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Official Visit
Minister of Foreign Affairs
Oriental Republic of Uruguay

Dr. Luis Almagro Lemes
November, 2012
2




        Uruguay at a glance
   Investment Promotion Regime
       Uruguay – Japan Trade
Some Japanese Companies in Uruguay
     Investment Opportunities
3




Uruguay at a glance
4

                                               Uruguay has a privileged geographical
Strategic location and modern infrastructure


                                                            location…


                                                           Uruguay
                                               A strategic location, with the best
                                                    connections to establish a
                                                logistics base in the heart of the
                                                 richest region in the continent
5

                                                   …with free access to a large market:
Strategic location and modern infrastructure


                                                               MERCOSUR
                                                                                                              Indicators                    Uruguay      MERCOSUR


                                                  Access to a large and                           Population (million)                           3.4       276
                                               growing consumer market
                                               due to our open economy                            Area (sq km thousands)                        176.2     12.795
                                               and our integration to the                         GDP 2011
                                                                                                                                                 46.7      3,307
                                                      MERCOSUR                                    (US$, billion)

                                                                                                  GDP per capita 2011 (US$)                     14,213    11,982

                                                                                                  GDP growth rate
                                                                                                                                                5.7%       3.7%
                                                                                                  2011 (%)



                                               Source: Uruguay XXI based on data provided by Central Banks and National Statistics Institutes
6
                                          Social and political stability
                                                                                  Uruguay in South   Uruguay in the
                                                   Ranking
                                                                                      America            World
                                   Transparency of government policymaking
Social and political stability



                                                                                         2                20
                                         (World Economic Forum 2012)

                                              Democracy Index
                                                                                         1                17
                                    (The Economist Intelligence Unit 2011)

                                              Economic Freedom
                                                                                         2                29
                                          (Heritage Foundation 2012)

                                              Political Stability
                                                                                         1                49
                                           (World Bank [WGI] 2010)

                                 Index of political and economic transformation
                                                                                         1                 4
                                        (Bertelsmann Foundation 2012)

                                               Global Peace Index
                                                                                         1                21
                                    (Institute for Economics & Peace 2011)

                                             Business Climate Index
                                                                                         1                 --
                                    (Getulio Vargas Foundation & IFO 2012)

                                               Quality of Living
                                                                                         1                77
                                  (Mercer Quality of Living City Ranking 2011)
7
                                           Uruguay’s sustainable growth
                                 Uruguayan GDP (Annual Variation in %)
Macroeconomic strength




                                                                                                                      Between 2005 and 2011
                                                                                                                         the average annual
                                                                                                                       growth rate was of 6%




                                                                        Uruguayan GDP per capita (PPP) US$




                         Source: Uruguay XXI based on data provided by the Central Bank of Uruguay and the IMF (WEO September 2011)
8
                                                               A country that attracts more FDI
                                                                        FDI in South America (% of GDP - 2011)
Macroeconomic strength




 US$ millions                                          FDI in Uruguay                                      FDI/GDP (%)
                                                                                                                         Leading sources and recipient sectors of FDI
                                                                                                                                         2001-2010
                  2500                                                                                             8%
                                                                                                    2289
                                                                                                           2191
                                                                                    2106
                  2000
                                                                                                                   6%
                                         FDI FLow         FDI/GDP
                                                                                             1529                                                             Cattle Raising,
                                                                      1493                                                           Construction             Agriculture and
                  1500                                                       1329                                                                                Forestry
                                                                                                                                         24%
                                                                                                                                                                    23%
                                                                                                                   4%

                  1000                                         847
                                                                                                                                     Manufacturing                  Financial
                                                                                                                                       Industry                    Brokerage
                                                                                                                   2%                    11%                          8%
                         500                    416
                                  297                   332
                                         194
                                                                                                                                                     Hotels and
                                                                                                                                                     restaurants
                           0                                                                                       0%                                    6%
                                  2001   2002   2003    2004   2005   2006   2007   2008     2009   2010   2011



                               Source: Uruguay XXI based on data provided by Central Banks
9
                                               …with increasing exports…
                                                 Exports of goods and services
                                                         (US$ million)                                                     Exports of services
Macroeconomic strength




                                                                                                                               Financial
                                                                                                                       Other services      Other
                                                                                                                     company      4%        3%
                                                                                                                      services
                                                                                                                        5%

                                                                                                                     IT
                                                                                                                     5%




                                                                                                               Logistics
                                                                                                                 19%



                                                                                                                                                   Tourism
                                                                                                                                                     64%




                         Source: Uruguay XXI based on data provided by the DNA and BCU (Balance of Payments)
10



                                             Exports by destinations                                   Exports of goods
Macroeconomic strength




                                            Brazil
                                                                                                          Other               Meat
                                            China                                                         21%                 17%
                                        Argentina

                                                                                          Milling                                       Soy
                               Russian Federation
                                                                                         products                                       10%
                                       Venezuela                                            3%
                                                                                         Fur, 3%
                                        Germany                                                                                        Wood pulp
                                                                                        Wool, 3%
                                                                                                                                         10%
                         United States of America                                       Plastics, 3%

                                            Spain                                           Wood
                                                                                           products
                                                                                                                             Cereals
                                        Paraguay                                              4%
                                                                                                                              10%
                                                                                                Automobile          Dairy
                                          Mexico                                                                  products
                                                                                                s Auto parts
                                                                                                    6%               9%
                                                     0   500       1000   1500   2000




                             Source: National Customs Administration
11

                         …and increasing access to more markets
Macroeconomic strength
12

                                                                        Modern infrastructure
Strategic location and modern infrastructure



                                               •   World-class port facilities in Montevideo, an excellent regional hub for the
                                                   Southern Cone
                                               •   Uruguay has the most concentrated road network in Latin America
                                               •   New airport, new ring road in Montevideo and a new ferry port in Colonia
                                               •   Reliable electricity supply (mostly from renewable resources)


