart IV.1 shows the significant leap of level experienced as from 2005, when Uruguay started
reporting large investments, basically related to pulp mill setting5. Likewise, the chart shows
the growing trend of FDI flows attracted by Uruguay, which remained at high levels despite
2009 international crisis. Furthermore, in 2010 another important investment related to a new
pulp mill was materialized6. This important investment will have strong effects in FDI figures of
this year and the next ones.
In fact, in 2006-2011 period, FDI reported an average growth rate of 26%, reaching in 2011
unprecedented levels.
FDI in terms of GDP has grown considerably over the last years, reaching its highest level in
2006 (8% of GDP). In 2011, the FDI reached 5.4% of the GDP.
4
Methodological Note: Uruguayan FDI information is gathered from Balance of Payments quarterly publications issued by BCU
Financial Scheduling Department. Contributions of capital, profit reinvestment and net financing between headquarters and their
branches or subsidiaries, as well as real estate investment in the seaside city Punta del Este are included. As from 2003, direct
investment estimations in the primary sector (land) are included. Such data allows identifying reverse investments, i.e.
investments of subsidiaries in their own headquarters.
5
Investment made by Botnia (currently UPM) was approximately US$ 1,200 millions, which were ascribed to FDI between 2005
and 2006.
6
Investment made by Montes del Plata is estimated in US$ 1,900 millions in the plant and US$ 700 millions in land approximately.
The plant will begin operations in the first quarter of 2013. This investment will be allotted to FDI in 2011, 2012 and 2013.
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10. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
It is worth mentioning that this growing trend has deepened as from 2007 with the approval of
Decree 4557 which regulates chapter III of the Law on Investment Promotion and Protection
No. 16,906 (Ley de Promoción y Protección de Inversiones) yielding an even more favorable and
attractive investment environment in the country. In this issue, it is worth mentioning that
Uruguay has an attractive statutory framework to attract investments.
Law 16,906 promotes productive investment by means of tax benefits granted to IRAE-
generating companies, no matter the amount to be invested, sector or legal nature of the
company. Benefitted investments are those which create jobs, increase exports, use cleaner
technologies, invest in research, development and innovation, favor decentralization or rate in
several sector indices.
The Decree in force, No. 2/0128, incentives projects which create quality jobs (according to the
salary level), hire groups with more problems finding jobs, promote undertakings outside
Montevideo (basically in departments with less resources) or in less developed neighborhoods
in Montevideo, among other amendments.
Apart from the Investment Promotion Law, Uruguay has several systems which make
investment in the country even more attractive, such as Free Zones, Free Ports and Airports,
Industrial Parks, Temporary Admission, Customs Deposits, among others.
In addition, Uruguay presents an excellent business environment, as shown by the outstanding
position of the country in several international rankings. Among them, we can highlight the
first position in the Economic Environment in Latin America ranking made together with the
Brazilian Economy Institute, the Getulio Vargas Foundation and the Economic Research
Institute of Munich University (January 2012). Furthermore, according to the last report Doing
Business 2012 drawn up by the World Bank, Uruguay moved up 17 positions regarding its
favorable environment to do business, it being ranked in the 90th position among the 183
analyzed countries.
Last but not least, at the beginning of April 2012, Standard & Poor´s granted Investment Grade
(IG) status to Uruguayan sovereign debt, a rating that our country had lost ten years ago. This
shows the trust generated by the country’s institutional framework as well as by the economic
policy management, in particular, it reflects a very orderly conduction of macroeconomic
policy. The recovery of the IG creates an even more attractive framework to do business in
Uruguay (see section below).
7
November 2007.
8
February 2012.
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11. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
What is the significance of the Investment Grade in Uruguay?
It has several effects with different degrees of importance:
The Investment Grade widens the range of prospective investors who can invest in Uruguay.
This applies both for financial investments (purchase of Uruguayan Government Bonds and
securities from Uruguayan private companies) and for productive investments.
The IG enhances our position in the current international uncertain scenario, thus assuring that
Uruguay will find no difficulty in accessing funding on a risk-averse environment.
Finally, IG provides Uruguay with better funding conditions regarding terms and rates. Note
that Uruguay already had similar sovereign risk levels to those present in countries of the
region with IG. Therefore, no effects on short and medium term rates will be expected;
however, there will be long term effects.
