Business in Uruguay
When considered alongside its neighbouring nations, Uruguay may not seem like the immediate choice for businesses to utilise when trying to break into South American markets, especially when one considers the sheer economic growth of countries like Brazil or Argentina. However, upon closer inspection Uruguay has proven itself as the premier destination for the industrious; a European-style sanctum within the difficult political terrain of Latin America where companies and individuals can act within familiar realms of operation and enjoy spectacular perks. One of the country’s biggest advantages over many of its neighbours is the lack of an extreme divide between wealth and poverty so common elsewhere. From a commercial prospective this opens up a large consumer market, as well as a strong foundation for an educated localised workforce which can be a great boon to businesses looking to strike out in the Americas. In fact, Uruguay boasts the best educated workforce on the continent and a literacy rating of 96%, meaning the opportunities for business partnerships and start-ups are quite possibly the best on the continent.
To international businesses, Uruguay represents a strong, growing and open economy with a multitude of opportunities for both individuals and companies, be it to establish new networks in the Latin American market or otherwise set up entirely new enterprises within its confines. Through political manoeuvres the country has managed to take advantage of its stability and progressive attitudes in attaining support from larger outside markets including the EU and the US (which set up a National Export Initiative with the goal of increasing the number of exports to the country). These measures have ensured that Uruguay is in a strong position to trade on the global stage, and especially potent for businesses which may look to break into the South American market. Operating within Uruguay itself is exceptionally easy, not least for the stable and extremely agreeable conditions of its cities. Much akin to other Latin American cultures the Uruguayan sense of business can at times seem lax to outsiders, especially in regards to personal interactions, however the country has maintained a strong sense of formality which distances it from its counterparts. As a gesture of respect it is often suggested that foreign visitors print all materials in Spanish, though many Uruguayan business figures are often fluent in English.
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