                                                                                Quality of Electricity Supply (ranking)

                                                                                                                       New
                                                   USA        Spain     Uruguay     Hungary       Chile       Italy             Brazil   Argentina Paraguay
                                                                                                                      Zealand
                                                   32          34          35          37          39          42       47       69        96        117
                                               Source: World Economic Forum, Global Competitiveness Report 2010-11
13

                                                 Leading country in communications
Strategic location and modern infrastructure



                                                      Mobile                     Argentina                   Chile                             Internet
                                                    telephone                                                                                 subscribers
                                                   subscribers                                                                                     (ranking)
                                                      (ranking)                              19            53           Uruguay
                                                                       Uruguay

                                                               Chile                                                                 Brazil
                                                                                 26                                   56

                                                 Brazil                                                                                        Colombia
                                                                       47                                                       61


                                                          66                                                                                  70

                                                      Source: World Economic Forum, Global Competitiveness Report 2011-12. Ranking for 142 countries



                                               Uruguay is the most advanced country in Latin America according to the Information
                                                   and Communication Technology Index (ICT), developed by the International
                                                                       Telecommunication Union in 2011
14

                                                  High educational level
Favorable business environment


                                                                                Tertiary Education          Adults Literacy Rate
                                 •   The State provides free education up           Enrollment                       (%)
                                     to and throughout College and invests           (ranking)
                                                                                                           Ireland             99.0
                                     4.5% of its GDP in education             USA                   6
                                                                                                           Switzerland         99.0
                                 •   100% of high school students have
                                                                              Spain                18
                                                                                                           UK                  99.0
                                                                              Argentina            21
                                     completed at least three years of                                     USA                 99.0
                                     English and two years of Computer        Uruguay              25
                                                                                                           Chile               98.6
                                     Science                                  Ireland              33
                                                                                                           Uruguay             98.3
                                 •   21% of university students are           UK                   36
                                                                                                           Argentina           97.7
                                     developing careers on Accounting,        Chile                38
                                     Finance and Business Administration      Switzerland          51      Spain               97.7

                                 •   17% of university students are           Brazil               68      Paraguay            94.6

                                     developing careers in Science and        Paraguay             76      Brazil              90.0
                                     Technology                              Source: The World Economic   Source: United Nations, Human
                                                                             Forum. The Global            Development Reports 2011
                                                                             Competitiveness 2011-12
Highly Competitive Human Resources
                                          Best Value For Money
                                     Comparison of Net annual wages costs:                            Total Annual Costs for a Business in
                                                                                                      Uruguay (US$):
                                                                                                              Customer
                                                                                                               Service            8,800
3. Strategic Location




                                                                                                              Executive
                                                                                                             Accounting
                                                                                                                                 12,800
                                                                                                              Assistant
                                                                                                               Systems
                                                                                                                                 86,273
                                                                                                               Manager

                                                                                                           HHRR Manager          86,610

                                                                                                               Financial
                                                                                                                                112,720
                                                                                                               Manager

                                                                                                              Production
                                                                                                                                115,199
                                                                                                               Manager
                                                                                                               Business
                                                                                                                                124,030
                                                                                                               Manager
                                                                                                                 CEO            189,336


                        Source: Own compilation based on data from the Wages Council and the PwC Remuneration Survey, February 2012. Uruguay = 100
16




Investment Promotion Regime
17

                                         Investment Promotion Regime
                                               Complete legal framework for investments
Favorable business environment




                                 • The State recognizes the important role of FDI and maintains a favorable business
                                  environment

                                 • Uruguay has a significant background for attracting investments in
                                  agriculture, industry, services and infrastructure

                                 • Investment Law (No. 16.906) – January 1998:
                                      Foreign and domestic investors are treated under equal conditions
                                      Prior authorization or registration are not required
                                      There are no restrictions to capital transfers or profits abroad
                                 • In 2008, the Government created a one-stop shop to assist investors by establishing
                                  objective criteria for granting tax exemptions, this was successfully accomplished
                                  through an efficient, transparent, simple and non-arbitrary mechanism
18

                                              Investment Promotion Regime
                                                                            Tax benefits
Favorable business environment




                                 • Exemption from Corporate Income Tax* between 20% and 100% of the
                                   invested amount and for a minimum period of three years, depending on the
                                   evaluation of the project by a series of indicators

                                   Indicators and weight coefficients
                                     o Employment generation: 30%
                                     o Territorial decentralization: 15%
                                     o Increase in exports: 15%
                                     o Cleaner production or Investment in R&D: 20%
                                     o Sector Indicator: 20%



                                  * Corporate Income Tax exists only at national level (25%)
19

                                          Investment Promotion Regime
                                    Calculating formula for the Corporate Income Tax benefit
Favorable business environment




                                 • To be eligible for the benefit, companies must attain at least 1 point,
                                   ensuring a floor of 20% exemption from Corporate Income Tax

                                                 Total weighted score       Exemption

                                                          2                   29%
                                                          4                   47%
                                                          6                   64%
                                                          8                   82%
                                                         10                  100%
20

                                       Investment Promotion Regime
                                                       Other tax benefits
Favorable business environment




                                 • Exemption of Wealth Tax on civil works for eight years in
                                   Montevideo and ten years in other departments, and on fixed
                                   assets throughout their life

                                 • Exemption of Import Taxes and Fees on fixed assets, declared
                                   non-competitive with the domestic industry

                                 • 100% refund of VAT, on the domestic acquisition of materials and
                                   services for civil works
21