More Incentives...
In the Investment Promotion System framework and with the purpose of energizing some sectors, the
government has established tax incentives to companies carrying out activities related to certain specific
sectors. Some of these sectors are:
Renewable Energies9: activities such as power generation from non-traditional renewable sources, electrical
power generation through co-generation, transformation of solar power in thermal power, national
manufacturing of machines and equipment destined to the activities mentioned above, among others.
Shipping Industry and Electronics Industry10: ship and water vehicle building, maintenance and repair
activities fall within the shipping industry. With respect to the electronics industry, activities such as
production of electronic and electric equipments, logic controls, computers, telecommunication equipment,
measurement instruments, medical equipment and domestic appliances are promoted.
Remote customer service centers11: activities such as services rendered by telemarketers receiving or making
phone calls, Internet messages and other kind of communication channels.
Condominium Hotels12: destined to offer lodging services in order to attract the tourism demand.
Tourism13: investments related to civil works corresponding to Tourism Projects, including activities destined
to offer lodging, cultural, commercial, congress, sports, recreational, amusement or health services or
investments related to the acquisition of goods destined to fitting out Tourism and Hotel Projects, Apart
Hotels, Motels and Tourism Farms.
Machinery and Agricultural Equipment Manufacturing14:
9
Decree No. 354/009 http://archivo.presidencia.gub.uy/_web/decretos/2009/08/245%20.pdf
10
Decree No. 532/009 http://archivo.presidencia.gub.uy/_web/decretos/2009/11/ASUNTO413%20.pdf
11
Decree No. 207/008 http://archivo.presidencia.gub.uy/_web/decretos/2008/04/951_19%2010%202007_00001.PDF
12
Decree No. 04/010 http://archivo.presidencia.gub.uy/sci/decretos/2010/12/mef_889.pdf
13
Decree No. 175/003 http://www.mef.gub.uy/inversor/decreto_175_03.pdf
14
Decree No. 6/010 http://archivo.presidencia.gub.uy/_web/decretos/2009/08/ASUNTO3682%20.pdf
11
12. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
V. Uruguayan FDI per country of origin15
The countries of the region, Europe and NAFTA are the main countries of origin of Uruguayan
FDI, reporting an irregular behavior regarding their relative participation each year. With
respect to investments from MERCOSUR member countries, a capital reduction in 2002 and
subsequent recovery as from 2003, reaching 38% of total FDI in 2009 can be observed. It is
important to point out that more than one third of overall Uruguayan FDI in the 2001-2009
period corresponds to investments made by countries of the region.
On the other hand, investments from Europe have remained relatively stable over the last
three years, after an important drop reported in 2006. On average, they account for 18% the
total Uruguayan FDI.
Regarding investments from NAFTA countries, they reported a recovery as from 2005,
accounting for 10.5% of overall FDI in 2009 and the amount invested in such period only
reached to US$ 575 millions out of US$ 8,608 millions.
Chart V. 1 – Uruguayan FDI per country of origin 2001-2009 (% share)
100%
90% 26%
80% 34%
70%
60% 26% 11%
50%
17%
40% 13%
30%
20% 36% 38%
10%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009
MERCOSUR EUROPA NAFTA OTROS
Source: Uruguay XXI based on Central Bank of Uruguay
At country level, it is worth mentioning that there are more than 30 countries which choose
Uruguay as destination for their investments. In such sense, the main five countries of each
year accounted, on average, for 60% of overall Uruguayan FDI in the 2001-2009 period.
Argentina stands out in the first place. This has been one of the main countries of origin with
an average share of 20% in the 2001-2009 period. Although between 2002 and 2005 it was no
longer ranked first as country of origin (resuming its position as of 2006), it is always among
15
FDI data per country and per sector available only until 2009 by the BCU.
Note: “Other origins” include those companies which resulted to be exclusive for a country for the purpose of respecting the state
secret.
12
13. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
the first 3 countries of origin of Uruguayan FDI. The major investment sectors of Argentina are:
agribusiness, manufacturing industries and services.
In the second place, it is worth mentioning the importance of Spain, with an average share of
9.5% in overall Uruguayan FDI in the 2001-2009 period. However, its share decreased last year
(2009), only accounting for 3% of the total FDI. Spanish investments are basically directed
towards financial and call center services and industries, in particular due to investments in the
timber industry.
