Latin American Economy & Business - May 2019

The largest-ever foreign investment project in Uruguay, worth up to US$4bn, has been given an almost-definitive green light. On 14 May President Tabaré Vázquez said agreement had been reached with UPM of Finland to build its second (and the country’s third) paper and pulp plant, known as UPM2. The government and the company had completed all the major points of negotiation, with a decision now awaited by UPM shareholders in the second half of June.