                                                       Industrial Parks
Favorable business environment




                                 • The users of industrial parks are eligible for the benefits specified in Law
                                   No. 16,906

                                 • Additional benefits:
                                    – The total weighted score will be increased by 15%
                                    – They will have a 5-year tax credit for the employer’s social security
                                        contributions of the new job positions created by the project

                                 • At this moment there are three industrial parks with authorization:
                                    – Parque Industrial Alto Uruguay
                                    – Parque Industrial de Juan Lacaze
                                    – Parque Industrial Zona Este
22
                                      Track record of Investment Projects
                                 Projects approved by the Commission for the Implementation of the Investment Law
                                                                    (COMAP)
Favorable business environment




                                                                                     Projects approved by sector (2011)




                                       In the last five years, the
                                    amount of projects presented to
                                     the COMAP multiplied by ten
23


                                             Temporary Admission
                                                      (Export incentive)
Favorable business environment




                                 • Temporary Admission is the introduction into the country of
                                  certain goods (raw materials, inputs, intermediate products,
                                  etc.) relieved totally from payment of import duties and
                                  taxes, with the specific purpose to be re-exported within 18
                                  months, after having been subject to certain value added
                                  process, with effective occupation of labor.

                                 • The Temporary Admission regime also applies to machinery
                                  and equipment from any source, entering temporarily for an
                                  specific use, maintenance, repairing or upgrade.
24

                                                                          Free Zones
                                         • Users 100% exempt from:
Favorable business environment




                                             • Corporate Income Tax (IRAE)
                                             • Wealth Tax
                                             • Import Tariffs
                                             • Any other created tax, or that might be created in the future *
                                         • Users may develop industrial, commercial or service activities
                                         • Business parks focused on technology and services which operate
                                           in Montevideo:
                                              • Aguada Park
                                              • Zonamérica
                                              • Parque de las Ciencias
                                              • WTC Free Zone

                                 * Companies which operate under the free zone regime must pay social security taxes for
                                 their Uruguayan employees.
25

                                               Free Ports and Airports
                                 • Only free ports on South America’s Atlantic coast
Favorable business environment




                                 • Free transit of goods, no authorizations or formal procedures are
                                  required
                                 • Within port facilities, goods are exempt from:
                                     o all import taxes or charges
                                     o all domestic taxes (e.g. VAT)
                                 • Services rendered are exempt from VAT
                                 • Foreign registered companies are exempt from wealth tax and income tax
                                 • Diverse operations may be performed on the merchandise, including
                                  warehousing, repackaging, relabeling, classification, grouping,
                                  ungrouping, consolidation, deconsolidation, manipulation or fractioning
                                  as well as value adding tasks that do not modify the nature of the product
26




     Uruguay – Japan Trade
Some Japanese Projects in Uruguay
27


                           Trade Balance Uruguay-Japan
                                                              U$S millions
                     140


                     120
Uruguay - Japan




                     100
                                                                                                      Exports
                      80
                                                                                                      Imports

                      60
                                                                                                      Trade Balance

                      40


                      20


                       0
                                    2009                      2010       2011   January - September
                                                                                       2012
                     -20

                  Source: National Customs Administration
                  Note: statistics include goods in transit
28


                                      Main Exported Products
                                                                      U$S million
                  Code                                    Product Description                                         2012
                                                                                            2009    2010     2011     (January -
                                                                                                                     September)
Uruguay - Japan




                  3302    Odoriferous substances or odoriferous substances-based mixtures   72,73   100,27   72,98    56,67

                  3824    Agglutinating preparations for molds or foundry cores             5,67    10,80    7,94      5,79

                  5105    Combed or carded wool and fine or ordinary hair                   2,42     3,60    4,81      2,62

                  1505    Wool and its derived oily substances, lanolin                     1,34     2,51    1,36      2,08

                  0303    Frozen fish                                                       0,24     1,62    0,92      0,65

                  2402    Tobacco, cigarettes or substitutes                                0,20     0,19    0,38      0,28

                  2009    Fruit juices, unfermented and without alcohol                     0,00     0,00    0,24      0,23

                  1201    Soya beans                                                        0,00     0,00    0,05      0,13

                  2309    Animal feeding preparations                                       0,13     0,14    0,14      0,10

                  2204    Fresh grapes wine                                                 0,02     0,03    0,02      0,09

                                                         Sub Total                          0,62     0,71    2,33      0,54
                                                              Total                         83,39   119,89   91,18    69,18


                  Source: National Customs Administration
                  Note: statistics include goods in transit
29

                                      Main Imported Products
                                                                         US$ million
                                                                                                                              2012
                  Code                                     Product Description                    2009    2010    2011     (January -
                                                                                                                          September)
Uruguay - Japan




                  4002 Synthetic rubber and factitious rubber derived from rubber oils            8,40    19,71   17,96     15,59
                  8703 Tourism automobiles and other vehicles designed to transport people        18,90   22,08   16,19      8,42
                  9018 Medicine, surgery, dentistry or veterinary instruments and apparatuses     2,24    2,21    1,81       3,00
                  4011 New rubber tires                                                           3,22    3,21    4,33       2,89
                  8443 Printing devices and printing auxiliary machines                           2,66    3,55    5,13       2,71
                  3926 Plastic products                                                           1,60    1,96    2,60       2,68
                  8525 Radiotelephony, radiotelegraphy, broadcasting or television transmitters   0,50    0,67    0,74       2,52
                  8711 Motorcycles mopeds and velocipedes                                         2,01    1,57    2,14       1,99
                  8482 Ball, roller or needle bearings                                            1,69    1,95    2,21       1,89
                  0303 Frozen fish                                                                 2,00    2,81    2,35      1,71
                                                             Sub Total                            30,02   34,93   40,66     27,89
                                                           Total general                          73,24   94,65   96,10     71,29


