Presentation of the Investment Guide “Tourism Doing Business - Investing in Uruguay”
February 20, 2024
As part of the collaboration agreement between CAF, Development Bank of Latin America and the Caribbean, and UN Tourism, the Investment Guide “Tourism Doing Business - Investing in Uruguay” was launched in Montevideo. The document gathers investment opportunities, the competitive landscape, favorable regulations and the country's attractions, with the purpose of generating business development in the tourism sector.
The ceremony was attended by the President of the Republic, Luis Lacalle Pou; the Vice President of the Republic, Beatriz Argimón; the Minister of Tourism, Tabaré Viera; the Executive President of CAF, Sergio Díaz-Granados; the Executive Director of UN Tourism, Natalia Bayona and the Regional Director for the Americas of UN Tourism, Gustavo Santos, among other national, regional and departmental authorities, and representatives of different embassies in Uruguay.
This guide reflects what Uruguay has. That institutional economic stability, innovation, entrepreneurship and human talent
Sergio Díaz-Granados
CAF's executive president, Sergio Díaz-Granados, was in charge of opening the activity. “This guide reflects what Uruguay has. That institutional economic stability, innovation, entrepreneurship and human talent. The sun and beach offer. Nautical and cruise tourism. The fertile land for agrotourism and wine tourism. All this is reflected in the potential of the guide and also highlights the important investments that have already been made,” he said.
On the other hand, the regional director for the Americas of UN Tourism, Gustavo Santos, made reference to “generating more investments in our region and for this we have a common methodology that we have imposed through these investment guides, which we have agreed with the different countries and with CAF, so that all the countries of the region can finally show their potential”.
tourism is a major driver of development and has perhaps been one of the sectors most affected by the pandemic crisis, but it has also proven to be highly resilient, particularly in Uruguay
Tabaré Viera
Meanwhile, the Minister of Tourism, Tabaré Viera, said that “tourism is a great engine of development and perhaps it has been one of the sectors most affected by the pandemic crisis, but it has also proven its great resilience, particularly in Uruguay. As a result of the implementation of public policies and the tenacity of the private sector, it has recovered. It still has challenges, undoubtedly”.
After the opening ceremony, the guide was presented by the Executive Director of UN Tourism, Natalia Bayona, and the Director General of the Secretariat of the Ministry of Tourism, Ignacio Curbelo.
In the first instance, Bayona referred to the 71% growth of foreign direct investment in Uruguay. “There are very few countries in the world that achieve this” she said and added that “Uruguay is a success story of Latin Americans investing in Latin America, which is an excellent message to send to investors”. He also informed that almost 4,000 jobs have been created in the last year thanks to the investment in tourism.
On the other hand, Curbelo emphasized the aspects that make Uruguay an excellent investment destination. He highlighted the political stability, institutional framework, sustained growth at an average higher than the average of Latin America and the Caribbean in the last 20 years, its privileged and strategic location, the development of road, nautical and airport infrastructure, a strong policy of promotion and protection of investments with declaration of national interest, record levels of foreign visitors, strong impact on the economy, varied and quality tourist offer.
The presentations were made by CAF's Southern Regional Manager, Jorge Srur, and CAF's Director of Tourism, Oscar Rueda, who highlighted the financing mechanisms that CAF has made available to national entities, local authorities and the private sector, and presented the types of projects that can receive such financing.
The day ended with a panel discussion on “Investment Panorama”, with the participation of the Director of Ceres, Ignacio Munyo; the Director of Uruguay XXI, Sebastián Risso; and the CAF Representative in Uruguay, Miguel Ostos.
The guide presents a forward-looking vision that highlights the country's macroeconomic strength, natural wealth and investment possibilities that respond to new global trends in green investment, and the response to global post-pandemic consumer sustainability trends.
The central objective of UN Tourism with the publication of this type of guides in various countries seeks to ensure the growth and competitiveness of the sector, for which it is necessary to invest significantly in the training and upgrading of professional skills of staff and implement technical and vocational training programs.
“Tourism Doing Business, Investing in Uruguay” aims to show the conditions for attracting foreign direct investment, through five chapters. The first and second chapters cover Uruguay's economic and investment outlook. Chapter three highlights the advantages and benefits of investing, which are derived from the wide natural offer, the unique geographical location and its biodiversity; while chapter four analyzes green investments and their relationship with the tourism sector and the Sustainable Development Goals (SDGs). Finally, chapter five analyzes the positioning of the tourism sector in the world and in the region, highlighting the sector's contribution to the country's GDP, which is one of the highest in the region.