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WALL STREETM A R K E T R E S E A R C H
URUGUAY
© Matthew Bamberg / Dreamstime.com
2 - WALL STREET MARKET RESEARCH
URUGUAYINTRODUCTION3 Dynamic Latin American Trade Hub5 National Development Agency
Promoting Public-Private Partnerships
BUSINESS & INVESTMENT OPPORTUNITIES7 Strong Macroeconomic Fundamentals
Supporting GDP Growth8 Antel9 Development Bank Highlights
Investment Opportunities10 República AFAP
TRADE & INDUSTRY13 Thriving Industrial Activities Drawing
Foreign Investors15 La Cigale16 Everfit
Managing Editor: Vicky Kox - Project Managers: Kristen Kenny, Pedro Peroni - Journalist: Emily Emerson-Le MoingDesign: Martine Vandervoort, Carine Thaens, Johny Verstegen, Walter Vranken, Dirk Van Bun
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CONTENTS
3.
28.
18.
13.
HEALTH & PHARMACEUTICALS18 Ministry Overseeing Major Reforms in Healthcare Sector20 ANDA21 Asociación Española22 EFICE
INFRASTRUCTURE25 Ministry Offering High-Potential
Concessions for Infrastructure Projects26 Ramón C. Alvarez S.A.
AGRIBUSINESS28 Diversified Agriculture Sector
Stepping Up Exports
TOURISM31 Uruguay: A Natural Tourism Choice33 Don Boutique Hotel34 Hotel L’Auberge34 Radisson Victoria Plaza35 Hertz
WALL STREET MARKET RESEARCH - 3
Dynamic Latin American Trade Hub
Uruguay is also among the world’s top 20
countries in attracting foreign direct invest-
ment, according to a recent IBM report. Direct
foreign investment in Uruguay has quadru-
pled over the last eight years while the coun-
try’s exports of goods and services have risen
fourfold as well.
An independent nation since 1828, Uru-
guay has Latin America’s oldest two-party
democratic system, in existence for over 150
years. The country has been led by a reform-
oriented government since 2004 and today
Uruguay’s political and labor conditions are
among the freest in South America. Uruguay
is also Latin America’s most peaceful country
according to the 2011 Global Peace Index.
Wealth of attractions for foreign investors
For foreign investors, Uruguay offers po-
litical and economic stability, a pro-business
environment, well-established regional and
international trade links, skilled multilingual
labor, developed infrastructure, many high-
potential economic sectors, and preferential
access to key markets through free-trade
agreements.
These include Uruguay’s participation as a
founding member in MERCOSUR, the Southern
Common Market, as well as its participation
in the Latin American Integration Associa-
tion (ALADI), the largest integration group in
Latin America. Uruguay is also a member of
the World Trade Organization. Thanks to Uru-
guay’s free-trade agreements, investors enjoy
preferential access to markets throughout
South America as well as Mexico and Israel.
Diversified economy with fast-growing sectors
Uruguay’s economy is dominated by agri-
culture and services; leading sectors include
Strategically located
Uruguay, set on South
America’s southern
Atlantic coastline
between Brazil and
Argentina, has developed
a flourishing economy
with a business climate
ranked number one in
Latin America.
INTRODUCTION
© Uruguay XXI
4 - WALL STREET MARKET RESEARCH
Strong GDP growth to continue
Following an economic crisis in 2002 caused
mainly by a downturn in Argentina and Bra-
zil, Uruguay achieved a turnaround in 2003
and its economy has been growing robustly
ever since. Uruguay managed to avoid a re-
cession in 2009 and achieved 8.5 percent
growth in 2010 with an average 4 percent per
year expected for 2011 to 2015. GDP per cap-
ita almost doubled between 2004 and 2010,
reaching around U.S. $12,000.
Uruguay offers a positive investment climate,
with a strong legal system, open financial
markets, equal treatment for national and
foreign investors, many incentives, and free
remittance of capital and profits. Quality
INTRODUCTION
of life in Uruguay is high thanks to its year-
round warm, temperate climate, security,
and modern health, education, communica-
tions and transport services. Uruguay was
the highest rated country in Latin America
on the 2011 Legatum Prosperity Index, which
assesses countries’ economy and quality of
life. Uruguay was also ranked second in Latin
America in the World Bank’s Human Oppor-
tunity Index for 2010.
Public-Private Partnership law
Uruguay continues to create new attractions
for investors. In July this year, the govern-
ment passed Uruguay’s first public-private
partnership law, which is designed to stimu-
late investment in infrastructure and related
services. Uruguay has also created “Empresa
en el Día”, which allows investors to set up a
company in only one day.
Investors in Uruguay are protected through
the country’s Investment Promotion and Pro-
tection Law, and, according to The Global
Competitiveness Report 2011, Uruguay is
number two in Latin America concerning
protection of intellectual property. Uruguay
created a one-stop shop for investors in 2008
and the dynamic investment and trade-pro-
motion agency Uruguay XXI offers a wealth
of information and services for potential and
current investors.
Regional logistics hub and trade gateway
Uruguay’s well-developed infrastructure is
definitely a plus. Uruguay has deep-water
ports that are unique in South America, in-
cluding Montevideo’s world-class port, as
well as road, rail, air and inland waterway
transport systems, all of which are steadily
being upgraded and expanded through mas-
sive public and private investment projects.
A few recent developments include a new air-
port, a new belt highway in Montevideo, road
expansion to Colonia, and a new ferry port in
Colonia, among many others. Uruguay’s road
network is the densest in Latin America and
is ranked second in Latin America in quality.
Uruguay also has state-of-the-art telecommu-
nication services and the largest cell-phone
teledensity rate in Latin America, with 132
lines for every 100 inhabitants.
Uruguay welcomes investors from the United
States, who will find in this small but dynam-
ic country a range of high-potential business
opportunities.
© Uruguay XXI
trade, agriculture and agri-industry (meat
processing, wood pulp, rice, soybeans, and
wheat), construction and tourism. Though
still small, the software industry is growing
rapidly, and foreign investors are also target-
ing mining, renewable energy, infrastructure,
logistics and other sectors.
The logistics sector, in fact, has achieved
triple the growth rate of other sectors in re-
cent years as Uruguay builds on its strategic
location and modern infrastructure to posi-
tion itself as a key logistics hub and gateway
to the region. Trade-oriented Uruguay has
opened 12 free-trade zones, three of which
are dedicated to services (such as financial
and software services, call centers and logis-
tics). Uruguay offers United States firms sig-
nificant advantages as a MERCOSUR-region
distribution platform.
WALL STREET MARKET RESEARCH - 5
INTRODUCTION
Adriana Rodriguez, Director National Development Agency
National Development Agency Promoting Public-Private Partnerships
One of CND’s responsibilities is to manage pub-
lic-private partnerships in the infrastructure
sector in line with Uruguay’s new law on such
partnerships. Ms. Rodriguez points out, “CND
was chosen to manage these partnerships be-
cause of our experience in managing two ma-
jor infrastructure projects. We are in charge of
maintaining and managing 1,600 kilometers
(994.1 miles) of roads and we are also maintain-
ing and managing Uruguay’s railways.”
Liaison between public and private sectors
CND serves as a liaison between the private
sector and the government concerning po-
tential partnerships. CND reviews all pro-
posals from private companies looking to
invest in Uruguay in different fields, serving
as a conduit for the private companies in
order to streamline the investment process.
CND may also review projects presented by
public institutions, helping them to evaluate
and look for suitable partners in the private
sector. Ms. Rodriguez says, “For example,
we are currently working with the Minister
of the Interior and the Minister of Economy
and Finance concerning a proposed project
to build the first PPP prison in Uruguay. Our
role is to offer advice, research opportuni-
ties, and look for investors worldwide. We
are presenting Uruguay to the world.”
Upcoming CND projects with particularly
strong investment potential include projects
to build and maintain highways and upgrade
and expand Uruguay’s railway system as well
as a project to build a new convention center
in Punta del Este. “We also have medium-term
initiatives in the healthcare sector, including
building new hospitals, as well as a project to
upgrade some of Uruguay’s ports,” Ms. Rodri-
guez explains.
CND is actively involved in promoting Uru-
guay in international markets, working with
chambers of commerce, Uruguay’s construc-
tion chamber, and various ministries. High-
lighting Uruguay’s investment appeal, Ms. Ro-
driguez says, “Uruguay has a great regulatory
framework, macroeconomic stability, signifi-
cant growth prospects in the region, excellent
telecommunications, a number of investment
incentives, and many infrastructure projects
underway.”
The Corporación Nacional
para el Desarrollo (CND),
Uruguay’s national
development agency,
plays a crucial role
in driving Uruguay’s
economic development
forward. The agency,
a public institution
operated like a private
company, has 25 years of
experience in promoting
Uruguay’s business sector.
Adriana Rodriguez, President, explains that
CND’s core activities are promoting infra-
structure development and providing ser-
vices to private-sector companies, includ-
ing micro-financing support for small and
medium-sized enterprises as well as advice
concerning companies’ business plans.
Since 2010, CND has also been involved in
funds management for public and private
institutions.
© Uruguay XXI
Ruta 5, Rivera
6
BUSINESS & INVESTMENT OPPORTUNITIES
WALL STREET MARKET RESEARCH - 7
Strong Macroeconomic Fundamentals Supporting GDP Growth
of investment we have been attracting in
order to further improve our productivity
and competitiveness, and to create more
opportunities for our people,” Minister Lo-
renzo says.