                     Source: National Customs Administration
                     Note: statistics include goods in transit
30

                     Examples of Japanese companies
                           present in Uruguay
                      RICOH                                Bonset
Japanese companies




                       Established in 1993 a Regional      Plant under construction to produce heat
                        Distribution Center in Uruguay       shrinkable film

                       Ricoh’s RDC occupies 400 m2 in      Total investment: US$ 20 million
                        Zonamerica Free Zone




                      Takata Corporation                    Yazaki
                                                             Established in 2006.
                       Started operations in                Electrical harnesses
                        May 2012
                                                             Two plants in Uruguay
                        Car’s Airbag plant
                       Total investment: US$ 10 million     Total investment: US$ 6 million

                       400 employees                        1,400 employees
31




Investment Opportunities
Infrastructure
33


                                              Regasification Plant
                Brief description
                 International tender for companies interested in the
                  construction and operation of a LNG Regasification
                  Plant
Opportunities




                 Regasification capacity of 10 million cubic meters
                  expandable up to 15 million.

                 Construction of breakwaters, piers, floating deposits,
                  combined unit of storage and regasification

                 Operation and Construction under BOOT modality
                  (Build, Own, Operate, Transfer).


                Total Investment: US$ 400 million (estimated)
                Tender: international
                Stage: Until 1st of October 2012 the qualification process will take place. Afterwards offers from the short listed companies
                will be received. The tender process will be ending by December 2013 and construction is estimated to be concluded by the
                end of 2014.
34

                Punta del Este Convention and Trade Fair Centre

                Brief description
                 Public tender for the construction and operation of a
                  Convention Center and Fairground in Punta del Este
Opportunities




                 First stage 6,000 m2 expandable up to 18,000 m2

                 The contractor company will receive:

                        •   Project by Carlos Ott, a well-known Uruguayan architect
                            with an important international career
                        •   A cash contribution for construction financed by the
                            Government of up to US$ 23,150,000
                        •   Operation Rights of the Convention Center and Fairground

                Total Investment: US$ 40 million (estimated)
                Tender: international
                Stage: Deadline for bidding 30th of November 2012. Construction starts in
                2013.
Private Public Partnership (PPP)
36

                                 Public Private Partnership (PPP)
                             PPP Law
Regulatory Framework (PPP)




                             In July 2011, the Uruguayan Legislative Branch passed the Public Private
                             Partnership (PPP) law that established the regulatory framework based on
                             world’s best current practices

                             PPP Contracts
                             Contracts of Government with Private companies in which during a limited
                             time frame the private party is assigned for the Design, Build, Finance and
                             Operation (DBFO) of an infrastructure project

                             Type of Projects
                               Transport Infrastructure: Road Network, Railway, Ports and Airports
                               Energy infrastructure
                               Waste treatment & disposal infrastructure
                               Social Infrastructure: Schools, hospitals, prisons
37

                             PPP Adjudication Process
        Initiative:                              Studies          Bidding:
                             Evaluation         Approval                            Bidders           Offers
         Public or                                              Competitive                                              Adjudication
                              Studies          (MEF/OPP)                           Evaluation         Analysis
          Private                                                Dialogue


                                                                                                                       The Technical
                                                                                                                        Commission
                                                                                                                        will order the
                                                            Launch a public
    Any PPP                Before                                                                                     offers. With the
                                                            bidding process     Legal entities     The criteria to
procedure may           launching a                                                                                       PPP Unit
                                          The Ministry of      using any          national or       evaluate the
start within the          project a                                                                                      approval, a
                                          Finance (MEF)       competitive           foreign.      offers is stated
      Public          technical, legal,                                                                                  provisional
                                           and the Office     method. The         Accredited       in the contract
Administration         economic and                                                                                   adjudication will
                                            of Budgeting    COMPETITIVE         financial and       and linked to
 but also as a            financial                                                                                    be done. After
                                           and Planning       DIALOGUE             technical        quality, price,
      private           evaluations                                                                                        this the
                                          (OPP) have to     method may be          solvency          timeframe,
 initiative. The       must be done                                                                                     Tribunal de
                                            approve the          used for     Incompatibilities   costs, technical
private initiative        1- Profile                                                                                      Cuentas
                                             evaluation         complex            : entities       aspects, etc.
    has to be           2-Elegibility                                                                                 intervenes and
                                          studies and the      projects in     involved in the       Done by a
  presented at          3- Feasibility                                                                                   the winner
                                          bidding bases.    order to define    project among          Technical
       CND               4-Value for                                                                                    presents the
                                                                technical           others.         Commission
                           money                                                                                       missing data.
                                                                aspects.
                                                                                                                      The final adj. is
                                                                                                                             done.
Underway Projects (PPP)
39

                                          Underway Projects (PPP)
                           1      Prison System

                          Brief description
Underway projects (PPP)




                          Design, construction, equipment and financing as well as
                          some activities such as cleaning, preventive
                          maintenance, food, laundry services, parks maintenance
                          among others for 2,000 prisoners. Health, police services and
                          rehabilitation of the prisoners will be run by the State.

                          Initial Investment: US$ 80 million (estimated)
                          Total Investment: US$ 320 million (in 20 years, estimated)
                          Tender: international
                          Term of contract: 22.5 years
                          Stage: Draft of contract since August 2012 in OPP and MEF for approval. Bidding
                          process expected soon.
40

                                          Underway Projects (PPP)
                          22 Highways number 21 and 24
Underway projects (PPP)




                          Brief description
                          Rehabilitation and maintenance of 192 km of existing road.
                          Contract mode: Design, Build, Operate and Transfer.


