1. January 2011
Life Sciences
Investment opportunities in Uruguay

2. 1. Uruguay’s attractive conditions for investments in the sector
 Skilled personnel in science and technology research areas related to life sciences
(biomedicine, biochemistry and biotechnology).
 17% of university students in Uruguay study science and technology in the
following degree courses: bachelor of biochemistry, bachelor of biological science,
doctor of biological sciences, pharmaceutical chemistry specialist, doctor of
chemistry, hospital pharmacy specialist, doctorate of veterinary sciences, among
others.
 There are more than 80 laboratories and research centers that perform
biotechnology research. State-of-the-art equipment is readily available as is a
suitable building infrastructure with large-scale investments in technology.
 A core group of domestic laboratories have operated for many years with a deep
understanding of the business, ready to update and broaden product offerings.
 Uruguay is one of the few countries in the world that is free from mad cow and
foot-and-mouth disease (with vaccination), enabling supplies of raw materials and
processed products of animal origin.1
 Uruguay is one of the five countries in the world that is able to produce culturing
methods using meat derivatives, which enables access to Middle Eastern and
other markets.2
 New technology initiatives, such as the Pasteur Institute, the Zonamerica
Biotechnology Park, the Pando Science and Technology Park and the Sciences
Park, have provided enhanced conditions for scientific resources. This is an
attractive feature for multinational firms that wish to perform their own research
in the country or outsource research to Uruguayan laboratories.
 Uruguayan distribution centers focusing on the region and the domestic market
provide substantial benefits for both multinational and domestic companies.
Benefits include: inventory centralization, reduced lead times for the final client,
cost reductions from freight elimination, decrease in nationalized inventory in
each country, inventory flexibility, and more.
 Exports have increased significantly over the years, with production exceeding
local market demand 50 times over in some products.
1
Source: “Value chains (I) – Pharmaceutical chain 2008.”
2
Ibid.
2

3. 2. Advantages of doing business in Uruguay
Uruguay has a natural environment that is free from natural disasters. It is politically
stable with a representative democracy and a rotation of the three main political
parties.
Third highest in South America, Uruguay’s per capita GDP was approximately US$
10,000 in 2009.
GDP has risen at an average annual rate exceeding 6% since 2004 and rapid growth is
expected to continue in the coming years. Since 2004, macroeconomic indicators have
remained satisfactory and inflation has been under control (in the single digits). Please
see a list of major economic indicators at the end of this document.
 An attractive cultural and educational environment, including the use of several
languages in addition to Spanish.
 Advanced communications and connectivity infrastructure.
 Reasonable wage costs.
 Foreign investment receives the same treatment as domestic investment.
Uruguay has agreements for investments promotion and protection with 27
countries, including Finland, France, Spain, United States, and the United
Kingdom.
 Foreign investors do not need permits or prior authorizations. Local companies
may be 100% foreign owned.
 There are no restrictions on the repatriation of capital, profits, dividends or
interest.
 The currency exchange market is open and there are no limits on foreign
currency trading. Investments can be made in any currency.
 There are no restrictions on hiring foreign staff (except for companies located
in Free Zones where 75% of employees must be local).
 Residency permits can be obtained in three months and anyone who has
entered the country legally can obtain one and start working, even during the
request process.
 Several global indicators show that Uruguay is a top location from which to do
business. The following charts illustrate some of these indicators.
3