New incentives for foreign investment
To keep FDI flowing in, Uruguay has devel-
oped a solid regulatory framework that pro-
tects investors and it has also created new
investment incentives, including tax breaks
and the possibility to operate in free zones.
To benefit from these advantages, compa-
nies are evaluated according to whether
they will create new jobs, generate exports,
promote clean technologies, and help to
extend development to Uruguay’s rural ar-
eas. “This procedure is absolutely transpar-
ent, and investors will be informed of the
results within 60 days,” Minister Lorenzo
explains.
Ideal business base in fast-growing region
Uruguay is positioning itself as an ideal
business base and trade hub in a fast-grow-
ing region. It is currently working to inform
the international investment community
about these new developments. “Uruguay
is part of the future’s most prosperous re-
gion. There are so many opportunities in
this country that we would like to share
with investors and visitors,” Dr. Lorenzo
points out. A new public-private partner-
ship law and a system to start a business
in only one day are some of Uruguay’s most
recent investor-friendly initiatives.
Fernando Lorenzo is very positive about
Uruguay’s prospects. He says, “Uruguay
grew by more than 8 percent in 2010 and
we anticipate annual growth of 4 percent
over the next few years. We aim to make
sure that this economic growth contributes
to our goals for social development.”
Uruguay’s open economy,
one of the few in Latin
America to escape
recession in 2009, is set
for continued strong
performance.
BUSINESS & INVESTMENT OPPORTUNITIES
As Minister of Finance and Economy, Fer-
nando Lorenzo Estefan, points out, “Uru-
guay’s economy has been growing above the
Latin American average for several years
and has developed the right macroeconom-
ic and microeconomic fundamentals. This
allowed us to weather the global crisis, and
in fact every sector of our economy is cur-
rently experiencing growth.”
The agriculture sector and related indus-
tries are among the top performers thanks
to recent technological developments that
have brought about an increase in produc-
tivity, and Uruguay’s services sector now
accounts for over 25 percent of the coun-
try’s exports, according to the minister.
Uruguay’s tourism sector is another suc-
cess story. “The Uruguayan economy is very
open not only in the trading of goods but
also in the trading of services. Our current
challenge is to consolidate the high levels
© Uruguay XXI
Rincón 528 • Piso 6 P.O. Box 380 • 11000 Montevideo
Uruguaytel: +598 2915 9257
web: www.barbosacaravia.com
8 - WALL STREET MARKET RESEARCH
Telecom Leader Building a Knowledge-Based Society
Carolina Cosse, President, explains, “This
goal is part of our mission to serve as an
engine of growth for building a knowledge-
based society, because through Internet con-
nections Uruguayans can access a whole new
range of services, from e-government to on-
line education, new work options, and much
more. Antel is committed to building this
new platform. We have high revenues, 6,000
workers and a track record for efficiency, and
we have a very aggressive investment plan.”
The dynamic enterprise has around 2 million
cellular subscribers and 1.6 million land-line
subscribers, 600,000 of which are data sub-
scribers. Antel is also Uruguay’s only provider
of ADSL Internet connections. Achieving annual
turnover of U.S. $800 million, Antel continues to
expand its infrastructure and offer new services.
Strong commitment to Plan CEIBAL education initiative
Education is a top priority for Antel, which is
providing crucial support for Uruguay’s ambi-
tious Plan CEIBAL education program through
subsidizing half of the program’s telecom com-
ponent. Plan CEIBAL aims for every child in
Uruguay to have access to a computer; the pro-
gram has already provided free Internet access
and 450,000 computers to primary schools.
Antel has also signed an agreement with Uru-
guay’s national education system to launch
a cutting-edge Multiprotocol Label Switching
(MPLS) data network that will be available to
all the country’s educators. Antel is already
working in partnership with Uruguay’s uni-
versities and national industry to develop an
operation support system (OSS).
To help maintain its competitive edge, Antel
emphasizes staff training and wants most of
its employees to be able to speak English and
Portuguese. “We are promoting interdepen-
dence among our workers instead of depen-
dence on the company,” Ms. Cosse says.
As part of its drive to provide customer-cen-
tered services, Antel is currently involved in
a fiber-to-the-home project which will reach
240,000 homes in Uruguay in 2012. Ms.
Cosse points out, “This project reflects our
long-term, national strategy for universaliza-
tion of bandwidth as well as our exceptional-
ly strong commitment to improving the lives
of the people of Uruguay.” Antel continues to
fully integrate its technical infrastructure.
Antel is making a major contribution to Uru-
guay’s economic development. Ms. Cosse ex-
plains, “At Antel, we know that we have the
opportunity to develop many things around
our business and around the development of
our business. We can stimulate national indus-
try, including Uruguay’s software industry.”
Antel is building the
foundations of a true
knowledge-based society
in Uruguay and aims for
every home in the country
to have an Internet
connection.
Carolina Cosse, PresidentAntel
www.antel.com.uy
BUSINESS & INVESTMENT OPPORTUNITIES
WALL STREET MARKET RESEARCH - 9
Tracy Betts, Country Representative Inter-American Development Bank
Development Bank Highlights Investment Opportunities
Country Representative Tracy Betts explains,
“The Inter-American Development Bank en-
joys a special relationship with Uruguay. We
have always had a strong physical presence
in the country and this has allowed us to
develop solid connections with other banks
and financial institutions as well as with the
government, civil society and private sector.
As for our clients, we really see them as our
development partners, associates and actu-
ally, owners of the bank. Quoting our first
president Felipe Herrera, Uruguay’s Minister
of Finance has said on many occasions, the
IDB is much more than a development bank.”
The Inter-American Development Bank current-
ly has a portfolio of around 84 projects totaling
around U.S. $1.2 billion in Uruguay, including
non-reimbursable financing as well as credit
operations with the government. Ms. Betts ex-
plains, “We are involved in three main areas:
investments that will boost Uruguay’s competi-
tiveness and improve the business climate, ones
that will upgrade the efficiency of the public
sector, and ones that will help ensure poverty
reduction and social equality. We are active in
most economic sectors and our approach is
holistic; for example, we not only support edu-
cation but also initiatives that will improve the
transition from school to the workplace.”
Highly skilled, flexible team
The Inter-American Development Bank has
supported the financing of Montes del Plata,
Uruguay’s biggest private investor to date,
among many other private companies. Cur-
rent projects in the works for the bank range
from wind farms and other renewable-energy
initiatives to new water and sanitation sys-
tems, urban transportation and more. Help-
ing Uruguay reach its goals for renewable
energy is a top priority for the Inter-Amer-
ican Development Bank, which ensures that
all the projects it supports meet the highest
international environmental sustainability
standards.
Praising her highly skilled team, Ms. Betts
says, “This bank works hand-in-hand with in-
vestors and offers flexibility, diversity, and a
quick response.”
Uruguay has outstanding investment poten-
tial, Ms. Betts believes. She says, “Along with
its political and economic stability as well as
a solid legal system, Uruguay also has high-
quality human resources and many new in-
vestment prospects, for example in public-
private partnerships. My advice to potential
investors is to come to Uruguay, get to know
the country and get to know the Inter-Amer-
ican Development Bank. This is an amazing
country with amazing opportunities. It may
be the best-kept secret in Latin America!”
The Inter-American
Development Bank (IDB),
founded in 1959, has
been active in Uruguay
for over 50 years and has
in-depth knowledge of
the Uruguayan economy.
IDB supported the Montes del Plata project in Uruguay with a loan of U.S. $200 million
IDB building in Uruguay
10 - WALL STREET MARKET RESEARCH
Successful Pension Fund Ready to República AFAP has a market share of 38%
in terms of affiliates and manages more than
56% of Uruguay’s pension-fund assets. Be-
sides that, it has around 20 branch offices
throughout the country in addition to its
headquarters in Montevideo.
Founded 15 years ago when Uruguay’s pen-
sion system was reformed, República AFAP
is the only state-owned pension fund in Uru-
guay and enjoys the support of its sharehold-
ers, “Banco de la República Oriental del Uru-
guay”, “Banco de Previsión Social” and “Banco
de Seguros del Estado”. However, República
AFAP is operated as a private company. “We
are a state-owned company working under
the private sector rules,” explains its Presi-
dent, Luis Costa.
Uruguay’s pension system differs from other
Chilean pension models applied in the re-
gion in terms of having a multi-pillar system
and offering to their affiliates only one fund
without differentiating profiles of risk. Mr.
Costa says, “Uruguay used to have a ‘pay-as-
you-go’ system but this was changed 15 years
ago into a mixed, multi-pillar system that
includes both pay-as-you-go and personal ac-
counts. Currently, there are four companies,
including República AFAP, offering personal-
accounts services. Most of the population in
Uruguay supports a strong public sector so
this two-pillar approach was seen as the right
choice for us. Every worker in Uruguay has
the chance to be in the two-pillar system, un-
like in Chile or Peru where a worker has no
choice, or must choose between them. The
system has been growing fast since 1996 and
now we have around 1 million affiliates, or
one third of the population of Uruguay.”
Pension fund totals almost U.S. $8 billion
República AFAP has achieved a very strong
track record investing successfully its clients’
contributions. Mr. Costa says, “Over the 15
years of operations, we have had very good
results from investing our workers’ contribu-
tions. The whole pension fund industry now
totals almost U.S. $8 billion, which is quite
large for Uruguay since it shares 17% of Uru-
guay’s GDP, and we manage around U.S. $4.5
billon, 56% of the industry.”