                          Initial Investment: US$ 70 million (estimated)
                          Total Investment: US$ 200 million (in 20 years, estimated)
                          Tender: international
                          Term of contract: 20 years
                          Stage: August 2012 approved by OPP and MEF. Bidding process
                          expected soon.
41

                                         Underway Projects (PPP)
                           3 Deep Water Port

                          Brief description
Underway Projects (PPP)




                           Design and Build a deep water port (greenfield) in
                            the coastline of Rocha department.
                           Increasing demand of cargo transport
                           Multipurpose port that complements the ports of
                            the Paraguay - Paraná seaway and the Regional
                            Ports
                           Will handle National and Regional Cargo



                          Total Investment: US$ 1,000 million (estimated)
                          Tender: international
                          Stage: June 2012 approved to be eligible by decree 196/012.
Future tenders (PPP) Project Opportunities
                 2012 - 2015
National Highway Network Road Projects
                      Increasing traffic of transported tones due to fast development of Agriculture, Cattle and Forestry
                      sectors. Need to have an efficient connectivity among the producing and transportation terminals.
Opportunities (PPP)




                      Route 3 North                           ARTIGAS
                                                                                                              BRAZIL


                       Routes 4 & 31                           SALTO
                                                                                         RIVERA                   Routes 6, 7 & 8

                            Route 26                       PAYSANDÚ             TACUAREMBÓ

                               ARGENTINA                                                           CERRO LARGO
                                                           RIO NEGRO
                                                                               DURAZNO            TREINTA Y
                       Routes 21 & 24                                                             TRES                      Route 14
                                                      SORIANO FLORES
                                                                                FLORID      LAVALLEJA                       Routes 13 & 15
                                                                                A                        ROCHA
                       Colonia and Juan Lacaze        COLONIA           SAN
                       port access roads                                JOSÉ
                                                                               CANELONES                         ATLANTIC OCEAN
                                                                                           MALDONADO
                                      Port of Montevideo
                                                                           MONTEVIDEO
                                      access roads

                                                              LA PLATA RIVER
44

                                                            Railway
                      Railway must be refurbished in order to increase competitiveness in cargo transportation. Of the
                      3,000 km slightly more than 50 % is currently under operation.
Opportunities (PPP)




                                                                                     Required Investment

                                                                                 Segment                  US$*

                                                                               Chamberlain -             100,000,000
                                                                               Algorta - Fray
                                                                               Bentos

                                                                               Algorta -                   55,000,000
                                                                               Paysandú -
                                                                               Salto
                                                                               Piedra Sola -               15,000,000
                                                                               Tres Árboles

                                                                               Toledo -                    90,000,000
                                                                               Treinta y Tres

                                                                               TOTAL                     260,000,000

                                                                               * Estimated values 2011 - 2015. Source
                                                                               MTOP.
45


                       In summary
It is an exciting time to do business in Uruguay:
1.Economy is growing at high and sustainable rates, as well as
domestic and foreign investment
2.We are a safe, reliable and stable country, both socially and
politically, with one of the best per capita GDP in Latin America
3.Our human resources are among the best qualified in Latin
America, and Uruguayan entrepreneurs view the world as their
market, making them ideal partners for joint projects
4.Investment promotion regimes are highly competitive and
profitable.
Thank you!
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Presentación Uruguay inglés