4. Table 1: Uruguay's global rank in terms of democracy and political and social stability
Low Corruption Democracy Index Economic Freedom Global Peace Index
Ireland 14 Ireland 12 Ireland 5 Ireland 6
Chile 21 USA 17 USA 8 Uruguay 24
USA 22 Spain 18 Chile 10 Spain 25
Uruguay 24 Uruguay 21 Uruguay 33 Costa Rica 26
Spain 30 Costa Rica 24 Spain 36 Chile 28
Costa Rica 41 Chile 34 Costa Rica 54 Argentina 71
Brazil 69 Brazil 47 Colombia 58 Brazil 83
Colombia 78 Argentina 51 Brazil 113 USA 85
Argentina 105 Colombia 57 Argentina 135 Colombia 138
Source: Transparency Source: Economist Source: Heritage Source: Economist
International, 2010 Intelligence Unit, 2010 Foundation, 2010 Intelligence Unit, 2010
Uruguay also offers insurance against political risk to investors through an agreement
between the Uruguayan government and the U.S. Overseas Private Investment
Corporation (OPIC). The insurance covers all risks (except credit risk) with claims
subject to international arbitration.
3. Regional distribution centers
Uruguay is renowned in Latin America
as a logistics platform from which
international exporters centralize their
inventories for regional distribution.
Uruguay’s regional competitive
advantages have led to this position,
including: a strategic geographic
location; experience in rendering
multiple logistics services; cost
advantages of implementing a regional
distribution center; and the Free Zone, Free Port, Free Airport and Bonded Warehouse
systems that enable storage and various processes for merchandise free from customs
duties, import taxes and export taxes (and from income taxes for companies operating
in the Free Zones).
Currently, numerous domestic and international companies in the pharmaceutical
sector distribute merchandise to MERCOSUR and the region through various logistics
operators based in Uruguay that use the aforementioned systems to reach their clients
4

5. in just a few hours (JIT inventory management), thus avoiding delays and reducing
inventories required in each final destination country.
Merck Serono Uruguay - Ares Trading Uruguay S.A. (ATUSA), a
member of Merck Serono, a division of the Merck KgaA company of
Germany, a specialist in innovative pharmaceutical products. Since
1996, ATUSA has operated as a regional distribution center for biotech
products from manufacturing plants in Europe for sale throughout Latin America. In
addition, the company renders regional management services for projects and in
various areas including marketing, regulatory compliance, finance, drug safety and
legal. By mid-2011, the company will have completed construction of a US$ 7.5 million
biotechnology pole in the Zonamerica Free Zone, just outside Montevideo.
4. Research centers
4.1. Pasteur Institute
The Pasteur Institute of Montevideo is a non-profit
foundation created by Institut Pasteur of Paris and the
University of the Republic of Uruguay. Pasteur has a highly
skilled staff and state-of-the-art equipment that is available
for the local and regional scientific communities as well as for companies that employ
these types of technologies. The Pasteur Institute works on biotechnology projects
related to human and animal health, among other areas. Biotechnology services are
performed for domestic and foreign companies.
Currently, the following services are available:
 Biochemistry and Proteomics Unit
 Animal Transgenic and Experimentation Unit
 Cellular Biology Unit
 Protein Crystallography Unit
 Protein Biophysics Unit
 Bioinformatics Unit
 Recombinant Protein Unit
Foreign companies working with the Pasteur Institute include:
5

6.  Biopolis (Spain), which in 2009 optimized an animal model
outsourcing system (mice) for the pre-clinical study and
analysis of biotechnological molecules and ingredients
requested by its European clients.
 Danone (France), through its own global research and
development center, has collaborated since 2008 to jointly
develop a platform of highly predictive biotechnology
models for the study of dairy food prototypes with beneficial effects on human
health at Pasteur.
4.2. Pando Technology Pole
The Pando Technology Pole (PTP) of the University of the
Republic of Uruguay’s College of Chemistry serves as a
large research and development center and as a supplier
of technology services in the areas of chemistry,
biotechnology and nanotechnology for the
pharmaceutical, biotechnology and food industries.
PTP’s main method to promote R&D activities is through the creation of consortiums
with companies. Through these consortiums, PTP supplies research time,
infrastructure and the latest equipment while the company contributes technical staff,
supplies and financial resources. Laboratorios Celsius S.A. and the Conaprole dairy
company are two leading national companies that have consortiums with PTP.
Other methods of partnerships with small and medium companies exist as well,
through the supply of technological services, on demand development of new
products and processes and incubation for new technological undertakings.
Major areas of research include:
a. Pharmaceutical industry
This unit operates in three branches: pharmaceutical
technology, fine chemicals and natural products.
Emphasis is placed on the development of
pharmaceuticals, active ingredient production,
organic compound synthesis, natural product work
and R&D services for innovative local and global
companies. In this area, PLP has partnered with large
laboratories, including Celsius, Athena and Libra.
b. Biotechnology
The Biotechnology Laboratory specializes in the development of diagnostic reagents in
ELISA formats, latex particle agglutination and immunochromatography. Research
6