República AFAP has achieved these stellar re-
sults in spite of the fact that up until 2007 the
company was not allowed to invest abroad.
It has also been hampered by Uruguay’s lack
of a developed capital market. Mr. Costa ex-
plains, “Around 80% of total personal sav-
ings in Uruguay is invested in public-sector
debt, since the equity and private bond mar-
ket are extremely reduced and with very low
liquidity. The equity market capitalization
República AFAP, the
largest pension-fund
investor in Uruguay, has
had an excellent track
record of successful
investments and has
shown a steady rate
of growth in affiliates
and assets under
management.
BUSINESS & INVESTMENT OPPORTUNITIES
República AFAP
WALL STREET MARKET RESEARCH - 11
BUSINESS & INVESTMENT OPPORTUNITIES
Luis Costa, President
www.rafap.com.uy
represents about 0.6% of the GDP and the
outstanding private bonds are nearly 1.5% in
terms of GDP. It is clear that our capital mar-
ket does not exist and one of the reasons is
the preference of the private sector to finance
through the banking system.”
In 2007, República AFAP was allowed to in-
vest in multilateral bonds, the “first window
to diversify our assets from the country risk.”
In 2010 we were authorized to buy sovereign
bonds issued by countries with very high
credit rating, Mr. Costa explains. As we can-
not invest in equity from abroad we have to
take advantage of all the opportunities within
our country.”
Praise from Fitch ratings service
Fitch ratings service assigned an M1 national
scale rating to República AFAP in 2008, 2009
and 2010, remarking, “The rating is based
on República AFAP’s ample experience and
seniority in the sector and a solid infrastruc-
ture to control and manage risks as well as
consistent portfolio management processes,
which are backed by investment analysis and
follow-through”. Fitch also praises República
AFAP’s “transparency, excellent management
capabilities, and systems that can be adapted
to every procedure”. Similar concepts and
rating were assigned by Standard and Poor’s
in 2004 and 2005.
Vast potential in public-private partnerships
The future will bring significant new oppor-
tunities for República AFAP and for other in-
vestors in Uruguay, Mr. Costa believes, and
he welcomes the chance to work with joint-
venture partners in high-potential projects.
He says, “There are a lot of new investment
possibilities, especially with Uruguay’s new
law on public-private partnerships. New busi-
nesses will be created, and pension funds will
play a major role in financing these new en-
terprises. This will be a good time for inves-
tors to be involved in joint ventures with us.
We can provide our expertise in doing busi-
ness in Uruguay and foreign investors and
companies from abroad can contribute with
know-how celebrating different frame agree-
ments with local companies or stand alone. A
win-win situation.”
For potential partners, República AFAP of-
fers 15 years of experience and a history of
successful investments in a wide range of
sectors. República AFAP has participated in
nearly 90% of the private sector issuances of
debt allocating funds in sectors such as in-
dustry, agribusiness, infrastructure, tourism
and healthcare. As Mr. Costa points out, “We
have the experience and the professionalism
to make things happen. Exhaustive and effec-
tive due diligence and continuous monitoring
of our investments are other strengths of our
team. We know in depth the main local com-
panies and their track records. We have the
knowledge that is needed to achieve success-
ful businesses here in Uruguay.”
Ready to form strategic partnerships
República AFAP plans to step up its invest-
ments in new projects, including the ones
launched by foreign investors, and it is open
to forming strategic partnerships. Mr. Costa
concludes, “República AFAP is a long-term
investor. We can provide long-term financing
in local currency, two important advantages
that banks usually cannot afford. Our main
goal is to invest our affiliates’ contributions
in the most efficient way in order to achieve
the best returns for their savings. We wel-
come all new initiatives and projects to come
and encourage new investors from abroad to
do business in Uruguay, a country with clear
rules to participate and a lot of potential.”
Serve as Investors’ Local Partner
12
TRADE & INDUSTRY
WALL STREET MARKET RESEARCH - 13
Thriving Industrial Activities Drawing Foreign Investors
Uruguay’s strong economic performance over
the past decade is a major draw. After achieving
an average 6.5 percent annual growth between
2004 and 2008, Uruguay managed to avoid a
recession and keep a positive growth rate of 2.9
percent in 2009, mainly through higher public
expenditure and investment. In 2010, Uruguay
achieved a robust 8.5 percent growth rate.
To keep this outstanding performance on
track, Uruguay has launched economic lib-
eralization programs that have included
lowering tariffs, controlling deficit spend-
ing, reducing inflation, and cutting the size
of the public sector. Uruguay’s economy is
based on free enterprise and private owner-
ship, while the state still fully or partially
owns companies in the insurance, water
supply, electricity, telephone service, petro-
leum refining, airlines, postal service, rail-
ways and banking sectors.
Private-sector success stories
Private-sector success stories abound in
Uruguay. One example is Motociclo, found-
ed in 1931 and now Uruguay’s leader in
domestic sales of electronics products and
bicycles, motorcycles, car parts and acces-
sories. Motociclo continues to expand and
is well known for its strong commitment to
community-service projects.
With its political and
economic stability, many
growth sectors, strategic
location, well-developed
infrastructure, skilled
and multilingual human
resources, free-trade
agreements, and investor-
friendly legislation,
Uruguay is an ideal choice
for foreign investors in
industry and trade.
TRADE & INDUSTRY
© Uruguay XXI
14 - WALL STREET MARKET RESEARCH
One of Uruguay’s most successful foreign in-
vestments is Industria Papelera Uruguaya (Uru-
guay Industrial Paper, or IPUSA), part of a Chil-
ean group. IPUSA has invested around U.S. $30
million over the past three years in doubling its
production in Uruguay. Ricardo Pereiras, Gen-
eral Manager, cites Uruguay’s well developed
infrastructure, incentives offered by the gov-
ernment, and access to growing markets as key
reasons IPUSA continues to invest there.
Another success is ZTE. Explaining the Chinese
IT company’s decision to invest in Uruguay,
Guo Junliang, company representative, says,
“Strategically, Uruguay is well placed, and Uru-
guay’s capital, Montevideo, has a good natural
harbor. Another very remarkable aspect about
working in Uruguay is that every procedure is
open and clear, and no difference is made be-
tween local and foreign companies.”
Compac, a New Zealand firm that manufactures
fruit-sorting equipment, is also pleased with
Uruguay. “We decided to set up a factory in Uru-
guay due to its very attractive free-zone legisla-
tion, the flexibility of its financial system and it’s
more stable and less bureaucratic government
compared to other Latin American countries.
Putting all this together and adding a very good
education level, Uruguay has a mix difficult to
match by other countries in the region,” says Se-
bastian Martinex, CEO of Compac Latin America.
Foreign investments in Uruguay are allowed
without prior authorization, there is fully
free remittance of capital and profits, and a
decree passed in 2007 provides significant
incentives to both local and foreign inves-
tors. Around 100 American firms now op-
erate in Uruguay; according to the U.S. De-
partment of Commerce, direct United States
investment in Uruguay totaled U.S. $2.9 bil-
lion in 2009.
High-potential sectors
Uruguay XXI, Uruguay’s investment and trade
promotion agency, singles out a number of
sectors that offer particularly strong invest-
ment potential: the automotive and auto parts
industry, contact centers, the dairy industry,
forest products, life sciences, logistics, off
shoring and outsourcing, renewable energy
in electrical power generation, shipbuilding,
tourism, and real estate, among others.
Uruguay has a diverse economy once domi-
nated by agriculture until services began to
play a leading role. Agriculture remains a
key contributor to GDP, however, and food
processing is one of Uruguay’s strongest in-
dustrial sectors. Uruguay’s main agricultural
products are beef, soybeans, cellulose, rice,
wheat, lumber, dairy products and fish.
Other thriving industries include electrical ma-
chinery, transportation equipment, petroleum
products, textiles, chemicals and beverages.
Uruguay’s industrial production growth rate
reached an impressive 9.5 percent in 2010.
Uruguay’s industrial activities have long
been geared to foreign trade, and the
country’s exports reached a total value of
over U.S. $8 billion in 2010, a significant
increase over 2009’s U.S. $6.4 billion. Top
export commodities include beef, soybeans,
cellulose, rice, wheat, wood, dairy products
and wool. Uruguay’s main export markets
in 2010 were Brazil, accounting for 21 per-
cent of total exports, followed by Nueva
Palmira Free Zone (10.2 percent), Argentina
(7.5 percent), Chile (5.5 percent), and Russia
(5.3 percent).
The biggest Industrial and Logistics Park in Uruguay
info@ppu.com.uywww.ppu.com.uy
Camino Carrasco 5888 - 11500 MontevideoCamino Carrasco 5888 - 11500 MontevideoTel: +598 26016062
www.sebamar.com.uy
Av. Sayago 1385P.O. Box 1032
12400 MontevideoTel: +598 2 354 2080
www.motociclo.com.uy
IPUSA
WALL STREET MARKET RESEARCH - 15
Uruguay’s total imports reached U.S. $8.3 billion in 2010, compared to
U.S. $6.6 billion the previous year. Leading import commodities in 2010
were crude oil (13.4 percent), refined oil (4.9 percent), passenger ve-
hicles (3.5 percent), transportation vehicles (2.7 percent), vehicles parts
(2.2 percent), cellular phones (2.1 percent), and insecticides (1.7 per-
cent). Top sources of imports in 2010 were Brazil, accounting for 18.6
percent of total imports, followed by Argentina (16.7 percent), China
(13.5 percent), Venezuela (9.1 percent), the United States (8.3 percent),
and Russia (4.2 percent). Uruguay has diversified its trade in recent
years and continues to reduce its longstanding dependency on Argen-
tina and Brazil.
