Investments in Uruguay during the financial crisis

Yesterday president Tabaré Vázquez signed and authorized several investments in Uruguay pointing out the USD 3500 million investment of Portucel (paper mill). He also explained the significance same has as considering Uruguay as a trustful country in the actual world financial situation.

He also stated that Uruguay has his high reputation for keeping his word and fullfilling the contracts and agreements signed. He said that all these investments are coming during a very hard world economical situation. The Finance Minister also explained that this year's investments are three times higher than last year's and there are still investments to be approved for more than USD 350 million during this year.

He also explained that the situation of Uruguay is completely different from the one during 2000/2001. At that time Uruguay was depending very much on Brasil and Argentina. The exports to Argentina represented in 2000 about 20% of the total, meanwhile actually they do not reach the 10% of the total. In the financial system, in 2002 56% of the deposits corresponded to non residents and from this 20% belonged to Argentinians, meanwhile in the present same only is about 26% and less than 5% of same belongs to Argentinians.