7. areas include the development of immunoassays for use in human, animal and
vegetable health as well as for the detection of small molecules, food contaminants
and environmental toxins.
c. Food
In the food area, PTP works in research and development for mainly local high growth
companies. The Nutritional Labeling Support Unit provides integral consulting services
for the industry and incorporates required analytical determinations, including specific
analyses of trans fats, cholesterol and vitamins, for example.
4.3. Science Park
Parque de las Ciencias (Science Park) is a Free Zone
with a special orientation towards life sciences and
technologies focused on industrial, logistics and
service projects. Operations are forecasted to begin in
the first half of 2011. The park will be located in the
department of Canelones, just one kilometer from the
Carrasco International Airport in Montevideo with fast
access to the capital city. Industrial scientific activities
in various areas are expected to be performed at the
park, including work in pharmaceuticals, cosmetics,
biotechnology, veterinary medicine, phytosanitary,
medical devices and more. It will also operate as a
technology park where software, electronics and
robotics will be developed.
Pharmaceutical consortium Mega Pharma is the first shareholder in the undertaking
and the first user of the park’s facilities. Mega Pharma will produce 60 million
pharmaceutical units at the park to supply 14 countries in Latin America. The initial
investment will total US$ 93 million. It will be completed in two phases with a 40,000
m2 plant that will create 750 direct jobs when in operation.
5. Uruguayan pharmaceutical market structure
The Uruguayan pharmaceutical market has more than US$ 300 million in annual sales
and employs 3,500 workers directly with a high percentage of technicians and
university trained professionals.
7

8. The domestic pharmaceutical sector is composed of four production chains that are
linked to biotechnology:3 pharmaceutical labs for human use; labs specializing in
veterinary medicine; phytotherapeutic and nutraceutical products; and therapeutic
device manufacturers.
Pharmaceutical laboratories for human use include multinational manufacturers of
globally patented products and domestic or regional companies that sell similar or
generic pharmaceutical products.
Companies in the veterinary sector include those with biological veterinary specialties,
veterinary pharmaceutical companies and companies focusing on imports. The
domestic market of these products is broad and exports have increased over the last
few years.
In the case of phythotherapeutic and nutraceutical products, although development
of the chain is incipient in commercial terms, alliances have been formed between the
public and private sectors along with local producers, which have enabled Uruguay to
achieve a higher quality international standard. This sector is showing development
opportunities given that the international demand for natural products has risen
significantly.
Manufacturers of therapeutic and diagnostic devices produce reagents, standard
reference and control solutions, analytical instruments and systems for diagnostics of
illnesses and other conditions.
Biotechnology touches each of these sectors and is the highest growing area with vast
development opportunities given that international demand for biotechnological
applications in various human and animal pharmaceutical manufacturing segments is
increasingly larger.
3
According to the United Nations Convention on Biological Diversity, it is defined as all technological applications
that use biological systems or living organisms or derivatives for the creation or modification of products or
processes for specific uses.
8

9. 5.1. Pharmaceutical industry production in Uruguay4
Pharmaceutical production has grown following a significant decline during the 2002-
2003 economic crisis in Uruguay. In 2004, the industry began to expand again and
achieved an annual growth rate of 17.4% between 2004 and 2009. In 2009, annual
production hit a peak of US$ 350 million.
Figure 1: Gross pharmaceutical industry production in Uruguay
US$ million
400
348
350 323
300
248 241
250 229
207 211
197 192
200
156
150 122 135
100
50
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: Central Bank of Uruguay (BCU). 2008 and 2009 estimates by Deloitte.
5.2. Uruguayan pharmaceutical sector exports and imports5
Sector exports have risen since 2003 to US$ 114 million by 2009. This is due to the fact
that in 2003 local labs began to use cheaper raw materials from Asia (China and India).
Export values in 2010 were similar to 2008 levels, but were down 8.8% as compared to
2009. The addition of antibiotic exports (NCM 2941) totaling US$ 57,683 is
noteworthy. Imports have also seen a significant rise over the last few years and
totaled US$ 147 million in 2010.
4
Information obtained from Deloitte’s “Pharmaceutical and medicinal products” report.
5
Includes items 2936, 2937, 2939 and 2941 of the Harmonized System from the chapter “Organic
chemical products” from chapter 29, and all items from chapter 30 “Pharmaceutical products.”
9