Free-trade agreements and Mercosur access
Trade between Uruguay and the United States has been steadily increas-
ing. The two countries signed a Bilateral Investment Treaty that entered
into force in 2006 and a Trade and Investment Framework Agreement in
January 2007. In 2008, the two countries signed a science and technology
agreement and a memorandum of understanding on renewable energy
and energy efficiency. Uruguay cooperates with the United States on law
enforcement matters such as regional efforts to fight drug trafficking
and terrorism, and it has also been very active in human-rights issues.
Uruguay has signed a number of other trade agreements that add
to its investment appeal for trade-oriented companies. Uruguay is a
founding member of Mercosur, the Southern Cone trading bloc also
composed of Argentina, Brazil, and Paraguay; in fact, the Mercosur
Secretariat is located in Montevideo. Mercosur allows for the free cir-
culation of goods and factors of production among member countries
through the elimination of customs duties and non-tariff barriers; in-
cludes a provision for a common external tariff and a common trade
policy; and involves a commitment by member states to harmonize
their legislation in pertinent areas to strengthen the integration pro-
cess. Mercosur has signed free-trade agreements with Chile, Colombia,
Peru, Ecuador, Venezuela, Bolivia and Israel, and Uruguay has signed
its own free-trade agreement with Mexico.
Uruguay has been a member of the World Trade Organization since
its creation in 1995 and is also part of the Latin American Integration
Association (ALADI), the largest integration group in Latin America.
ALADI has 12 member countries, which are Argentina, Bolivia, Brazil,
Chile, Colombia, Cuba, Ecuador, Mexico, Paraguay, Peru and Venezu-
ela in addition to Uruguay.
In July this year, Uruguay ratified its first public-private partnership
(PPP) law, which regulates contracts between the government and the
private sector for infrastructure construction and related services.
The law will provide yet another compelling reason for international
investors to target Uruguay.
Plaza Independencia 831 - MontevideoTel: +598 (2) 908 3000
www.sonda.com
Thriving Ice-Cream Enterprise Aiming to Export
Founded in 1969, the 100 percent Uruguayan family-owned enter-
prise now operates 17 stores in Uruguay and provides ice cream for
the Burger King restaurant chain. La Cigale is known for its inventive
flavors of ice cream, including the very popular “Cappuccino Remix”
and “Passion Maracuya”.
Carlos Lorenzo, President, is a hands-on administrator who devel-
oped La Cigale’s delicious ice-cream cone and continues to come up
with new ice-cream flavors. Explaining his company’s success story,
he says, “The quality of the product is our main competitive advan-
tage. We even produce our vanilla flavor using the best possible ingre-
dients we import from Madagascar! In addition, I have autonomy and
can make decisions quickly wherever I am.”
La Cigale is currently building a new production facility and aims to
export its ice creams to Brazil, Mexico and Spain as well as to con-
tinue to expand in Uruguay. Carlos Lorenzo is very positive about the
future of his company and of Uruguay. To potential investors in the
United States, he says, “Uruguay is a small market but a good one for
investors. Companies always pay their bills here and there is a lot of
business to be done in this country. As for La Cigale, we have ambi-
tious plans for the future.”
La Cigale has made a name for itself as a
provider of top-quality ice creams made
with the finest natural ingredients.
TRADE & INDUSTRY
La Cigale
www.lacigale.com.uy
16 - WALL STREET MARKET RESEARCH
Leading Textiles Firm Celebrates 50 Years of Success
“We aim for an audience that feels young,”
says Managing Director Luis Badano. He
adds, “We use high quality raw materials, in-
cluding natural fibers, cashmere and wool.
We try to focus on Uruguayan materials but
we use many Italian raw materials as well.”
In fact, Everfit has been thriving since its
launch in 1961 thanks to its longstanding
focus on high quality. Mr. Badano explains,
“When I took on the management of Everfit,
I knew I had a big responsibility to maintain
the commitment to quality and to people
that Everfit has had since its beginnings. This
commitment makes our garments unique and
is the reason behind our success.”
Quality at every stage, from choice of fabrics to production
What is Everfit’s competitive edge? Mr.
Badano says, “Quality operators and mod-
ern technology! We absorb everything that
Chinese suppliers cannot take on, particu-
larly orders that involve small volumes and
special details. China can be uncooperative
and that has been a big plus for us. It is a
reason why big companies choose our mar-
ket. Everfit does not aim at a specific style
of tailoring and we also do not do interme-
diary tailored work, but rather something
in between. Our soft-shoulder style sells
very well in America and we also provide
a slim fit.”
Everfit’s partners can benefit from Tem-
porary Admission legislation that allows
foreign firms to buy fabrics in European
and Asian markets and send the fabrics to
Everfit to be turned into garments that can
be exported to MERCOSUR markets duty-
free. Everfit operates a state-of-the-art,
5,000 square meter (53,819 square feet)
production facility that employs 500 work-
ers and is equipped with the most modern
equipment and technologies in Uruguay’s
textiles sector.
Everfit has also developed its human capi-
tal, and the company’s creative depart-
ment makes sure that Everfit garments
keep pace with the latest global fashion
trends. Mr. Badano concludes, “Our verti-
cal operation allows us to closely monitor
all our products at every stage, from the
choice of fabrics to the designs of our col-
lections and our cutting-edge production
processes.”
When Everfit SA presented
its new fall/winter
collection in May 2011, it
also celebrated 50 years
of success in the textiles
industry. Everfit’s fine
garments have earned
a strong presence in
Uruguay’s domestic market
as well as throughout the
MERCOSUR region and
in Mexico and the United
States, where Everfit has an
office in Miami.
TRADE & INDUSTRY
Everfit SA
www.everfi t.com.uy
17
HEALTH & PHARMACEUTICALS
18 - WALL STREET MARKET RESEARCH
The government of Uruguay has traditionally
placed great emphasis on preventive medi-
cine and on a sociological approach to public
health problems, and in its current health-
care reform program, the Ministry of Public
Health remains strongly committed to mak-
ing high-quality healthcare accessible for all
members of Uruguay’s population.
Jorge Enrique Venegas, Uruguay’s Minister of
Public Health, explains that his ministry has
four main objectives for the healthcare sec-
tor. First on the list is to improve healthcare
coverage through the National Health Fund.
He says, “We aim to make sure that at least 92
percent of Uruguay’s population has health
insurance, from workers to small and medium-
sized enterprises and large companies.”
Synergy between public and private healthcare sectors
In line with this objective, Minister Venegas
intends for both public and private health-
care facilities and services in Uruguay to meet
the same high standards and have access to
the same state-of-the-art technologies. He
says, “The main challenge is making sure that
the National Health Fund promotes synergy
Jorge Enrique Venegas, Minister of Public Health
Ministry Overseeing Major Reforms in Healthcare SectorUruguay’s Ministry of Public
Health is currently involved
in the country’s second
ambitious healthcare
reform project, which
focuses on upgrading
both public and private
healthcare.
HEALTH & PHARMACEUTICALS
between the public sector and the private sec-
tor, and that the two sectors are complemen-
tary, so that if one sector has a certain kind of
technology, that sector will provide the tech-
nology to the other sector, and vice versa.”
The second main objective for the Ministry of
Public Health is to upgrade Uruguay’s health-
care human resources. Minister Venegas ex-
plains, “If we are going to improve our health-
care, we need to improve our healthcare
professionals, so we are going to strengthen
our university programs in healthcare and
upgrade healthcare training for doctors,
nurses and specialists. This will also require
investments in technologies.”
Investing in healthcare infrastructure
Improving healthcare infrastructure is the
ministry’s third major objective. Minister Ven-
egas says that the ministry wants to stream-
line connections between the insurance sys-
tem, hospitals and patients so that all patients
can be confident that their problems will be
solved efficiently. “To reach this goal we need
to invest in salaries as well as in infrastruc-
ture, mainly new technologies,” he points out.
Pfi zer UruguayCebollati 1474
Piso 3, Ofi cina 302 - MontevideoTel: +598 (2) 412 0000
www.pfi zer.com.uy
WALL STREET MARKET RESEARCH - 19
The fourth objective for the ministry is to up-
grade information technology throughout the
healthcare system to make it more patient-
friendly and efficient. In all these reforms,
the Ministry of Public Health aims to ensure
that public and private healthcare facilities
provide the same level of care.
Working with international partners
To achieve its goals, the Ministry of Public
Health is working with a number of interna-
tional partners. The ministry is involved in a
research program with the University of Vir-
ginia concerning treatments for diseases of
the liver, and is also working with institutions
in Germany and Brazil in a project to improve
healthcare infrastructure in rural areas. In ad-
dition, the Ministry of Public Health is partner-
ing with the Organizacion Panamericana de
la Salud (Pan-American Healthcare Organiza-
tion) concerning a vaccination program for
residents of rural areas throughout the region.
The Ministry of Public Health has also worked
HEALTH & PHARMACEUTICALS
with the United States Institute of Inter-Ameri-
can Affairs to create the Inter-American Coop-
erative Public Health Service, which has built
health centers and clinics in Uruguay.