In the third place, there appear investments from United States and Brazil. As for United
States, while in 2001 its share was of 25% (ranking second) in 2004 it reports a lower share of
only 0.4%, recovering its dynamism in 2009. Investments from United States are directed
towards a wide range of sectors, the most relevant ones being audiovisual, hotel and
recreation services and industry. As for Brazil, there has been a significant increase since 2007
with an average incidence of 7.4% in overall FDI. Brazil’s main investment sectors are
agribusinesses, agro-industries, financial and hotel and recreation services.
Lastly, investment flows from England, which in the 2002-2008 period was one of the 5 main
countries of origin of Uruguayan FDI, stand out. In 2009 this situation was reverted and it was
ranked 13th.
Chart V. 2 – Major countries of origin of Uruguayan FDI 2001-2009 (% share)
100%
80% 34% 43%
54%
60% 7%
7%
26% 7%
40%
24% 11%
20%
35% 29%
12%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009
-20%
Argentina Estados Unidos Brasil Holanda España Otros
Source: Uruguay XXI based on Central Bank of Uruguay
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14. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
In short, in the period under study (2001-2009), the main countries of origin of Uruguayan FDI
have been Argentina, Spain, United States, Brazil and England, altogether accounting for less
than half the FDI attracted by Uruguay in the period. It is also worth mentioning the
importance of Netherlands in 2009, with an investment of US$ 110 millions, basically related
to the purchase of a company by a Dutch group.
Chart V. 3 – Major countries of origin of Uruguayan FDI
2001-2009 period (% share)
Holland France Belgium
2% 2% 1%
Bermudas
3%
Bahamas
3%
England Argentina
3% 23%
Brazil
5%
United States
Spain
6%
9%
Source: Uruguay XXI based on Central Bank of Uruguay
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15. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
VI. Uruguayan FDI per activity sector16
The largest foreign capital attraction sectors in Uruguay have varied over time, although
agriculture, cattle raising, and forestry (afforestation), construction and manufacturing
industry altogether account for more than 60% the overall FDI of the 2001-2009 period.
In the 2003-2006 period, the sector with the largest investment attraction was Agriculture,
cattle raising and forestry, with an average share of 34%. Within this sector, agriculture and
cattle raising subsector has been the most significant one in 2003 and 2004, while in 2005 and
2006, the most significant one was the forestry and timber extraction subsector as a result of
the strong development of the timber sector in Uruguay. As of 2007 this sector was no longer
the main FDI recipient, leaving this place to the Construction sector.
The construction sector increased its share significantly as of 2006, from 11% the overall FDI in
the 2001-2005 period to 28% in the 2006-2009 period. This situation is both explained by the
building and setting up of pulp mills and by the real estate investment dynamism in Punta del
Este.
On the other hand, two events which took place in the last years are worth mentioning. Firstly,
the sustained growth of FDI in manufacturing industries as from 2006, upon the slowing-down
reported as from 2003, accounting for 16% the total investment in 2009. Within this sector,
the main subsectors are: Food and Beverage Product Manufacturing due to the strong
investments received by the cold storage industry and agro industries and, on the other hand,
Manufacturing of Chemical Substances and Products. At the same time, investments in the
wholesale and retail trade sector have increased - the wholesale trade being responsible for
this important growth. In 2009, this sector attracted investments for a total of US$ 269
millions, the second most important sector in the investment attraction.
16
FDI data per country and per sector available only until 2009 by the BCU.
15
16. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
Chart VI.1- FDI in Uruguay per activity sector 2001-2009 (%share)
100%
25% 8%
80% 39%
16%
60%
6% 16%
61%
40% 17%
31%
20%
4% 32%
12% 14%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009
-20%
Construction Wholesale and retail commerce
Manufacturing Industries Agriculture, cattle-raising and forestry
Transport, storage and communications Financial brokerage
Other
Source: URUGUAY XXI based on Central Bank of Uruguay
Lastly, it is worth mentioning the decrease in the relative share of the financial brokerage
sector. While in the 2001-2006 period its average share was 24.4%, in the last three years
under study, it was only 3.6%.