10. Figure 2: Uruguayan pharmaceutical sector exports and imports
US$ million
200 188
180
160 146 145
140 131
119 114
120 105 104 105
89 94
100 86
73 76
80 61
60 52
43
40 31 28 30
20
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Exports Imports
Source: Uruguay XXI based on Customs Bureau data
Table 3: Uruguayan pharmaceutical sector exports and imports per product (US$ million)
2010
Mercosur Common Nomenclature
2008 2009 US$
(NCM) % of total
million
(NCM 3004) Medications 74.1 81.5 66.8 63.7%
(NCM 3002) Human and animal blood for
therapeutic uses 14 14.8 20.4 19.4%
(NCM 3006) Pharmaceutical items and
preparations 5 6.5 6.7 6.4%
(NCM 3001) Glands and other organs for
opotherapy 1 2.1 3.5 3.3%
(NCM 2937) Natural and synthetic
hormones 2.6 2.5 3.2 3.1%
(NCM 2936) Natural and synthetic
provitamins and vitamins 5.1 4.7 2.8 2.7%
(NCM 3003) Non-dosed medications 1.8 2 1.2 1.1%
(NCM 2941) Antibiotics 0 0 0.1 0.1%
(NCM 2939) Natural and synthetic
vegetable alkaloids 0.1 0.1 0.1 0.1%
(NCM 3005) Gauze, padding, bandages
and similar items for medical use 0.1 0.1 0.1 0.1%
Total 103.8 114.3 104.9 100.0%
Source: Uruguay XXI based on Customs Bureau data
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11. 6. Regional and world environment
The global pharmaceutical market has seen massive growth recently. Global sales have
gone from US$ 400 billion in 2001 to over US$ 700 billion in 2008. Annual growth over
the last decade has averaged 9.8%.
Global exports have experienced sustained growth since 2001 and have averaged
16.4% annually. The five largest exporter countries account for 54% of total world
sales, with Germany and Belgium having a market share of 15% and 13%, respectively.
In the region, exports rose at an annual average of 8.3% between 2001 and 2009.
Mexico is the region's biggest exporter and accounts for 36% of ALADI exports. Brazil is
second at 30% and is followed by Argentina (18%) and Colombia (10%).
Global sector development opportunities
In the coming years, the global pharmaceutical market will undergo transformations
resulting from economic, demographic and epidemiological changes. It is estimated
that by 2020, the global pharmaceutical market will be worth US$ 800 billion. This
will occur to the extent that E7 countries (China, India, Russia, Brazil, Mexico,
Indonesia and Turkey) and G7 countries (USA, Japan, Germany, UK, France, Italy and
Canada) will continue to on a path of growth and spending patterns in this sector.
Currently, G7 countries spend 1.3% of GDP on medical expenditures and have a 79%
share in global sales, while E7 countries spend 0.9% of GDP and have an 8% share in
global sales in the sector.
Demand for medications is increasing and new medical needs arise with an ageing
population. It is forecasted that by 2020, 9.4% of the population will be 65 or older,
as compared to 7.3% just two years ago.
Source: PwC, “Pharma 2020: The vision- Which Path Will Take?” (2010).
Figure 3: Global pharmaceutical sector exports Figure 4: Regional pharmaceutical sector exports*
US$ billion US$ million
500
431 446 4500
450
370 4000
400
311
3500
350
300 273 3000
246
250 201
2500
200 166 2000
132
150 1500
100 1000
50 500
0 0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006 2007 2008 2009
Sources: Trademap and WTO. Note (*): Exports of countries associated to ALADI
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12. 7. Institutions6
7.1. Life sciences cluster
The life sciences cluster consists of companies and
institutions that create synergies to improve the quality of
life for people. In the cluster, Uruguayan exports are related
to human, animal and plant health and environmental care.
In Uruguay, life sciences companies belong to the following
sectors:
a) Biotechnology
b) Biomedical engineering and medical devices
c) Pharmaceutical and phytotherapeutic industry
7.2. Pharmaceutical Chamber of Uruguay (CEFA)
CEFA, a business organization with more than 50 years experience in the country,
brings together international pharmaceutical companies. Members include the
following: Abbott, Alcon, Astrazeneca, Bayer, Boehringer Ingelheim, Cibeles, Merck,
Sharp & Dohme, GSK, Janssen-Cilag, Pfizer, Tresul, Roche, Sanofi Aventis and 3M.
7.3. National Research and Innovation Agency (ANII)
ANII is one of the tools through which the government seeks to advance Uruguay as an
innovative country. The agency’s main objectives include the design, organization and
administration of plans, programs and instruments focused on scientific and
technological development and the deployment and fortification of innovative
capacities. To meet these objectives, the agency offers programs and tools in areas
such as research and development, scientific and technological knowledge transfers,
entrepreneurship and more.
7.4. Technology Laboratory of Uruguay (LATU)
LATU was created to drive the sustainable development of the country and its
international projection through innovation and the transfer of value solutions in
analytical, measurement, technological, management and compliance evaluation
services in accordance with applicable regulations. LATU offers a wide range of
services that add value to technologies and management processes used by public and
6
Contacts: Life Sciences Cluster: www.bionegocios.com.uy; Pharmaceutical Chamber of Uruguay:
cefa@adinet.com.uy; National Research and Innovation Agency: www.anii.org.uy; Technology
Laboratory of Uruguay: www.latu.org.uy
12