Uruguay is actively involved in regional
healthcare initiatives, and Minister Ven-
egas serves as the Coordinator of the South
American Council of Health of the Union
of South American Nations (UNASUR). At a
recent conference of healthcare leaders in
Latin America and the Caribbean, he said,
“Every endeavor at coordination among
countries in the region concerning health-
care is needed, and cooperation is possible
in many areas, so we need the political will
to set an agenda of priorities and spotlight
opportunities. In Uruguay, as we make ev-
ery effort to escape unscathed from the
global financial crisis, in the field of health
we are paying more attention to caring for
people in extreme poverty. We also know
that healthcare improvements cannot be
tackled without consideration of education,
labor and housing factors.”
Seeking private-sector investment
To help reach its targets, the Ministry of Public
Health seeks private-sector investment in Uru-
guay’s healthcare sector. “Our relations with
the private sector are close and productive,
but we need a lot of investment in healthcare
infrastructure, so we welcome the chance to
partner with the private sector in new proj-
ects. There are many investment opportunities
in healthcare in Uruguay, and investors can be
confident that their interests will be protected
here, since this country has a well-established
legal framework and no corruption,” Jorge En-
rique Venegas points out.
The future looks bright for Uruguay’s healthcare
sector, Jorge Enrique Venegas believes. He says,
“Five years from now, we will have made many
improvements in our healthcare sector and will
have great infrastructure capacity, better man-
agement and better human resources. We wel-
come foreign investors interested in projects that
will be beneficial for the people of Uruguay.”
20 - WALL STREET MARKET RESEARCH
Solidarity Organization Providing Essential Services
ANDA is a non-profit institution that provides
a wide range of essential support for its mem-
bers, including medical and dental care, mone-
tary credits, legal counsel, guarantees for rental
leases, social tourism and other types of assis-
tance. ANDA operates almost 47 offices around
the country and recently opened a new branch
in Montevideo’s Malvin Norte district to better
serve residents of Uruguay’s capital city.
Helping government assist those in need
Washington Almada, President, explains,
“The main objective of ANDA is to be a com-
plementary institution for the state. Our mis-
sion is to help the state offer social services
to the community, such as micro credits for
food, clothing and healthcare. ANDA is a
unique institution here in Uruguay. We are al-
ways working to provide easier access to ne-
cessities for the people of our country.” One
of ANDA’s priorities is to help Uruguayans to
rent their homes, and the organization has
now granted over 21,600 housing guarantees
for people throughout the country.
In the healthcare sector, ANDA recently
opened a new medical clinic in Montevideo
where it has invested in the latest technolo-
gies, including cutting-edge information-
technology systems for medical records and
other services. ANDA operates around 40
clinics throughout the country that provide
dental as well as health services for local resi-
dents. ANDA subsidizes around 80% of the
healthcare services it offers.
Serving around 500,000 citizens of Uruguay
ANDA has around 1,200 employees, almost 35
percent of whom are working on healthcare
projects. ANDA provides its services to around
500,000 citizens of Uruguay and is well known
for its efficiency and high standards. Mr. Al-
mada points out, “We are a unique institution
in the country and do not have any competi-
tors, but our strengths are that we provide
good interest rates for our affiliates and we
are widely recognized here in Uruguay as be-
ing a serious and transparent organization.”
ANDA has often been praised by Uruguay’s
Ministry of Health “because we do things
right,” as Mr. Almada puts it. ANDA has decen-
tralized its operations to boost its efficiency
and has developed a strong presence in indi-
vidual neighborhoods in Montevideo as well as
in local communities all over the country in
order to reach every level of Uruguay’s popula-
tion. “We have 200,000 affiliates in the health-
care sector and around 90 percent of them are
from the poorer classes,” he points out.
Mr. Almada is committed to maintaining AN-
DA’s high level of services and to positioning
ANDA as an example of a well-run organiza-
tion in Uruguay. He says, “We at ANDA be-
lieve that it is vital for us to help promote
Uruguay. Uruguay, which celebrated its bi-
centennial last year, has a low index of cor-
ruption, enjoys political and economic stabil-
ity, and is open to new investments.”
ANDA, known as the
“solidarity organization”,
has been operating in
Uruguay for 78 years
and has earned a strong
reputation for its high-
quality services.
HEALTH & PHARMACEUTICALS
Washington Almada, President
ANDA
www.anda.com.uy
WALL STREET MARKET RESEARCH - 21
Leading Private Healthcare Services
Ambitious ongoing modernization program
Continually updating its facilities and ser-
vices is a key goal for Asociación Española,
which is currently involved in a U.S. $38.2
million upgrade program with the support
of Uruguay’s government that includes a U.S.
$15 million investment in new technologies
and medical devices. “We are committed to
our goal of remaining pioneers in our field
and the number one institution in terms of
medical technology in Uruguay. We will con-
tinue to purchase new cutting-edge medical
equipment in the future,” Dr. Martinez says.
Asociación Española recently acquired the
most advanced magnetic resonance imaging
(MRI) equipment in Uruguay, one of only four
such machines in the region.
Contributing to government’s healthcare reform drive
The government of Uruguay and Asociación
Española have been working as partners giving
each other key support in healthcare programs
development. Dr. Martinez explains, “Govern-
ment officials, including the Ministry of Health,
work with us because we are helping them to
reach their goal of upgrading Uruguay’s health
services, for example Primary Healthcare Pro-
grams, as well as through our continuing in-
vestments in technology and infrastructure,
including the creation of new clinics all over
the country. In addition, we are bringing high-
quality health services to everyone in Uruguay,
including underprivileged classes, and we are
promoting disease prevention and health edu-
cation in local communities.”
In all its activities, Asociación Española
makes patients its top priority. Dr. Martinez
says, “We are a non-profit organization that
treats patients humanely, never as merchan-
dise. We also reinvest all our profits in im-
proving our health system, and we provide
support to Uruguay’s public hospitals when
they need assistance.”
Investment opportunities in private and public healthcare
Uruguay’s healthcare system, which includes
both public and private facilities and services,
offers an outstanding opportunity for interna-
tional investors. Dr. Martinez says that invest-
ments in both healthcare infrastructure and
technologies are needed as the health system
works to meet growing demand in Uruguay.
Much progress has already been made. Dr.
Martinez concludes, “Uruguay’s healthcare
system has been reformed and is continu-
ally being improved. Today, thanks to the
changes put into practice, the system pro-
vides everyone in the country with access
to affordable healthcare, and our system
is one of the most universal, equitable and
technologically advanced in Latin America.
Asociación Española is totally committed to
healthcare reform in Uruguay.”
Asociación Española has
been known for innovation
since it became Latin
America’s first private
mutual health insurance
enterprise when it was
founded 158 years ago.
HEALTH & PHARMACEUTICALS
Asociación Española
Dr. Julio Martinez, CEO, explains, “Asociación
Española offers an integral healthcare system,
with more than 185,000 insured clients, 7,200
employees and 600 beds in our main hospital in
Montevideo. We cover the whole process of med-
ical assistance, from diagnosis to recovery, and
we offer all levels of healthcare service through
our clinics operating all over the country.”
Asociación Española serves both local and for-
eign clients, and many American residents of
Uruguay have chosen the organization as their
health-services provider thanks to its high
quality and reasonable costs. Asociación Espa-
ñola is well known, for example, for offering
the best pediatric healthcare in Uruguay.
www.espanola.com.uy
22 - WALL STREET MARKET RESEARCH
Leading Industrial Group Boosting EFICE has established 11 production facili-
ties which are interconnected, Chlorine &
Caustic Soda plant, Caustic Soda concen-
tration, Caustic Soda flakes plant, Chlorine
liquefaction, Sodium Hypochlorite plant,
Hydrochloric Acid plant, Calcium Chloride
& Calcium Chloride flakes plants, Ferric
Chloride, Roadtec and Aluminum Poli-
chloride plant. It sells its products on the
domestic market and throughout the MER-
COSUR region. EFICE is committed to im-
plementing the latest production process-
es and technologies in order to continue to
contribute to Uruguay’s economic growth
and to remain number one in its sector.
EFICE’s technological development and
know how are a source of national pride,
and its products are recognized as playing
a key role in improving the quality of life
of the people of Uruguay. For example, epi-
demics of diseases resulting from impure
drinking water, such as typhus and chol-
era, have finally been wiped out in Uruguay
thanks to EFICE’s chlorine.
EFICE continues to expand its activities
beyond Uruguay’s borders, and its exports
have been growing exponentially in both
value and volume. Nestor Gomez Alcorta,
President explains, “We are active in Chile,
Argentina, Paraguay and Brazil as well as
in Uruguay. For instance, our chlorine puri-
fies water in Uruguay and in some regions
of Brazil and Paraguay, providing more
than 15 million people with access to clean
drinking water. We also supply various in-
dustrial operations in Uruguay, including
cellulose plants, and some of that produc-
tion is exported to Brazil and Paraguay.”
Ambitious OMEGA project will triple production capacity
EFICE is currently involved in the very am-
bitious 10-year “Proyecto OMEGA” (OMEGA
Project), which focuses on technological
and management development and im-
provements in all the company’s activities
involving chlorine and soda production,
with the goal of making EFICE more com-
petitive in global markets. This project
was analyzed by the Government in the
frame of the Investment Law and was ap-
proved with the best qualifications and the
maximum tax exemption, confirmed by the
authorities with a specific sanction. Mr.
Gomez Alcorta says, “The OMEGA project
will expand our portfolio of new prod-
ucts based on chlorine and soda. On top
of that, the project involves tripling our
production capacity and expanding our
plants. OMEGA also aims to make EFICE
more energy-efficient, and we are in the fi-
nal stages of launching a wind-power farm
through which we will generate clean en-
ergy improving the energy balance of our
country and generating the same quantity
of energy needed in our project.”
