"Over a period of six years, industrial activity has grown 40%," according to Roberto Kreimerman, Minister of Industry, Energy and Mining. Kreimerman says that Uruguay's industrial sector enjoys several advantages that have allowed it to export record amounts of goods and services, on the order of USD 11 billion per year.
"Uruguay has achieved significant market diversification in comparison to the past. Brazil is our primary trading partner and imports 18% of Uruguayan exports," according to the secretary of state.
"Secondly, Uruguay has a diversified industrial production. Traditionally, most production activity was centered on meat production. There has been significant growth in agro-industrial activity led by grain production, the industrialization of dairy products and forest products," the minister said.
Over the last eight years, Uruguay has had an average growth rate of over 6%. To foster future growth, the country is looking to diversify the production base, by adding new areas and complementing existing sectors with higher added-value products and services.
"Policies have been implemented to encourage the development of industries such as information technology, which has become very international; pharmaceuticals, which is attracting large new investments; the automobile industry, which has grown as the result of an agreement signed with Brazil; and the logistics industry, which now boasts exports on the order of US$ 1 billion per year," Kreimerman explained.
"The goat is to increase businesses'...