13. private companies, while seeking to drive development of the entire Uruguayan
community.
Noteworthy investment in the veterinary pharmaceutical sector
Merial- A subsidiary of Sanofi-Aventis, a world leader in animal health with
approximately 5,700 employees in more than 150 countries around the world. In
2006, Merial made a US$ 2 million investment in Uruguay to build a modern vaccine
plant. This plant manufactures 45 million doses of hexvalent
per year to prevent clostridial diseases in ruminants. It
supplies multiple countries in the region and around the
world, including: Argentina, Bolivia, Brazil, Colombia, Chile,
Ecuador, Mexico, Paraguay, Venezuela, Afghanistan, Algeria,
Botswana, France, Morocco, and others.
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14. APPENDICES
1. Domestic and foreign investment promotion
Foreign investors in Uruguay enjoy the same benefits as domestic investors and do not
need prior authorization to set up in the country.
Law 16,906 (dated 7 January 1998) declares that the promotion and protection of
domestic and foreign investment are of national interest. Decree 455/007 dated 26
November 2007 updated the regulations of this law.
Investment projects in any industry that are submitted and promoted by the Executive
Branch may use between 51% and 100% the amount invested as partial payment of
corporate income tax, according to project classification. The corporate income tax
rate is 25%.
In addition, moveable fixed assets and civil works are exempt from wealth tax and VAT
can be recovered for purchases of materials and services for the latter.
2. Specific legal system for Free Zones
Companies that want to perform logistics activities must select either the general or
Free Zone systems, depending on the type of product offered, business characteristics
and location conditions.
Free Zones were originally established in 1923 to develop industrial centers outside
the capital and were reformulated by Law 15,921 dated 17 December 1987. Free
Zones can be either private areas controlled by the Ministry of Economy and Finance
(Free Zone Area of the General Commerce Bureau) or state property managed by the
government or private entities. There are 11 Free Zones currently.
The following activities may be performed: merchandise transformation, commercial
activities, storage, foreign and domestic merchandise and raw material assembly and
disassembly, service rendering for customers within the Free Zone and outside the
country (and in some cases to Uruguay).7
Tax exemptions: Free Zone user activities are not subject to corporate income tax,
wealth tax or any other current or future tax. Dividends paid to foreign-based
shareholders are not subject to taxes. Foreign staff (up to 25% of employees) can opt
out of the Uruguayan social security system.
7
Services that can be rendered in the non-Free Zone national territory are (while respecting state
monopolies, exclusivities and/or public concessions): international call centers (as long as the number of
incoming and outgoing calls to and from the national territory is less than 50% of total calls; e-mail
services; e-learning services; electronic signature certificate issuance; software production services, IT
support and training. Sources: Law 15,921 (article 2), Decree 71/001 (article 3) and Decree 84/006
(article 1).
14