  • 1. Official Visit Minister of Foreign Affairs Oriental Republic of Uruguay Dr. Luis Almagro Lemes November, 2012
  • 2. 2 Uruguay at a glance Investment Promotion Regime Uruguay – Japan Trade Some Japanese Companies in Uruguay Investment Opportunities
  • 3. 3 Uruguay at a glance
  • 4. 4 Uruguay has a privileged geographical Strategic location and modern infrastructure location… Uruguay A strategic location, with the best connections to establish a logistics base in the heart of the richest region in the continent
  • 5. 5 …with free access to a large market: Strategic location and modern infrastructure MERCOSUR Indicators Uruguay MERCOSUR Access to a large and Population (million) 3.4 276 growing consumer market due to our open economy Area (sq km thousands) 176.2 12.795 and our integration to the GDP 2011 46.7 3,307 MERCOSUR (US$, billion) GDP per capita 2011 (US$) 14,213 11,982 GDP growth rate 5.7% 3.7% 2011 (%) Source: Uruguay XXI based on data provided by Central Banks and National Statistics Institutes
  • 6. 6 Social and political stability Uruguay in South Uruguay in the Ranking America World Transparency of government policymaking Social and political stability 2 20 (World Economic Forum 2012) Democracy Index 1 17 (The Economist Intelligence Unit 2011) Economic Freedom 2 29 (Heritage Foundation 2012) Political Stability 1 49 (World Bank [WGI] 2010) Index of political and economic transformation 1 4 (Bertelsmann Foundation 2012) Global Peace Index 1 21 (Institute for Economics & Peace 2011) Business Climate Index 1 -- (Getulio Vargas Foundation & IFO 2012) Quality of Living 1 77 (Mercer Quality of Living City Ranking 2011)
  • 7. 7 Uruguay’s sustainable growth Uruguayan GDP (Annual Variation in %) Macroeconomic strength Between 2005 and 2011 the average annual growth rate was of 6% Uruguayan GDP per capita (PPP) US$ Source: Uruguay XXI based on data provided by the Central Bank of Uruguay and the IMF (WEO September 2011)
  • 8. 8 A country that attracts more FDI FDI in South America (% of GDP - 2011) Macroeconomic strength US$ millions FDI in Uruguay FDI/GDP (%) Leading sources and recipient sectors of FDI 2001-2010 2500 8% 2289 2191 2106 2000 6% FDI FLow FDI/GDP 1529 Cattle Raising, 1493 Construction Agriculture and 1500 1329 Forestry 24% 23% 4% 1000 847 Manufacturing Financial Industry Brokerage 2% 11% 8% 500 416 297 332 194 Hotels and restaurants 0 0% 6% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Uruguay XXI based on data provided by Central Banks
  • 9. 9 …with increasing exports… Exports of goods and services (US$ million) Exports of services Macroeconomic strength Financial Other services Other company 4% 3% services 5% IT 5% Logistics 19% Tourism 64% Source: Uruguay XXI based on data provided by the DNA and BCU (Balance of Payments)
  • 10. 10 Exports by destinations Exports of goods Macroeconomic strength Brazil Other Meat China 21% 17% Argentina Milling Soy Russian Federation products 10% Venezuela 3% Fur, 3% Germany Wood pulp Wool, 3% 10% United States of America Plastics, 3% Spain Wood products Cereals Paraguay 4% 10% Automobile Dairy Mexico products s Auto parts 6% 9% 0 500 1000 1500 2000 Source: National Customs Administration
  • 11. 11 …and increasing access to more markets Macroeconomic strength
  • 12. 12 Modern infrastructure Strategic location and modern infrastructure • World-class port facilities in Montevideo, an excellent regional hub for the Southern Cone • Uruguay has the most concentrated road network in Latin America • New airport, new ring road in Montevideo and a new ferry port in Colonia • Reliable electricity supply (mostly from renewable resources) Quality of Electricity Supply (ranking) New USA Spain Uruguay Hungary Chile Italy Brazil Argentina Paraguay Zealand 32 34 35 37 39 42 47 69 96 117 Source: World Economic Forum, Global Competitiveness Report 2010-11
  • 13. 13 Leading country in communications Strategic location and modern infrastructure Mobile Argentina Chile Internet telephone subscribers subscribers (ranking) (ranking) 19 53 Uruguay Uruguay Chile Brazil 26 56 Brazil Colombia 47 61 66 70 Source: World Economic Forum, Global Competitiveness Report 2011-12. Ranking for 142 countries Uruguay is the most advanced country in Latin America according to the Information and Communication Technology Index (ICT), developed by the International Telecommunication Union in 2011
  • 14. 14 High educational level Favorable business environment Tertiary Education Adults Literacy Rate • The State provides free education up Enrollment (%) to and throughout College and invests (ranking) Ireland 99.0 4.5% of its GDP in education USA 6 Switzerland 99.0 • 100% of high school students have Spain 18 UK 99.0 Argentina 21 completed at least three years of USA 99.0 English and two years of Computer Uruguay 25 Chile 98.6 Science Ireland 33 Uruguay 98.3 • 21% of university students are UK 36 Argentina 97.7 developing careers on Accounting, Chile 38 Finance and Business Administration Switzerland 51 Spain 97.7 • 17% of university students are Brazil 68 Paraguay 94.6 developing careers in Science and Paraguay 76 Brazil 90.0 Technology Source: The World Economic Source: United Nations, Human Forum. The Global Development Reports 2011 Competitiveness 2011-12
  • 15. Highly Competitive Human Resources Best Value For Money Comparison of Net annual wages costs: Total Annual Costs for a Business in Uruguay (US$): Customer Service 8,800 3. Strategic Location Executive Accounting 12,800 Assistant Systems 86,273 Manager HHRR Manager 86,610 Financial 112,720 Manager Production 115,199 Manager Business 124,030 Manager CEO 189,336 Source: Own compilation based on data from the Wages Council and the PwC Remuneration Survey, February 2012. Uruguay = 100
  • 17. 17 Investment Promotion Regime Complete legal framework for investments Favorable business environment • The State recognizes the important role of FDI and maintains a favorable business environment • Uruguay has a significant background for attracting investments in agriculture, industry, services and infrastructure • Investment Law (No. 16.906) – January 1998:  Foreign and domestic investors are treated under equal conditions  Prior authorization or registration are not required  There are no restrictions to capital transfers or profits abroad • In 2008, the Government created a one-stop shop to assist investors by establishing objective criteria for granting tax exemptions, this was successfully accomplished through an efficient, transparent, simple and non-arbitrary mechanism