EFICE is playing a major
role in driving the
development of Uruguay’s
industrial sector while
also benefiting local
populations. A 100
percent family-owned
enterprise founded more
than a century ago;
EFICE specializes in the
production of chlorine,
caustic soda and their
derivatives.
TRADE & INDUSTRY
EFICE
WALL STREET MARKET RESEARCH - 23
TRADE & INDUSTRY
www.efi ce.com.uy
As a major consumer of energy, EFICE’s
focus on energy efficiency and renewable
energies will have a wide-ranging impact
in Uruguay. The company is building a 100
MW wind farm in Uruguay’s Sierra de los
Caracoles region, near the country’s two
existing wind-power plants. The new plant
will support EFICE’s major expansion of its
production capacity through the OMEGA
Project.
Tremendous benefits for Uruguay
EFICE’s OMEGA project will have enormous
significance not only for the company but
also for Uruguay’s economy. “Thanks to
the achievements of the OMEGA project,
Uruguay’s exports will be increased by
more than U.S. $50 million and at the same
time the country’s energy imports will be
reduced, resulting in a savings of around
U.S. $100 million per year. Related benefits
include job creation. Because of the ben-
efits that EFICE’s OMEGA project will have
for Uruguay, the government has provided
us with assistance in this initiative. This is
a win-win situation for EFICE and for the
government,” Mr. Gomez Alcorta points
out.
With a track record of more than 100 years
of business success in Uruguay, EFICE is
committed to supporting the country’s so-
cial as well as economic development. As
Mr. Gomez Alcorta explains, “One of our
objectives as a company is to be socially
responsible, not only concerning our staff
but also with the community and the envi-
ronment. That is why EFICE has a strong
policy of maintaining pleasant working
conditions for all our employees and re-
specting them and their rights. In addition,
we are very involved in community-service
projects. EFICE was one of the founders in
Uruguay of the program PCRMA, or “Pro-
grama de Cuidado Responsable del Medio
Ambiente”, known globally as Responsible
Care. The program involves maintaining
the highest standards of quality in order to
ensure a safe environment for employees
as well as environmentally friendly pro-
duction processes.”
International partnerships
EFICE always adheres to the highest envi-
ronmental, health and safety criteria and
has obtained all the international quality
certifications applicable to its sector, in-
cluding ISO 9001:2008 certification. EFICE
is an active member of a number of inter-
national organizations in its sector. It has
also been a member of the international
Chlorine Institute since 1996, which was
founded in 1924, and is a technical trade
association of companies that are involved
in the safe production, distribution and
use of chlorine and derivatives. Its mem-
bers represent the complete value chain
from chlorine producers. On top of that
EFICE is also a founding member of the As-
sociation of South American Producers of
Chlorine and Soda (CLOROSUR), founded
in 1997.
Uruguay’s investment potential
EFICE will continue to support Uruguay’s
economic development. Mr. Gomez Alcorta
points out that his country offers a wealth
of advantages for foreign investors. He ex-
plains, “First of all, Uruguay has special-
ized human capital, with open mentalities
and is always looking for new challenges.
Secondly, Uruguay has a strong tradition
of entrepreneurship in all fields, and there
is a very productive relationship between
the private sector and the government
which has helped us develop our indus-
tries. Uruguay also has significant natural
resources, including wood, cattle and agri-
cultural land, and the government is very
committed to generating renewable ener-
gies, especially wind energies. Finally, Uru-
guay offers a very stable business environ-
ment with well-developed legal, political
and institutional entities. In other words,
Uruguay offers unique opportunities for
local and foreign investors.”
National Economy
24
INFRASTRUCTURE
WALL STREET MARKET RESEARCH - 25
Ministry Offering High-Potential Concessions for Infrastructure Projects
Minister of Transport Enrique Pintado ex-
plains, “Uruguay is very well placed to serve
as a logistics center and hub thanks to our
strategic location near fast-growing region-
al markets and to connections between the
Atlantic and the Pacific. To make the most
of these advantages, we are investing heav-
ily in our infrastructure.”
For its planned major infrastructure proj-
ects, Uruguay has budgeted around U.S.
$500 million in public financing and an
additional U.S. $600 million to be ob-
tained through public-private partner-
ships. Around U.S. $1.1 billion will be
invested in the country’s road network.
Minister Pintado explains, “We are going
to focus on road security through public-
private partnerships in which the private
sector will be in charge of managing nine
combination routes all over the country.
One project, for example, will be to in-
stall lighting along 280 kilometers (173.9
miles) of the main route between Argen-
tina and Punta del Este. All these invest-
ments need the cooperation of the private
sector, so we are calling on international
companies to come participate in the very
attractive concession opportunities we
will be offering.”
Improving road links to ports a top priority
The Ministry of Transport is in charge of
around 9,000 kilometers (5,592 miles) of
roads throughout the country. Minister Pinta-
do says, “Uruguay’s road network reaches all
towns in the country and we also have good
international road connections. However, to
reach our long-term goals, we have several
main priorities for our road system. These
include improving connections to our ports,
not only the port of Montevideo but also the
ports of Nueva Palmira, Fraybentos and Pay-
sandu on the border with Argentina.” At the
same time, the government is upgrading Uru-
guay’s ports, including rebuilding the port in
La Paloma in eastern Uruguay, which is the
country’s closest port link to Brazil, and ex-
panding port facilities in Montevideo.
Enrique Pintado urges international investors
to look into opportunities in Uruguay. He says,
“Uruguay has one of the best strategic loca-
tions in the region, between Brazil and Argen-
tina, giving Uruguay a unique advantage when
it comes to logistics and trade. We aim to con-
tinue to invest in making Uruguay a regional
logistic hub, and to reach this goal, we need
the involvement of the private sector.”
Uruguay aims to become
a key regional logistics
center and transport hub.
To reach this goal, the
Ministry of Transport is
working hard to upgrade
the country’s roads,
railways, ports and river-
transport system.
INFRASTRUCTURE
© Uruguay XXI
Carrasco International Airport, Montevideo
26 - WALL STREET MARKET RESEARCH
INFRASTRUCTURE
Local Construction Leader Known for World-Class StandardsRamón C. Alvarez S.A. is certified ISO
9001/2008 in quality management and ISO
14001/2004 concerning the environment, a
reflection of the company’s commitment to
quality.
Eduardo Alvarez, Managing Director, ex-
plains, “Ramón C. Alvarez S.A. takes part in
many public-private partnerships, including
infrastructure and road-construction proj-
ects for the government of Uruguay. Outside
the country, we have completed many proj-
ects in Brazil, among other markets.” Defin-
ing Ramón C. Alvarez’s competitive edge, he
adds, “My father founded the company and
we have been in business here in Uruguay for
50 years. Our clients are well aware of this
company’s high quality and expertise.”
When Ramón C. Alvarez founded the company
in 1957 he instituted a policy of always adher-
ing to the highest standards and continuously
investing in equipment, technologies, human
resources and skills. Today, Ramón C. Alvarez
S.A. is known for its world-class standards and
ability to successfully complete challenging,
diverse construction projects.
Road, bridge, airport and maritime construction expertise
The company’s specialized business units
focus on road and highway construction and
maintenance; bridges; airport runways; and
maritime and hydraulic projects. Ramón C.
Alvarez S.A. employs over 300 people and
operates a full range of heavy machinery,
specialized equipment, crushing plants and
concrete and asphalt production plants. The
company launched a special logistics unit in
2005 that focuses on transport services, in-
cluding of special loads and heavy machinery.
National leader in hydrocarbon waste management
For the past decade, Ramón C. Alvarez S.A.
has been a national leader in projects involv-
ing the management of hydrocarbon waste
and hydrocarbon-polluted water. The com-
pany handles the extraction, treatment and
final disposition of bilge water from ships at
the Port of Montevideo as well as other ports
around the country for Uruguay’s National
Port Administration, and since 2007 Ramón
C. Alvarez S.A. has been involved in extract-
ing waste from petroleum tanks to be used
as alternative fuel in industrial furnaces.
Ramón C. Alvarez S.A. also handles refuse
collection in some provinces of the country.
Ramón Alvarez welcomes more foreign com-
panies and investors to Uruguay. He says, “It
is very important for our country to bring in
new technologies and higher quality stan-
dards in many areas. As Uruguay improves,
our private sector will continue to grow, and
local companies like Ramón C. Alvarez S.A.
will benefit.”
For the past half century,
Ramón C. Alvarez S.A. has
been completing major
construction projects
that meet world-class
standards in Uruguay and
beyond. The 100 percent
Uruguayan company has
been involved in some
of the region’s most
prominent infrastructure
initiatives over the years
and currently has more
than 20 projects in the
works for both the public
and private sectors.
Ramón C. Alvarez S.A.
www.ramoncalvarez.com
27
AGRIBUSINESS
28 - WALL STREET MARKET RESEARCH
Diversified Agriculture Sector Stepping Up Exports
More than 80 percent of Uruguay’s surface
is arable land, and the country also offers a
temperate climate with ample rainfall as well
as modern transport infrastructure to get
products to domestic and foreign markets ef-
ficiently. Agriculture-based exports account
for around 65 percent of Uruguay’s total ex-
ports. In fact, Uruguay is the world’s seventh-
largest beef exporter, third-largest exporter
of ovine meat, and sixth-largest rice exporter.