15. Foreign sales and purchases of goods and services are not subject to VAT. Services
rendered within the Free Zone are also not subject to VAT.
Non-resident entities are not subject to corporate income tax for activities carried out
on foreign merchandise in transit or stored at the Free Zones when the merchandise is
not for the national customs territory. They are also not subject to corporate income
tax when sales to the national territory do not exceed 5% of total merchandise sales in
transit or stored at the Free Zone.
Customs exemptions: sales and purchases to and from the rest of the world are
exempt from customs duties, no matter if the acquirer of the purchases is a Free Zone
user.
Sales from the non-Free Zone national territory to the Free Zones are considered
exports and sales from the Free Zones to the national non-Free Zone territory are
considered imports and are subject to corresponding customs duties and national
taxes.
Sales from the Free Zones to Mercsosur are subject to the Common External Tariff
(AEC), as are goods from countries outside the customs union, except for those
explicitly established in bilateral agreements negotiated in the Mercosur framework
with Argentina and Brazil.
Given the preceding regulations, it is generally appropriate to use the Free Zones for
companies that add industrial value or that perform logistics operations and export
mainly goods to the rest of the world (if products are exported to Mercosur the AEC
must be paid despite the Mercosur origin).
Government commercial and industrial monopolies are not in effect in the Free Zones.
3. Strategic geographic location in the expanded region (Argentina, Bolivia,
Brazil, Chile and Paraguay)
A report by ALADI and Mercosur showed that in 2004, 64% of all extra-regional goods
in transit in Mercosur passed through Uruguay, a country with just 2% of regional
GDP.8 This result is known as the “Rotterdam effect” where “the amount of
commercial traffic is much greater than the market itself could support. It is seen in
cases where small economies are surrounded by much larger ones, with reasonably
efficient ports and a dense land infrastructure network.”9 In this manner,
approximately half of the container movements in the Port of Montevideo
corresponds to transit (cargo that arrives via ship and leaves the port and the country
via land means), reshipment (a transit modality applied to cargo that arrives via ship,
enters the container yard at the port or warehouses and is reshipped abroad) and
transshipments (cargo that arrives via ship and leaves via ship without entering the
port grounds).
8
Cited in Hodara, Opertti and Puntigliano (2008), View of Uruguay as a Regional Logistics Center.
9
Ibid.
15