  • 18. 18 Investment Promotion Regime Tax benefits Favorable business environment • Exemption from Corporate Income Tax* between 20% and 100% of the invested amount and for a minimum period of three years, depending on the evaluation of the project by a series of indicators Indicators and weight coefficients o Employment generation: 30% o Territorial decentralization: 15% o Increase in exports: 15% o Cleaner production or Investment in R&D: 20% o Sector Indicator: 20% * Corporate Income Tax exists only at national level (25%)
  • 19. 19 Investment Promotion Regime Calculating formula for the Corporate Income Tax benefit Favorable business environment • To be eligible for the benefit, companies must attain at least 1 point, ensuring a floor of 20% exemption from Corporate Income Tax Total weighted score Exemption 2 29% 4 47% 6 64% 8 82% 10 100%
  • 20. 20 Investment Promotion Regime Other tax benefits Favorable business environment • Exemption of Wealth Tax on civil works for eight years in Montevideo and ten years in other departments, and on fixed assets throughout their life • Exemption of Import Taxes and Fees on fixed assets, declared non-competitive with the domestic industry • 100% refund of VAT, on the domestic acquisition of materials and services for civil works
  • 21. 21 Industrial Parks Favorable business environment • The users of industrial parks are eligible for the benefits specified in Law No. 16,906 • Additional benefits: – The total weighted score will be increased by 15% – They will have a 5-year tax credit for the employer’s social security contributions of the new job positions created by the project • At this moment there are three industrial parks with authorization: – Parque Industrial Alto Uruguay – Parque Industrial de Juan Lacaze – Parque Industrial Zona Este
  • 22. 22 Track record of Investment Projects Projects approved by the Commission for the Implementation of the Investment Law (COMAP) Favorable business environment Projects approved by sector (2011) In the last five years, the amount of projects presented to the COMAP multiplied by ten
  • 23. 23 Temporary Admission (Export incentive) Favorable business environment • Temporary Admission is the introduction into the country of certain goods (raw materials, inputs, intermediate products, etc.) relieved totally from payment of import duties and taxes, with the specific purpose to be re-exported within 18 months, after having been subject to certain value added process, with effective occupation of labor. • The Temporary Admission regime also applies to machinery and equipment from any source, entering temporarily for an specific use, maintenance, repairing or upgrade.
  • 24. 24 Free Zones • Users 100% exempt from: Favorable business environment • Corporate Income Tax (IRAE) • Wealth Tax • Import Tariffs • Any other created tax, or that might be created in the future * • Users may develop industrial, commercial or service activities • Business parks focused on technology and services which operate in Montevideo: • Aguada Park • Zonamérica • Parque de las Ciencias • WTC Free Zone * Companies which operate under the free zone regime must pay social security taxes for their Uruguayan employees.
  • 25. 25 Free Ports and Airports • Only free ports on South America’s Atlantic coast Favorable business environment • Free transit of goods, no authorizations or formal procedures are required • Within port facilities, goods are exempt from: o all import taxes or charges o all domestic taxes (e.g. VAT) • Services rendered are exempt from VAT • Foreign registered companies are exempt from wealth tax and income tax • Diverse operations may be performed on the merchandise, including warehousing, repackaging, relabeling, classification, grouping, ungrouping, consolidation, deconsolidation, manipulation or fractioning as well as value adding tasks that do not modify the nature of the product
  • 26. 26 Uruguay – Japan Trade Some Japanese Projects in Uruguay
  • 27. 27 Trade Balance Uruguay-Japan U$S millions 140 120 Uruguay - Japan 100 Exports 80 Imports 60 Trade Balance 40 20 0 2009 2010 2011 January - September 2012 -20 Source: National Customs Administration Note: statistics include goods in transit
  • 28. 28 Main Exported Products U$S million Code Product Description 2012 2009 2010 2011 (January - September) Uruguay - Japan 3302 Odoriferous substances or odoriferous substances-based mixtures 72,73 100,27 72,98 56,67 3824 Agglutinating preparations for molds or foundry cores 5,67 10,80 7,94 5,79 5105 Combed or carded wool and fine or ordinary hair 2,42 3,60 4,81 2,62 1505 Wool and its derived oily substances, lanolin 1,34 2,51 1,36 2,08 0303 Frozen fish 0,24 1,62 0,92 0,65 2402 Tobacco, cigarettes or substitutes 0,20 0,19 0,38 0,28 2009 Fruit juices, unfermented and without alcohol 0,00 0,00 0,24 0,23 1201 Soya beans 0,00 0,00 0,05 0,13 2309 Animal feeding preparations 0,13 0,14 0,14 0,10 2204 Fresh grapes wine 0,02 0,03 0,02 0,09 Sub Total 0,62 0,71 2,33 0,54 Total 83,39 119,89 91,18 69,18 Source: National Customs Administration Note: statistics include goods in transit
  • 29. 29 Main Imported Products US$ million 2012 Code Product Description 2009 2010 2011 (January - September) Uruguay - Japan 4002 Synthetic rubber and factitious rubber derived from rubber oils 8,40 19,71 17,96 15,59 8703 Tourism automobiles and other vehicles designed to transport people 18,90 22,08 16,19 8,42 9018 Medicine, surgery, dentistry or veterinary instruments and apparatuses 2,24 2,21 1,81 3,00 4011 New rubber tires 3,22 3,21 4,33 2,89 8443 Printing devices and printing auxiliary machines 2,66 3,55 5,13 2,71 3926 Plastic products 1,60 1,96 2,60 2,68 8525 Radiotelephony, radiotelegraphy, broadcasting or television transmitters 0,50 0,67 0,74 2,52 8711 Motorcycles mopeds and velocipedes 2,01 1,57 2,14 1,99 8482 Ball, roller or needle bearings 1,69 1,95 2,21 1,89 0303 Frozen fish 2,00 2,81 2,35 1,71 Sub Total 30,02 34,93 40,66 27,89 Total general 73,24 94,65 96,10 71,29 Source: National Customs Administration Note: statistics include goods in transit
  • 30. 30 Examples of Japanese companies present in Uruguay RICOH Bonset Japanese companies  Established in 1993 a Regional  Plant under construction to produce heat Distribution Center in Uruguay shrinkable film  Ricoh’s RDC occupies 400 m2 in  Total investment: US$ 20 million Zonamerica Free Zone Takata Corporation Yazaki  Established in 2006.  Started operations in  Electrical harnesses May 2012  Two plants in Uruguay Car’s Airbag plant  Total investment: US$ 10 million  Total investment: US$ 6 million  400 employees  1,400 employees