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17. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
VII. Enquiries received by the Investment Promotion Department
In 2011, Uruguay XXI’s Investment Promotion Department has received a large number of
enquiries by foreign investors interested in settling in Uruguay. Specifically, more than 260
companies have contacted said department in the year.
Enquiries received during 2011 came from
several countries, in its great majority from Chart VII.1- Enquiries per country of origin
(2011, %)
Argentina (16%), Spain (14%) and USA
(14%). At the same time, Japan had an
outstanding participation (5% of the
enquiries), highly above the participation
reported previously. Finally, the enquiries
received from other countries of the region
were important, fundamentally Brazil (9%).
India, China, Canada and several European
countries also contacted said department.
Overall, more than 40 countries worldwide
made investment-related enquiries.
Source: Uruguay XXI
The chart shows that, like FDI flows in the
country, enquiries come mainly from
Argentina, USA, Spain and Brazil.
Enquiries received were to make investments in several sectors: industrial sector (39%) and
within this sector, the automobile and auto parts sector stand out (10%). Other sectors
enquired were services (31%) – within this, tourism stand out (6%) -, agro-business (8%),
construction and engineering (5%) and energy (4%).
Chart VII. 2- Enquiries per region of origin Chart VII. 3 – Enquiries per sector
(2011, %) (2011, % share)
Not Oceania
specified and
2% Africa Industrial
Asia 2%
9% Services
15% South 4%
America 5% Agribussines
34% 5% 39%
North
Construction and
America
8% Engineering
17% Real-estate
Europe Energy
30% 31%
Other
Source: Uruguay XXI
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18. URUGUAY XXI Instituto de Promoción de Inversiones y Exportaciones
VIII. Perspectives for FDI in Uruguay
In the current context, characterized by worldwide uncertainty, it is difficult to forecast future
FDI flows. However, in spite of the doubts regarding economic recovery of developed
countries (in particular, United States and the European Union), emerging countries appear to
contribute most to world growth. In such sense, global FDI flows for the next years are
expected to be driven by economic growth and improvements in the emerging countries’
business environment.
Latin America is a booming region with growth perspectives over 3% in 2012. Adding the
growing trend of investment flows to this, ECLAC estimates that FDI income to Latin America
and the Caribbean could increases 8% compared with 2011 flows. Therefore FDI flows will
remain high in the region in 201217.
FDI flows in Uruguay have had a strong growth in the last years and according to perspectives,
this trend will be consolidated. For the next years, Uruguay is expected to keep its conditions
to continue attracting FDIs. In 2011, Uruguayan economy grew 5.7%, thus consolidating the
ninth consecutive growth year and perspectives for 2012 indicate that the Uruguayan
economy will grow 4%, consolidating a steadily growing decade. Furthermore, according to
indexes recently disclosed by the World Bank, Uruguay has substantially improved its business
environment.
However, it is worth pointing out that Uruguay’s ability to continue attracting FDIs and
promoting a sustained economic growth is translated into investments in infrastructure (in
particular, land and rail transportation, maritime and fluvial ports), energy and education,
among others. Therefore, it is enhancing its regulatory framework in order to foster
investments. In such sense, in July 2011 “Law of public/private participation agreement for the
performance of infrastructure works and provision of related services (PPP)" was enacted.
These agreements shall be executed by and between any state authority and person subject to
private law. This regulation provides for road, rail, port, airport, energetic infrastructure, waste
treatment and social infrastructure (prisons, health centers, educational centers, social
interest houses, sport centers, etc.) works. In the framework of this new Law, approximately
US$ 750 millions are expected to be executed in the 2011-2014 period. Moreover, in
September 2011 the "Law on Accommodation for Social Interest Purposes” (Ley de Vivienda de
Interés Social) was enacted, which is also a beneficial statutory framework to attract foreign
investments since it promotes private investment in houses with social interest through the
granting of tax exemptions.
In short, despite the uncertain international context, it is expected that FDI flows towards the
region keep on growing in the next years. Moreover, Uruguay is expected to follow this trend
and consolidate as one of the main FDI attracting countries of the region, in relative terms.
Therefore, it is necessary to keep on making progress towards the improvement of the
regulatory framework in order to promote investments and continue improving investment
conditions in our country.
17
“Foreign direct investment in Latin America and the Caribbean”, ECLAC (2011).
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