16. 4. Trade agreements and investment protection
4.1. General trade agreements
Uruguay has been part of the World Trade Organization (WTO) since its creation in
1995 and is part of the Latin American Integration Association (ALADI, 1980) along with
nine other South American countries plus Cuba and Mexico.
In the framework of ALADI, the Southern Common Market (Mercosur) was formed in
1991 with Argentina, Brazil, Paraguay and Uruguay. Mercosur became a customs union
in 1995 with the free movement of goods, the elimination of customs duties and non-
tariff barriers between member countries, and a common external tariff for countries
outside the bloc. Venezuela is currently in the process of joining Mercosur.
Within the framework of ALADI, Mercosur has signed trade agreements with other
countries: Chile (1996); Bolivia (1996); Colombia, Ecuador and Venezuela (2004); Peru
(2005); and Israel (2007), all of which form respective Free Trade Areas with tariff
reduction schedules that should be completed no later than 2014/2019, according to
the country.
Uruguay also signed a free trade agreement with Mexico (2003), which has enabled
the free movement of goods and services between both countries since June 2004,
with certain exceptions that end in 2014.
4.2. Investment protection agreements
Uruguay has signed investment security, protection and promotion agreements with
27 countries, including Spain, Finland, France, United States and the United Kingdom.
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17. Additional statistical data
Uruguay at a glance (2009)10
Official name República Oriental del Uruguay (Oriental Republic of Uruguay)
Location South America, bordering Argentina and Brazil
Capital Montevideo
2
176,215 km . 95% of the territory has soil suitable for agriculture and
Surface area
livestock activities
Population 3.3 million
Population growth 0.3% (annual)
Per capita GDP US$ 9,458
Per capita GDP (PPP) US$ 13,019
Currency Uruguayan peso ($)
Literacy 98%
Life expectancy at birth 76 years
Form of government Democratic republic with presidential system
Political divisions 19 departments
Time zone GMT - 03:00
Official language Spanish
Main economic indicators 2005-2009
2005 2006 2007 2008 2009
Annual GDP growth rate 7.5% 4.3% 7.5% 8.5% 2.9%
GDP (PPP) US$ millions 32,048 34,602 38,235 42,543 43,551
GDP, US$ millions (current) 17,367 20,035 24,262 32,207 31,606
11
Exports (US$ millions), goods and services 5,085 5,787 6,936 9,291 8,551
Imports (US$ millions), goods and services 4,693 5,877 6,775 10,217 7,775
Trade surplus / deficit (US$ millions) 393 -90 166 -926 796
Trade surplus / deficit (% of GDP) 2.3% -0.5% 0.7% -2.8% 2.5%
Current account surplus / deficit (US$ millions) 42 -392 -212 -1.502 258
Current account surplus / deficit (% of GDP) 0.2% -2.0% -0.9% -4.7% -0.8%
Overall fiscal balance (% of GDP) -0.4% -0.5% 0.0% -1.4% -2.2%
Gross capital formation (% of GDP at current prices) 16.5% 18.6% 18.6% 20.2% 19.1%
Gross national savings (% of GDP) 17.6% 16.9% 19.0% 17.9% 17.1%
Foreign direct investment (US$ millions) 847 1,493 1,329 1,840 1,139
Foreign direct investment (% of GDP) 4.8% 7.5% 5.4% 5.7% 3.6%
Exchange rate peso / US$ 24.5 24.1 23.5 20.9 22.5
Reserve assets (US$ millions) 3,071 3,097 4,121 6,329 8,373
Unemployment rate (% of EAP) 12.2% 11.4% 9.7% 7.9% 7.7%
Annual inflation rate 4.9% 6.4% 8.5% 9.2% 7.5%
Net foreign debt (US$ millions) 8,938 9,157 9,662 8,254 11,123
10
Note: GDP data was taken from the IMF; data on foreign trade, FDI, exchange rate, international reserves and
foreign debt was provided by the Central Bank of Uruguay (BCU); population growth, literacy, unemployment and
inflation data comes from the National Statistics Institute (INE).
11
For 2008 and 2009, data includes a partial estimate of activities at Free Zones and information on the survey
coordinated with the Uruguayan Chamber of Information Technologies for software related activities.
17

18. Investor Services
About Us
Uruguay XXI is the country’s investment and export promotion agency. Among other
functions, Uruguay XXI provides no cost support to foreign investors, both those who
are evaluating where to make investments as well as those currently operating in
Uruguay.
Investor Services
Uruguay XXI is the first point of contact for foreign investors. Services we provide
include:
 Promotion. We promote investment opportunities at strategic events, business
missions and round tables.
 Facilitation of foreign investor visits, including meeting organization with public
officials, suppliers, potential partners and business chambers.
 Contact with key players. We provide contacts with government agencies,
industry players, financial institutions, R&D centers and potential partners,
among others.
 Macroeconomic and industry information. Uruguay XXI regularly prepares
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 Tailored information. We prepare customized information to answer specific
questions, such as macroeconomic data, labor market information, tax and
legal aspects, incentive programs for investments, location and costs.
Publication of investment opportunities. On our website, we periodically
publish information on investment projects by public entities and private
companies.
www.uruguayxxi.gub.uy/investinuruguay
invest@uruguayxxi.gub.uy
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