Maldonado
Salto
Colonia
Uruguay 598
Montevideo 2
Canelones 33
Maldonado & Punta del Este 42
Salto 73
Colonia 52
41 billion US $ (2010)
2010
|
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
9% |
2.9 % |
8.9% |
7.4% |
7% |
6.6% |
11.8% |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
6.5% |
7.2% |
7.8% |
8.9% |
6.4% |
4.9% |
Exchange rate:
1 US $ TO Ugy Pesos
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
21 |
22.63 |
24.16 |
21.5 |
24.45 |
24.15 |
26.4 |
|
2010 |
2009 |
2008 |
2007 |
2006 |
Imports |
7.3 |
5.1 |
6.3 |
5.5 |
4.9 |
Exports |
6.7 |
5.05 |
6 |
4.6 |
4.5 |
Country |
Imports |
| Brazil | 1.4 |
| Argentina | 1.3 |
| China | 1 |
| Venezuela | 0.75 |
| United States | 0.6 |
| Russia | 0.35 |
| Germany | 0.17 |
| Mexico | 0.16 |
| Spain | 0.13 |
| Italy | 0.1 |
Country |
Exports |
| Brazil | 1.5 |
| Argentina | 0.5 |
| China | 0.37 |
| Russia | 0.35 |
| Venezuela | 0.3 |
| Germany | 0.25 |
| United States | 0.2 |
| Spain | 0.18 |
| Paraguay | 0.16 |
| Italy | 0.14 |
Uruguay is one of the most stable, transparent and efficient markets in Latin America. Government policies and business practices of the private sector are predictable, transparent and rule-based. Corruption is one of the lowest in Latin America.
Uruguay is the most peaceful country in South America with the least crime, violence and insecurity. It has well-educated human resources.
The democracy of Uruguay is strong and well institutionalized. In the elections held in November 2009, Jose Mujica was elected as President and assumed power in March 2010 for five years. Although he is an ex-Guerilla fighter and was in jail for 14 years as a political prisoner during the military dictatorship, he is committed to continue the moderate and pragmatic policies of the current ruling coalition. The policies of his Government are business-friendly while at the same time pro-poor.
Uruguay’s competitive advantage is in agriculture. It is an exporter of rice, wheat, soya and meat. The land is fertile and water is plenty. Seeing the opportunities arising from global food insecurity, Uruguay is focusing on increasing agricultural production.
Area under crops has been increased to 1.4 million hectares in 2010 from 300,000 hectares in 2001. It can be further increased to 3 million hectares.
The agribusiness is well organized in Uruguay with mechanization and outsourcing. Every hectare of the country’s surface has been satellite mapped and soil condition and productivity documented. The logistics and infrastructure are also well developed. The agribusiness of the country is backed by innovative network of agronomists, research institutions and global and local companies.
The mainstay of the economy is the export-oriented agricultural sector.
Main exports are soya, wheat, rice, cotton, wool, meat, leather and paper pulp.
Uruguay is the seventh largest exporter of rice in the world. Rice production in 2010 was 1.6 million tons and it is expected to go up to 2 million tons in the next few years.
In recent years, soy cultivation has been increasing. Argentine and Brazilian companies are moving into Uruguay to produce soybeans for exports. Area under soy has increased from 29000 hectares in 2002 to 700,000 hectares in 2010.
A Finnish company has invested about 2 billion dollars in the Botnia Paper Mill project including in a captive forest of over 100,000 hectares. This is the largest investment in Uruguay. Another large paper mill project is coming up.
Uruguay has the highest internet penetration in Latin America.
Tourism is an important revenue source. Punta del Este is a famous holiday resort for the rich and famous of Latin America, especially in the period December-February. Argentines are the main tourists and many have holiday homes in Punta del Este.
Uruguay is offering competitive incentives for foreign investors to set up assembly units in the Zona America for exports to the rest of South America.
Montevideo port is developing as a hub for trade with South America. There are bonded warehouses for storage and distribution to the region.
The Secretariat of Mercosur is located in Montevideo.
