Uruguay has all the attributes in place to position itself as a key investment destination and innovation hub in Latin America and the Caribbean, Uruguayan officials, private sector leaders, and international experts said at the "Test & Invest - Uruguay Business Summit.”
More than 1,500 attendees from 44 countries are participating in the forum at the Punta del Este Convention Center. Attendees, including investors, entrepreneurs, startups, and companies from Latin America and the Caribbean, the United States, Ireland, Singapore, Israel, and Korea and other countries, planned to engage in over 300 business-to-business (B2B) and business-to-government (B2G) meetings.
“Uruguay is a very attractive investment destination due to its history of social and political stability, a solid legal framework, tax benefits, a modern telecommunications infrastructure, a sustainable energy matrix, a dynamic innovation ecosystem, and its qualified and multilingual human resources,” said Fabrizio Opertti, manager of the Integration and Trade Sector at the Inter-American Development Bank (IDB).
Luis Lacalle Pou, president of Uruguay, inaugurated the forum, organized by the IDB, the Ministry of Economy and Finance, the Ministry of Industry, Energy and Mining, Uruguay XXI and the National Agency for Innovation and Research (ANII).
“Uruguay is considered a regional hub for knowledge-based services. The IDB is supporting the country with various programs to strengthen the supply of qualified human capital in export services and to enhance growth opportunities in high value-added foreign investment in sectors with strong technological content such as agtech, fintech, edtech, cybertech, and audiovisual," said Matías Bendersky, the IDB’s representative in Uruguay.
In recent years, leading multinational companies have invested in Uruguay and established regional operations centers in the country. In 2021 alone, Uruguay received $1.4 billion in foreign direct investment, according to data from Uruguay XXI. The IDB believes public-private collaboration is key to creating new investment opportunities, as evidenced by successful cases in Korea, Ireland, Israel, and Costa Rica.
The IDB will continue backing Uruguay’s efforts to do more international business, strengthen its institutional capacity to promote investment and reinvestment, and to train talent that is critical for technological innovation.
Test&Invest Forum Uruguay - Business Summit 2022
The first day’s discussion panels focused on cutting-edge topics in four strategic sectors: information and communication technologies (ICTs), biotechnology, renewable energy, and audiovisual services.
The second day’s activities, on Friday, November 4, include B2B and B2G business meetings, a showcase exhibit on innovation, and masterclasses from international institutions such as Newlab, Digital House, and the New York Film Academy.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region. Access our virtual tour.