Uruguay, has been and will continue to be, a secure investment

Newly elected President Jose “Pepe” Mujica and Vice-President (and out-going minister of finance), Danilo Astori have pledged to carry on the successful investor-friendly policies of their predecessor Tabaré Vázquez. In an interview with Montevideo’s Channel 10, Mr. Astori assured the nation of his commitment to expanding the successes of the current government. “I am dedicated to working with the economic team, which will basically be the same one as the current government,” he said. Mujica was elected president of Uruguay after defeating ex-President Luis Alberto Lacalle in Sunday’s elections by nearly 10 percent, a margin larger than most had predicted. Mr. Mujica, the candidate for the ruling Frente Amplio, or Broad Front, coalition, received more votes than had been received by any previous president. Out-going president Vázquez, who is also a member of the Frente Amplio, has been widely credited for improving Uruguay’s economic conditions by encouraging inward investment. The Vázquez administration generated confidence among investors and nearly quadrupled the central bank reserves to almost $7.9 billion. As of September 2009, unemployment rates had fallen by nearly 5% to 7.3%. In a pre-election rally in June, Mr. Mujica implored national and international investors to continue to “bet on Uruguay” citing his party’s documented success in doing business with the world. His running mate, Mr. Astori, will take charge of Uruguay’s $32 billion economy and like Mujica, has promised economic continuity. Mr. Astori’s button-down policies are often cited as the counter-balance to Mujica’s more populist ways, but Mujica too carries something fundamental to a nation whose economy is predominately based in agricultural: he himself is a farmer, and an ex-Minister of Agriculture. As reported in the national newspaper La Republica, an Argentine business man, who owns more than 30 thousand hectares of land in Uruguay, and one of the largest plantations in the country, said he would multiply his investments in land and infrastructure under a Mujica government. Moreover, he believed a potential Mujica victory would further ensure a stable economic climate in Uruguay, favorable for long-term investments. Along with high levels of legal and business transparency, Uruguay also boasts an educated and qualified workforce, a low cost of living, excellent telecommunications infrastructure, as well as lucrative agricultural and forestry industries. Moreover, Uruguay is protected by one of the world’s tightest banking secrecy regulations whereby banks cannot share information with any party, including the government of Uruguay, or the government of any country for that matter. The democratic election of Mr. Mujica and Mr. Astori is just one of many reasons why Uruguay has been, and will continue to be, a secure investment.

http://www.olauruguay.com/2009/12/05/newly-elected-mujica-and-astori-to-continue-the-economic-policy-of-tabare