Advanced Search

Weekly Report - 25 July 2019 (WR-19-29)

URUGUAY: UPM pulp-mill deal sealed

After more than three years of negotiations, the Finnish company UPM finally confirmed on 23 July that it will construct a massive pulp mill in central Uruguay. With just three months until general elections this should provide a boost for the ruling left-wing Frente Amplio (FA) which is languishing in opinion polls. Whichever party takes office in March next year will benefit from an economic shot in the arm. The economy ministry calculates that construction work in 2020 will help spur domestic GDP growth next year to some 2.6% after meagre growth of 0.6% at best in 2019. By the time it comes on-stream two years later it will constitute the largest foreign investment project in the country’s history, exceeding US$3bn.

End of preview - This article contains approximately 1175 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options