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Business Profile
Economy: Uruguay is one of the more prosperous Latin American countries. The economy is traditionally agricultural, with beef and wool being the most important products; dairy exports to other Latin American countries are substantial. Crop farming is widespread, producing mostly cereals, rice, fruit and vegetables. The largest component of the Uruguayan economy is manufacturing, which is concentrated in oil and coal-derived products, chemicals, textiles, transport equipment and leather products. The oil and coal, both for manufacturing and energy consumption (the latter supplemented by Uruguay’s own hydroelectricity stations), are imported. Mining is confined to small-scale extraction of building materials, industrial minerals and some gold.
After some difficulties in the early part of the decade, which saw the Government accept an IMF-imposed austerity programme, the Uruguayan economy performed well during the 1990s. However, Uruguay’s economic health depends heavily on that of its two large neighbours, Argentina and Brazil. Both Latin American giants have been in the doldrums recently, and Uruguay’s output fell by one per cent during 2000, a trend which continued in 2001. Then, in August 2002, as both Argentina and, to a lesser extent, Brazil were gripped by financial crises, the Government was forced to shut down the financial system to prevent collapse. Loans from the IMF and the United States, totalling US$3 billion, have allowed the financial system to continue functioning. Uruguay is a member of Mercosur, the principal regional trade bloc, as well as the Asociación Latinoamericana de Integración (ALADI) and the Inter-American Development Bank. The country’s main trading partners are Brazil, Argentina, the USA and Germany.
Business: Businessmen should wear conservative suits and ties. As far as communication is concerned, some knowledge of Spanish will prove invaluable, although English may be spoken by many in business and tourist circles. Appointments are necessary and punctuality is expected. Visiting cards are essential and it would be an advantage to have the reverse printed in Spanish. Avoid visits during Carnival week. Office hours: Mon-Fri 0830-1200 and 1430-1830.
Commercial Information: The following organisations can offer advice: Cámara Nacional de Comercio y Servicios del Uruguay, Edificio de la Bolsa de Comercio, Rincón 454, Piso 2, Casilla 1000, 11000 Montevideo (tel: (2) 916 1277; fax: (2) 916 1243; e-mail: gerencia@cncs.com.uy; website: www.cncs.com.uy); or Urugayan American Business Council, 1710 First Avenue, Suite 333, New York, NY 10128, USA (tel: (212) 722 3306; fax: (212) 996 2580; e-mail: gateway@uruguaychamber.com; website: www.uruguaychamber.com).
Copyright © 2003 Columbus Publishing Ltd.
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