Uruguay and Argentina are very similar countries in terms of language, food and culture. In terms of business and economy, however, they are very different.
After many years of economic difficulties, the election of President Macri signals a change of course, and the country is now transitioning to more centrist economic policies, including active support for the growing entrepreneurial ecosystem.
Uruguay’s economy is solid, and based largely on finance, agriculture and tourism. The country is one of the safest countries in Latin America. Despite Uruguay’s liberal politics, the culture is quite conservative.
Uruguay punches well above its weight in Latin America. Former president Mujica’s liberal financial and social policies led The Economist to name Uruguay their “Country of the Year 2013.” Uruguay’s strategic location, combined with a well-educated work force and open trade policies, make it an ideal hub for doing business in the region.
Uruguay is also a logistics and financial hub for businesses operating in the region. The country’s unique zona libre (free trade zone) allow importers to maintain large quantities of stock in Uruguay without ever passing through customs – “stock in transit” – ideal for just-in-time fulfillment to Brazil and Argentina.
The two countries have developed a strong talent pool of experienced software engineers, who in addition possess some of the best English-speaking skills in the region. Many successful startups have come out of Argentina, including Bluesmart, Despegar, and Mercado Libre.
Learn more about these two amazing startup ecosystems in our White Paper.