GDP growth – 5%
Inflation- 6.4%
Currency- expected to strengthen
Top ten banks
Banco de la República Oriental del Uruguay BROU - Web:http://www.brou.com.uy
NUEVO BANCO COMERCIAL - Web:http://www.nbc.com.uy
BANCO SANTANDER URUGUAY - Web: Web:http://www.santander.com.uy
ABN AMRO -
Web:http://www.abnamro.com.uy
DISCOUNT BANK -
Web: http://www.discbank.com.uy
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY -
Web: http://www.bbva.com.uy
BANCO ITAU -
Web:http://www.itau.com.uy
CITIBANK -
Web:http://www.citibank.com.uy
LLOYDS TSB BANK -
Web:http://www.lloydstsb.com.uy
HSBC BANK - Web:http://www.hsbc.com.uy
Bilateral Trade figures
(USD in million)
Uruguay |
||
Jan-Apr 2012 |
Jan-Apr 2011 |
|
| India´s Exports | 27 |
19.5 |
| India´s Imports | 6.5 |
5.7 |
Uruguay |
||
2011 |
2010 |
|
| India´s Exports | 86 |
69 |
| India´s Imports | 20 |
14 |
Year |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
India´s Exports |
69 |
47.5 |
75 |
49 |
35 |
37 |
India´s Imports |
14 |
10.5 |
8.5 |
8 |
5 |
4 |
An Agreement for Protection and Promotion of Investment (BIPPA) was signed in February 2008 during the visit of Minister of State of External Affairs of India, Shri Anand Sharma.
Products |
In million US $ |
Organic chemicals |
12.5 |
Garments |
10 |
Vehicles |
6.1 |
Sound and image devices |
4.5 |
| Pharmaceuticals | 3.7 |
| Iron and steel | 2.5 |
| Synthetic yarn | 1.8 |
| Rubber | 1.7 |
| Machinery | 1.4 |
| Inorganic chemicals | 1 |
Products |
In million US $ |
Wool |
9 |
Leather |
1.5 |
Wool yarn |
1.3 |
| Timber | 1.2 |
TCS has established a software development centre and a regional training centre in Montevideo employing 800 local staff besides about 50 Indians. This was the first IT Centre opened by TCS in Latin America in 2002.
Indian IT Company Geodesic Ltd acquired a Uruguayan software company in Montevideo in May 2009. The Uruguayan company www.interactiveni.com has a staff of 40 persons and specialises in Instant Messaging solutions and applications for mobile phones and companies.
Arcelor Mittal has acquired (Dec 2007) a Uruguayan stainless steel tube producer CINTER S.A., an important stainless steel tube producer with sales of US $ 47 million employing about 200 people.
Zamin Resources an NRI company promoted by Mr Pramod Agarwal has entered into an iron ore mining project. The total cost of the project is over a billion dollars. The company has already spend several million dollars in preparatory stage and has an office in Montevideo.
Other Indian companies have shown interest in investment in pharma and agri-business sectors.
For information on investment opportunities, visit the website www.uruguayxxi.gub.uy
A number of Indian companies, including Reliance use the bonded warehouse facilities of ‘Grupo Ras’ for supply to South American countries. Grupo Ras is offering marketing services also to interested Indian companies. www.gruporas.com
Indian companies are encouraged to invest in agribusiness in Uruguay. They can acquire farmlands and also lease the land. They can grow soya, wheat, rice and pulses. Since all the operations are mechanized and outsourced, there is no labour issue. The land can be bought and leased directly in the private sector and there is no government restriction on foreign investment. Argentine, Brazilian and European companies and individuals owns and lease farmlands in Uruguay.
For more information and facilitation of investment, contact the Uruguayan Agri consultancy company, Allied Ventures www: alliedventures.com
Mr. Marcos and Mr. Lautaro of Allied Ventures have visited India to promote Indian investment in Uruguayan agribusiness and are enthusiastic. Their company can also manage the farming operations for a fee.
Freight Rates from Mumbai/ Montevideo:
20´ container USD 1400
40´container USD 2600
Visa can be obtained at the Uruguayan Embassy in New Delhi. The Embassy gives 5 years’ multiple-entry visa, which is valid for a stay of 15 days during each visit. The Embassy would require comprehensive information about the company, the visitor and the business proposed to be done with Uruguay.
Embassy of Uruguay
Ambassador Cesar Ferrer
A16/2 Vasant Vihar, 110057, New Delhi
Tel.No. (91 11) 26151991/1992
Fax.No. 26144306
e-mail uruind@del3.vsnl.net.in
The only long distance flight to Europe is to Madrid from Montevideo. There are frequent flights to Buneos Aires and Sao Paulo.
From Buenos Aires, one can also go by ferries which take about 3 hours to Montevideo.
The international airport of Montevideo, ‘Aeropuerto Internacional de Carrasco’ at Canelones - is located about 3 km away from the city. http://www.aic.com.uy/
At the time of departure, an airport tax of US$ 29 or its equivalent in the local currency has to be paid for international flights, and US$ 16 for flights to Argentina.
Prepaid taxi [REMIS] service available at the airport. It takes about 30 minutes to reach the city.
Taxi fare from airport to the city is about US $ 25/-.
Currencies can be changed easily and international credit cards are widely accepted.
They can be taken from streets or Remises(Private taxis) can be called on phone.