Uruguay’s agriculture sector continues to
grow and diversify. While dairy products,
beef and rice top the list of the country’s
agricultural products, soy production has
risen by 48 percent per year over the past
eight years while the production of corn and
wheat has risen by 18 percent per year over
the same period.
Dairy industry growing rapidly
Uruguay’s dairy industry accounts for 9.3
percent of the country’s total agriculture
production value, putting it third after beef
and rice production. Uruguay has over 4,500
dairy farms that collectively produce 1.5 bil-
lion liters of milk per year, accounting for
0.3 percent of global milk production and 2
percent of global milk exports. Like Austra-
lia and New Zealand, Uruguay exports more
than 60 percent of its milk production. The
recent arrival of major foreign investments,
such as New Zealand Farming Systems, Sch-
reiber Foods and Bom Gosto, reflects inter-
national confidence in the Uruguayan dairy
industry.
Uruguay’s agriculture
sector has long been a key
contributor to the country’s
GDP and offers significant
investment attractions.
AGRIBUSINESS
© Uruguay XXI
Alimentos Organicos Uruguayos S.A.Ruta 75 Pando - Canelones Uruguay
PHONE +598 (2) 293 9519 - FAX +598 (2) 293 9390aorganic@aorganicos.com - www.aorganicos.com
WALL STREET MARKET RESEARCH - 29
Uruguay XXI, the country’s investment and
trade-promotion agency, highlights the dairy
industry as one of Uruguay’s most attractive
investment opportunities. A recent report by
the agency notes, “The Uruguayan dairy in-
dustry has significant competitive advantag-
es and offers investment opportunities both
in primary and industrial production phas-
es. Production costs are among the lowest in
the world. Manufacturing opportunities also
exist in the dairy industry and include com-
pany consolidation, process and product in-
novation, and product and marketing mix.”
Uruguay’s dairy exports are mainly pow-
dered milk (53 percent) and cheeses (32 per-
cent). Exporters focus primarily on the Latin
American market. Growth opportunities in-
clude expanding exports beyond the region
and developing market niches, including
kosher and halal products, flavored cheeses
and organic dairy products.
The Inter-American Development Bank (IDB)
recently approved a U.S. $65 million loan for
Estancias del Lago SA, a Uruguayan privately
held agri-business company, to develop a
fully integrated dairy operation to export
powdered milk. The loan will help finance
the implementation of a highly-efficient
free-stall dairy facility as well as a pow-
dered-milk plant that will significantly boost
Uruguay’s powdered-mile exports. In line
with Uruguay’s efforts to promote environ-
mentally friendly agricultural practices, the
new dairy operation will use bio-digesters to
process cattle manure and capture methane
gas that will be used to produce energy for
the powdered-milk plant. The cattle manure
will also be used as organic fertilizer for
growing grains that will be used for feed and
biofuel production.
Targeted investment incentives
To stimulate investment in the agriculture
sector, Uruguay’s government has developed
AGRIBUSINESS
a number of incentives. One of these targets
investment in manufacturing agricultural
machinery and equipment, an activity which
is now exempt from 90 percent of corporate
income tax up to 2014 and 50 percent be-
tween 2015 and 2019.
Biofuel production is another growth area
benefiting from investment incentives. Com-
panies producing biodiesel and fuel-grade al-
cohol that have been authorized by Uruguay’s
Ministry of Industry, Energy and Mining may
receive an exemption on the wealth tax for
fixed assets, as well as a 100 percent exemp-
tion on corporate income tax for 10 years.
Forestry offers strong investment potential
Organic agriculture, food processing and the
forestry industry are other high-potential
investment possibilities. Concerning the
forestry sector, Uruguay’s weather and soil
characteristics ensure very good levels of
competitiveness on an international scale,
and the sector has a 20-year history with
qualified labor available. Exports of forestry
products currently account for 13 percent of
Uruguay’s total exports.
Exporting agricultural products from Uru-
guay will soon be streamlined. Archer
Daniels Midland Company (ADM), based in
Illinois, has announced it will build a port
terminal in Nueva Palmira to “connect South
American crops with global markets.” The
port will focus on handling exports of corn,
soy, wheat and soybean meal products to
markets in Europe, Asia, elsewhere in Latin
America and Africa.
Combating the effects of climate change
One challenge for the agriculture sector in
Uruguay is combating the effects of climate
change. In November 2011, the World Bank
approved a U.S. $49 million loan to help
Uruguayan farmers tackle climate change
by adopting environmentally sustainable
practices. The initiative will directly benefit
16,000 Uruguayan farmers, many of them
smallholders, and will include the creation of
a National Agricultural Information System.
Thanks to forward-thinking initiatives like
these, Uruguay’s agriculture sector is cer-
tain to continue to grow and to step up its
exports of top-quality products to global
markets.
© Uruguay XXI
30
TOURISM
WALL STREET MARKET RESEARCH - 31
Uruguay: A Natural Tourism ChoiceHector Lescano, Uruguay’s Minister of Tour-
ism, points out, “Tourism is now one of the
main engines for the sustainable growth of
our economy, accounting for 7 percent of the
country’s GDP. In 2009, Uruguay’s tourism rev-
enues reached around U.S. $1.3 billion and 2.2
million tourists entered the country, not count-
ing 350,000 cruise-ship visitors in Montevideo
and Punta del Este.” Argentina and Brazil are
Uruguay’s top tourism markets, but more and
more travelers from elsewhere in Latin America
and beyond are choosing Uruguay, particularly
in the northern hemisphere’s winter when Uru-
guay is warm and sunny.
Year-round vacation choice
Uruguay is definitely a year-round vaca-
tion choice, however, with diverse attrac-
tions located within easy reach of each
other. Uruguay offers picturesque Atlantic
beaches, rural tourism in unspoiled natu-
ral areas, natural-hot-springs spas, luxury
stays and health tourism in upscale Punta
del Este, executive travel and city breaks in
exciting Montevideo and Colonia, and cul-
tural attractions from UNESCO World Heri-
tage sites to world-class museums, restau-
rants and entertainment options.
With its gorgeous beaches,
safe environment, warm
temperate climate, well-
developed infrastructure,
exceptional luxury hotels
and resorts, welcoming
population, and wealth of
shopping, entertainment
and niche-tourism options,
Uruguay has become one
of Latin America’s top
tourism destinations in
recent years.
TOURISM
© Uruguay XXI
Instituto de Lenguas Extranjeras
Montevideo (ILE) offers a wide range of
courses in Spanish for learners of the
language from all over the world, both
in Montevideo and on a colonial farm in
Maldonado.
All ILE’s teachers are highly qualified,
with upper-level diplomas in linguistics
or language-teaching, and all are fluent
in at least one other language and have
traveled or lived abroad. ILE’s classes
take students outside the classroom in
visits to cultural and historic attractions
as well as to events that let students come
into contact with the people of Uruguay.
32 - WALL STREET MARKET RESEARCH
One recent investor in Uruguay’s tour-
ism sector is United States-based travel-
services provider Sabre Holdings. Yannis
Karmis, Sabre’s Vice President for Global
Customer Support, explains, “We first came
to Uruguay in early 2004 to create a global
customer-support center. We did an exten-
sive search of many countries all over the
world. Some of the key criteria we looked
at were economic stability, the safety of the
location we were in, the legal structure, and
the ability to do business in the country.
Language diversity was also very important
for us. Today, our operation here has be-
come the second-largest Sabre site after our
headquarters.”
Major tourist destinations
Uruguay’s main tourism destination is Mon-
tevideo, followed by the luxury resort of
Punta del Este, known for its exclusive bou-
tiques, fine restaurants and many multi-
TOURISM
starred hotels along a fabulous beach.
Beaches, in fact, are Uruguay’s most popu-
lar attraction, drawing 40 percent of all visi-
tors. The most-visited beaches are in Punta
del Este, Maldonado and Rocha, all of which
have warm water suitable for swimming,
hospitality and security, and diverse accom-
modations and entertainment.
Rural tourism is growing as well. Options
include country hotels, guest ranches, spa
visits and farm stays, all of which offer the
chance for visitors to explore the unspoiled
Uruguayan countryside and practice all
kinds of sports. The new U.S. $18 million
Altos del Uruguay golf club and hotel has
both a world-class 18-hole golf course as
well as a five-star spa based on local natu-
ral hot springs.
Other recent additions to Uruguay’s tourism
scene include the U.S. $15 million Carmelo
Golf operated by Four Seasons, which in-
cludes a residential development, a conven-
tion center and diverse sports and entertain-
ment options, all located among pine and
eucalyptus groves. The development is near
an international airport serving the highest
number of private flights in Uruguay.
Other new entries are the U.S. $100 million
Hotel Fasano and Las Piedras Villas devel-
opment, which opened in December 2010
in Punta del Este, featuring a golf course
designed by Arnold Palmer, and the U.S.
$40 million boutique Setai hotel and devel-
opment in José Ignacio, Maldonado, which
also includes a residential component. The
new U.S. $27 million Hotel Rivera Casino
Resort, on the Brazil border, has a four-star
hotel, a casino and a conference center.
In Montevideo, new hotels are opening al-
most daily. Sofitel is inaugurating its U.S.
$60 million Sofitel Montevideo Casino
Carrasco and Spa in 2012, just one of the
city’s headline-grabbing new hotel projects.
Investment in conference centers and other
business services is rising as well. Minister
of Tourism Lescano points out, “We have a
great interest in making Uruguay a leading
international conference destination.”
In all its tourism projects, Uruguay aims
to protect its natural and cultural heritage.