  • 33. 33 Regasification Plant Brief description  International tender for companies interested in the construction and operation of a LNG Regasification Plant Opportunities  Regasification capacity of 10 million cubic meters expandable up to 15 million.  Construction of breakwaters, piers, floating deposits, combined unit of storage and regasification  Operation and Construction under BOOT modality (Build, Own, Operate, Transfer). Total Investment: US$ 400 million (estimated) Tender: international Stage: Until 1st of October 2012 the qualification process will take place. Afterwards offers from the short listed companies will be received. The tender process will be ending by December 2013 and construction is estimated to be concluded by the end of 2014.
  • 34. 34 Punta del Este Convention and Trade Fair Centre Brief description  Public tender for the construction and operation of a Convention Center and Fairground in Punta del Este Opportunities  First stage 6,000 m2 expandable up to 18,000 m2  The contractor company will receive: • Project by Carlos Ott, a well-known Uruguayan architect with an important international career • A cash contribution for construction financed by the Government of up to US$ 23,150,000 • Operation Rights of the Convention Center and Fairground Total Investment: US$ 40 million (estimated) Tender: international Stage: Deadline for bidding 30th of November 2012. Construction starts in 2013.
  • 36. 36 Public Private Partnership (PPP) PPP Law Regulatory Framework (PPP) In July 2011, the Uruguayan Legislative Branch passed the Public Private Partnership (PPP) law that established the regulatory framework based on world’s best current practices PPP Contracts Contracts of Government with Private companies in which during a limited time frame the private party is assigned for the Design, Build, Finance and Operation (DBFO) of an infrastructure project Type of Projects  Transport Infrastructure: Road Network, Railway, Ports and Airports  Energy infrastructure  Waste treatment & disposal infrastructure  Social Infrastructure: Schools, hospitals, prisons
  • 37. 37 PPP Adjudication Process Initiative: Studies Bidding: Evaluation Approval Bidders Offers Public or Competitive Adjudication Studies (MEF/OPP) Evaluation Analysis Private Dialogue The Technical Commission will order the Launch a public Any PPP Before offers. With the bidding process Legal entities The criteria to procedure may launching a PPP Unit The Ministry of using any national or evaluate the start within the project a approval, a Finance (MEF) competitive foreign. offers is stated Public technical, legal, provisional and the Office method. The Accredited in the contract Administration economic and adjudication will of Budgeting COMPETITIVE financial and and linked to but also as a financial be done. After and Planning DIALOGUE technical quality, price, private evaluations this the (OPP) have to method may be solvency timeframe, initiative. The must be done Tribunal de approve the used for Incompatibilities costs, technical private initiative 1- Profile Cuentas evaluation complex : entities aspects, etc. has to be 2-Elegibility intervenes and studies and the projects in involved in the Done by a presented at 3- Feasibility the winner bidding bases. order to define project among Technical CND 4-Value for presents the technical others. Commission money missing data. aspects. The final adj. is done.
  • 39. 39 Underway Projects (PPP) 1 Prison System Brief description Underway projects (PPP) Design, construction, equipment and financing as well as some activities such as cleaning, preventive maintenance, food, laundry services, parks maintenance among others for 2,000 prisoners. Health, police services and rehabilitation of the prisoners will be run by the State. Initial Investment: US$ 80 million (estimated) Total Investment: US$ 320 million (in 20 years, estimated) Tender: international Term of contract: 22.5 years Stage: Draft of contract since August 2012 in OPP and MEF for approval. Bidding process expected soon.
  • 40. 40 Underway Projects (PPP) 22 Highways number 21 and 24 Underway projects (PPP) Brief description Rehabilitation and maintenance of 192 km of existing road. Contract mode: Design, Build, Operate and Transfer. Initial Investment: US$ 70 million (estimated) Total Investment: US$ 200 million (in 20 years, estimated) Tender: international Term of contract: 20 years Stage: August 2012 approved by OPP and MEF. Bidding process expected soon.
  • 41. 41 Underway Projects (PPP) 3 Deep Water Port Brief description Underway Projects (PPP)  Design and Build a deep water port (greenfield) in the coastline of Rocha department.  Increasing demand of cargo transport  Multipurpose port that complements the ports of the Paraguay - Paraná seaway and the Regional Ports  Will handle National and Regional Cargo Total Investment: US$ 1,000 million (estimated) Tender: international Stage: June 2012 approved to be eligible by decree 196/012.
  • 42. Future tenders (PPP) Project Opportunities 2012 - 2015
  • 43. National Highway Network Road Projects Increasing traffic of transported tones due to fast development of Agriculture, Cattle and Forestry sectors. Need to have an efficient connectivity among the producing and transportation terminals. Opportunities (PPP) Route 3 North ARTIGAS BRAZIL Routes 4 & 31 SALTO RIVERA Routes 6, 7 & 8 Route 26 PAYSANDÚ TACUAREMBÓ ARGENTINA CERRO LARGO RIO NEGRO DURAZNO TREINTA Y Routes 21 & 24 TRES Route 14 SORIANO FLORES FLORID LAVALLEJA Routes 13 & 15 A ROCHA Colonia and Juan Lacaze COLONIA SAN port access roads JOSÉ CANELONES ATLANTIC OCEAN MALDONADO Port of Montevideo MONTEVIDEO access roads LA PLATA RIVER
  • 44. 44 Railway Railway must be refurbished in order to increase competitiveness in cargo transportation. Of the 3,000 km slightly more than 50 % is currently under operation. Opportunities (PPP) Required Investment Segment US$* Chamberlain - 100,000,000 Algorta - Fray Bentos Algorta - 55,000,000 Paysandú - Salto Piedra Sola - 15,000,000 Tres Árboles Toledo - 90,000,000 Treinta y Tres TOTAL 260,000,000 * Estimated values 2011 - 2015. Source MTOP.
  • 45. 45 In summary It is an exciting time to do business in Uruguay: 1.Economy is growing at high and sustainable rates, as well as domestic and foreign investment 2.We are a safe, reliable and stable country, both socially and politically, with one of the best per capita GDP in Latin America 3.Our human resources are among the best qualified in Latin America, and Uruguayan entrepreneurs view the world as their market, making them ideal partners for joint projects 4.Investment promotion regimes are highly competitive and profitable.

Hinweis der Redaktion

  1. Muy competitiva es también la legislación referida a las Zonas Francas, exentas de impuestos actuales o a ser creados en el futuro.