MONTEVIDEO – Germany is one of Uruguay’s top trade partners, providing the bulk of the foreign investment flowing into the South American country, Uruguay XXI foreign trade agency executive director Antonio Carambula said on Tuesday.
“Many of these German companies are in the global services industry, which is one of the principal sectors of the country’s economy, one of the most dynamic,” Carambula said during the “Inversion extrajera desde Alemania” (Foreign Investment from Germany) conference.
Uruguay has had trade and political relations with Germany for 150 years, a relationship that is experiencing its best period today, the foreign trade official said.
“Some 20 percent of Uruguay’s exports are in global services, we’re talking about more than $2.5 billion, 20,000 jobs and about 2,000 companies participating in this system,” Carambula said during the conference held at the German Embassy in Montevideo.
Global services are non-transportation and non-tourism services whose growth is linked to technology and new business practices.
Uruguayan-German Chamber of Commerce and Industry general manager Mischa Groh, for his part, said Germany was “a key investor” in Uruguay’s economy.
About 40 German companies operate in Uruguay, which has a population of just 3.4 million, Groh said.
“In 2015, it (Germany) was the No. 2 source of foreign direct investment, accounting for 11 percent of total investment, with 384 million euros,” Groh said.