Minister Lescano says, “Our focus now is on
sustainable tourism. We are concentrating
on the environment and on quality tourism,
reflected in our new country brand, Uru-
guay Natural.”
© Uruguay XXI
The Ministry of Tourism and Sport’s National
Sustainable Tourism Plan for the period 2009 to
2020 “aims for Uruguay to be an internationally
recognized friendly and safe tourism destina-
tion that is committed to sustainable develop-
ment with quality services, qualified people and
full coordination among key sector players,”
according to the Ministry. Uruguay’s tourism in-
frastructure is steadily being upgraded; recently
completed projects include Montevideo’s new
airport and the Colonia River Terminal.
Significant attractions for investors in tourism
Uruguay has significant attractions for inves-
tors in tourism. The country’s proximity to Ar-
gentina (Buenos Aires in particular) and south-
ern Brazil ensures a constant inflow of tourists
year-round, while Uruguay also offers a stable
legal framework that promotes tourism invest-
ment through significant tax exemptions.
WALL STREET MARKET RESEARCH - 33
Modern Boutique Hotel in the Heart of Old Montevideo
Guillermo Delfino, General Manager, ex-
plains, “The boutique hotel concept is very
popular in Europe, which is one reason we
have so many European guests. In the big
chain hotels, staff can be less attentive, but
Don Boutique Hotel always puts guests first.”
Adjoining restaurant-filled Mercado del Puerto
Don Boutique Hotel is ideally located in the
heart of Montevideo’s Old Town (La Ciudad
Vieja) near the port, adjoining the vast Merca-
do del Puerto, home of some of the city’s fin-
est restaurants. One of these is Don Boutique
Hotel’s own restaurant, El Palenque, which is
highly rated for its grilled meats (a Uruguay
specialty) and fresh seafood.
The hotel is surrounded by pedestrian streets
lined with art galleries, shops, cafes and res-
taurants, museums and cultural venues.
“This is a unique hotel that has great rates,
particularly for a new property like this one
right in Montevideo’s picturesque city cen-
ter,” Mr. Delfino points out.
Housed in an Art Deco building that has been
completely modernized using the finest ma-
terials, including wood and marble, Don Bou-
tique Hotel has a lovely swimming pool and
solarium and a rooftop bar with a stunning
view of the city. All rooms are equipped with
wireless Internet access, individually con-
trolled air-conditioning, in-room safes that
can hold a laptop, and much more. Guests
can order breakfast from a menu and call on
the hotel’s staff to arrange special services,
including airport transfers.
Helping guests discover Uruguay
Don Boutique Hotel’s staff members are al-
ways ready to help guests discover Montevi-
deo and other attractions throughout Uru-
guay. “We help them choose places to visit,
find the best shops, get to the port and the
airport – in fact we do everything we can for
our clients,” Mr. Delfino explains. Most of
the hotel’s guests are tourism visitors, par-
ticularly in Uruguay’s high tourist season in
December and January.
Mr. Delfino urges visitors from the United
States to discover Don Boutique Hotel in
Montevideo. He says, “This hotel has all the
services travelers expect in a luxury boutique
property. The hotel’s architecture is beauti-
ful, and we have a very selective offering of
food and drinks. This is a perfect hotel in a
perfect location.”
Don Boutique Hotel
offers the personalized
service and welcoming
atmosphere that only a
small luxury hotel can
provide. The elegant
hotel has 21 guestrooms,
including one suite, and
attracts many European
visitors.
TOURISM
Don Boutique Hotel
www.donhotel.com.uy
34 - WALL STREET MARKET RESEARCH
Luxury Hotel Top Choice for Business Meetings
The Radisson regularly hosts high-profile international events, in-
cluding the International Development Bank’s governors’ congress
scheduled for March 2012. Arnaldo Nardone, Director Sales and Mar-
keting explains, “The Radisson’s adaptable meeting facilities can ac-
commodate around 2,500 delegates, and our very professional events
staff has organized 700 major conventions and more than 1,000 cor-
porate events over the past 15 years.”
The Radisson’s competitive edge is that in addition to state-of-the-art
meeting facilities, the hotel offers a range of luxury amenities and ser-
vices. These include Restaurante Arcadia, which specializes in gourmet
international and local cuisine and has spectacular city views. Guests
can also enjoy the hotel’s casino, convivial bar, spa, indoor semi-Olympic
pool, whirlpool, indoor jogging track, gymnasium, high-speed Internet
access in all rooms and Wi Fi in all public areas within the hotel.
The Radisson Victoria Plaza is ideally located within walking distance
of all Montevideo’s top sites, including government buildings, the
main business district, the port, the picturesque ancient city center
and all kinds of restaurants, cultural attractions and entertainment
options. Arnaldo Nardone predicts continued strong growth for the
Radisson Victoria Plaza and for meetings and leisure tourism in Mon-
tevideo, a true value-added destination.
The Radisson Victoria Plaza in Montevideo
offers world-class services for business
and leisure travelers in the heart of one of
Latin America’s most exciting cities.
Radisson Victoria Plaza
www.radisson.com
Unique Boutique Hotel Ranked
Number One in Punta del Este
The hotel is just a short walk from the high-end resort’s famous
beaches, trendy boutiques, restaurants, museums and art galleries.
Hotel L’Auberge was named Condé Nast Johansens’ “Most Excel-
lent Hotel, South America 2010” and has become a preferred choice
among discerning travelers from all over the world.
The hotel is well known for its unique architecture, which includes a pic-
turesque water tower that has been converted into elegantly decorated
guestrooms. Ignacio Carrera, Director, explains, “We have many interna-
tional visitors but would like to welcome more Americans. When they
stay in our hotel, we will make sure they fall in love with our country!”
With only 36 guestrooms, Hotel L’Auberge specializes in pampering
every guest. “Our staff members have all worked here for many years
and always give a warm welcome, calling each guest by name,” Mr.
Carrera explains.
L’Auberge’s amenities include a swimming pool, a lovely garden, a
gym, a spa, hot tubs and fireplaces, afternoon tea featuring Belgian
waffles served in a tea room overlooking the garden, and a restaurant
ranked one of the best in Punta del Este. For business travelers, the
hotel has a conference room for up to 30 people.
Hotel L’Auberge, a luxurious family-
owned boutique property, offers
exceptional amenities and personalized
service in the heart of a quiet, upscale
neighborhood in Punta del Este.
Hotel L’Auberge
Tel.: +598 4248 8888www.laubergehotel.com
TOURISM
WALL STREET MARKET RESEARCH - 35
TOURISM
World-Class Car-Rental Services from Global Leader
“Hertz is number one in serving tourism visi-
tors, particularly in countries in the MERCO-
SUR region as well as Europe and the United
States. Hertz Uruguay has opened offices in
all Uruguay’s leading tourism destinations,
including downtown Montevideo and at
Carrasco International Airport, downtown
Punta del Este and at Laguna del Sauce In-
ternational Airport, and at the Colonia bus
station near the port. We serve business trav-
elers, families, tourism visitors and a high
percentage of Hertz gold card members,” ex-
plains Victor Novogrebelsky, President.
In addition, Hertz has established commer-
cial agreements with the best hotels and
restaurants of Montevideo, Punta del Este
and Colonia. Hertz customers receive pref-
erential treatment and a discount of 10 to
15 percent on the total bill at any of these
establishments.
Hertz Uruguay is enhancing its services for
business travelers and especially for corpo-
rate clients, a rapidly growing market seg-
ment for Hertz in Uruguay. To best serve its
corporate clientele, Hertz Uruguay has imple-
mented a system to personalize services for
each company. Hertz is also opening more
offices all over the country, including in top
business areas.
At the same time, Hertz Uruguay will con-
tinue to provide world-class services for
tourism visitors and to help travelers from
all over the world discover Uruguay’s special
charms. Mr. Novogrebelsky points out, “The
tourism sector is playing an essential role
in Uruguay’s economic development, and in
fact tourism to Uruguay has been growing
rapidly in the last few years. More and more
travelers and tourism investors are discov-
ering what Uruguay has to offer. Uruguay
is very safe compared to other countries in
Latin America. In fact, Uruguay has long been
called the Switzerland of Latin America. As a
principal attraction we have Punta del Este,
ranked South America’s top vacation desti-
nation. Punta del Este has great beaches on
the Atlantic Ocean along with very luxurious
amenities and services, on par with Monaco’s.
Uruguay offers the tourist a warm welcome
and unique treatment. This is an incredible
country.”
Like every Hertz operation around the world,
Hertz Uruguay is known for its world-class
fleet of new vehicles, array of special offerings
tailored to each market segment, exceptional
24-hour customer support, free mileage, and
professional tourism services. Hertz also of-
fers a wide range of insurance options. “We
have agreements to obtain more vehicles if we
need them in peak periods, so that we will al-
ways be able to offer high-quality vehicles for
our customers,” Mr. Novogrebelsky says.
Defining Hertz Uruguay’s competitive edge
in Uruguay’s car-rental industry, Mr. Novo-
grebelsky says, “The service Hertz Uruguay
provides is well known to be the best in the
country. In addition, the Hertz brand sets
us apart from the rest and inspires trust in
our customers.” To potential customers in
the United States, he adds, “Uruguay is very
safe compared to other countries, not only in
Latin America but also in the world. Come to
Uruguay and explore our beautiful country.”
Global car-rental leader
Hertz has been active in
Uruguay for the past 15
years and has become
a key driver of the
country’s fast-growing
tourism sector.
Hertz
www.hertz.com.uy