Remises are identified with grey color. The following are the important Remis companies:
Remise “El Ciudadano”
Tel: (00598 2) 601 8585
Mobile: (00598) 94 423203
Remise “Carrasco”
Tel: (00598 2) 600 4396
Mobile: (00598) 94 405473
Shopping Punta Carretas Shopping Punta Carretas 350 Tel: 710 3741
Montevideo Shopping Center De Herrera Luis A 1290 Tel: 628 9290
Portones Shopping Shopping Portones S/N Tel: 601 7854
Punta Shopping (Punta del Este) Roosevelt Franklin D S/N Tel: 042 48 9666
Devoto (15 branches) www.devoto.com.uy
Portones Shopping , Tel. 604 2550
Tienda Inglesa (8 branches) www.tinglesa.com.uy
Montevideo Shopping Tel. 622 1111
Disco (8 branches) www.disco.com.uy
Punta Carretas Shopping Tel. 711 0741
Sheraton Montevideo Hotel
Calle Victor Solino 349 , Montevideo
(598 2) 710 2121
Web: www.starwoodhotels.com/sheraton/montevideo
Radisson Victoria Plaza Hotel
Plza Independencia Centro 759, Montevideo
(598 2) 902 0111
Web: www.radisson.com/Montevideouy
Belmont House
Rivera General 6512, Montevideo
(598 2) 600 0430
Web: www.belmonthouse.com.uy
Four Points by Sheraton
Ejido 1275, Montevideo
(598 2) 901 7000
Web: www.starwoodhotels.com
NH Columbia
Reconquista 470, Montevideo
(598 2) 915 8085
Web: www.nh-hotels.com/site/merc/hoteles-montevideo
Hotel Crystal Palace
Avda 18 De Julio 1210, Montevideo
(598 2) 900 4645
Web: www.crystalpalacehotel.com.uy
January 6 Epiphany
April Good Friday & Easter
May 1 Labour Day
May 18 Battle of Las Piedras Day
June 19 José Artigas Day
Julio 18 Constitution Day
August 25 The Independence Day
October 12 Colombus Day
November 2 All Soul´s Day
December 25 Christmas
January 1 New Year’s Day
Fusion cuisine Restaurants:
Tandory
Massini esquina Libertad, Montevideo
Tel.No. 709 6616
www.tandory.com/
[Open for Dinner from Tue-Sun]
Café Misterio
Costa Rica, Carrasco, Montevideo
Tel.No. 600 5999
www.cafemisterio.com.uy
[Open for Dinner from Tue-Sun]
Montecristo
Fco. Vidal 638 - Castillo Pittamiglio, Punta Carretas
Tel.No. 710 1744
www.montecristo.com.uy
[Open for Dinner from Tue-Sun]
Tipping
10% is the standard tip in restaurants and public service facilities.
There are about 60 Indians in Montevideo; most of these are young IT professionals from Tata Consultancy Services. Generally they stay for one to two years.
Tata Consultancy Services
Mario Tucci, Country Manager
Shri Prabal Datta
Ruta 8, KM. 17.500
Zona Franca De Montevideo (ZFM),
Montevideo - CP 12200,.
Uruguay
Ph:- +598 25185600 -4003
Cell:- +598 9846 7746
Fax:- +598 2518 5605
Mail: prabal.datta@tcs.com
Website: http://www.tcs.com
Interactive Networks (Geodesic)
Andres Szafran, Country Manager
aszafran@interactiveni.com
Honorary Consulate of India in Uruguay
Mr. Ruben Azar, Honorary Consul Gereral
Ms. Natalia Bertullo, Assistant
Calle Guatemala s/n Recinto Portuario. Edificio PLP, 11800 Montevideo, Uruguay
Tel +598 2924 6529 Mail : consulado@conindia.com.uy
Grupo Ras
This is a 120 million dollar company offering warehousing, distribution and marketing for foreign companies including from India. They have offices and facilities in other countries of South America. Some Indian companies including Reliance use their services.
Ruben Azar, the President of Grupo Ras has been to India several times and is keen to offer his company's services and facilities to Indian companies. Details in their website - www.gruporas.com
Contact: razar@gruporas.com, Tel No. +598 2924 4525
Uruguay- India Chamber of Commerce
President- Leonardo Couto
Secretaries – Fatima & Beatriz
Av. Gral. Rondeau 1908, oficinas 14 y 15
Edificio de la Cámara Mercantil de Productos del País.
Montevideo, Uruguay, CP 11800
Tel +598 29249962
Fax -005982-9162925
camindia@adinet.com.uy // From Monday to Tuesday 10.30 to 15.30 hs.
National Chamber of Commerce and Services
Rincón 454
Tel. : (00 598 2) 916 1277 - 916 4710
Fax: 916 1243
E-mail: canadeco@adinet.com.uy
Uruguay Mercantile Chamber
(Cámara Mercantil de Productos del País)
Av. Gral. Rondeau 1908
Tel.: (00 598 2) 924 0644 - 924 0670
Fax: 924 0674
E-mail: camaramercantil@camaramercantil.com.uy
Web: www.camaramercantil.com.uy
Uruguay Exporters Union
(Union de Exportadores del Uruguay)
Rbla 25 de Agosto de 1825 S/N
Tel./fax. : (00 598 2) 917 0105
E-mail: ueu@adinet.com.uy
Web: www.uruguayexporta.com
Uruguay Industrial Chamber
(Cámara de Industrias del Uruguay)
Av. Italia 6101
Tel. : (00 598 2) 6003125, 604 0481
fax : 604 0501
E-mail: ciu@ciu.com.uy
Web: www.ciu.com.uy
Uruguay National Chamber of Commerce & Services
(Cámara Nacional de Comercio)
Misiones 1400, Montevideo
Tel (5982) 916 1277
www.cncs.com.uy
URUGUAY XXI
(Promotion of Export and Investments)
Rincon 518/528- Montevideo
Tel: (598) 2915 3838
http://www.uruguayxxi.gub.uy/
CUTI
(Uruguay Chamber of IT)
Av. Italia 6201, LATU, Edificio Los Sauces, Planta Alta
Tel: (598) 2 6012273
http://www.cuti.org.uy/
This is a special trade promotion initiative of the commerce ministry of India implemented in collaboration with business, since 1997. Under this, there are a number of proactive measures, including financial support for Indian companies to explore the LAC market, for participation in trade fairs, market studies, BSMs etc. Financial support is also given for LAC importers to visit India. The support is provided through export promotion councils and trade and industry bodies only and not directly to individual companies
- For more http://commerce.nic.in/flac/flac.htm
Contact
-
Shubha Sarma, Deputy Secretray shubha.s@nic.in
Some useful spanish phrases.
Also, Spanish Dictionary online: http://www.spanishdict.com/
| Hello | Hola |
| Good morning | Buenos Dias |
| Good evening | Buenas Tardes |
| Good night | Buenas Noches |
| How are you? | ¿Cómo está? |
| Very well | Bien |
| Pleased to meet you | Mucho gusto / Encantado |
| What is your name? | ¿Cómo se llama? |
| My name is …… | Mi nombre es …… |
| Please | Por favor |
| Excuse me | Permiso |
| Thank you | Gracias |
| Thank you very much | Muchas gracias |
| Yes / No | Si / No |
| Goodbye | Adios / Chau |
| See you later | Hasta luego |
| I don´t understand | No entiendo |
| I like Argentina / Paraguay /Uruguay | Me gusta Argentina /Paraguay /Uruguay |
| Where is? | ¿Dónde está? |
| Address | Dirección |
| Can you help me? | ¿Me puedo ayudar? |
| I need a taxi | Necesito un taxi |
| I am in a hurry | Estoy apurado |
| Do not worry | No se preocupe |
| I want …. | Yo quiero |
| I agree | Estoy de acuerdo |
| No problem | No hay problema |
| We should negotiate | Debemos negociar |
| Letter of credit | Carta de crédito |
| Wire transfer | Transferencia |
| Sample | Muestra |
| Exchange | Cambio |
| Exchange rate | Tasa de cambio |
| Business card | Tarjeta |
| It is a pleasure doing business with your company | Es un placer hacer negocios con su empresa |
| Let us celebrate | Vamos a brindar |
| Cheers | Saludos |
| Welcome | Bienvenido |
| I am vegetarian | Soy vegetariano |
| Breakfast | El desayuno |
| Lunch | El almuerzo |
| Dinner | La cena |
| Meat | Carne |
| Chicken | Pollo |
| Fish | Pescado |
| Sugar | Azucar |
| Rice | Arroz |
| Today | Hoy |
| Tomorrow | Mañana |
| Night | Noche |
| Now | Ahora |
| Later | Después |
| Wait for me | Espera por me |
| Pick me up at … | Buscame a las … |
| Avenue | Avenida |
| Street | Calle |
| Entrance | Entrada |
| Exit | Salida |
| How much is the cost? | ¿Cuánto cuesta? |
| Expensive | Caro |
| Good | Bueno |
| Bad | Malo |
| Luggage | Equipaje |
| Room | Habitación |
| Bill | La cuenta |
| Cash | Efectivo |
| Credit card | Tarjeta de Credito |
| Coffee (with milk/sugar) (sugar free sweetner) | Café (con leche/azucar) (Edulcorante) |
| Tea (-do-) | Té (-do-) |
| Mineral water | Agua mineral sin gas |
| Aerated water | Agua con gas |
| Red wine | Vino tinto |
| White wine | Vino blanco |
| Salt | Sal |
| Vegetables | Verduras |
| Cheese | Queso |
| Egg | Huevo |