In 2018, Uruguay's exports of goods amounted to approximately 9.036 billion dollars. Of this total, approximately 28% was sent abroad from one of Uruguay's free trade zones, according to the report released this Tuesday (06.08.2019) by the Uruguay XXI institute.
Free zones stand out in terms of attracting investment, generating qualified employment and diversifying exports of that country, the report said. The export promotion institute focuses the document on the importance of free zones in the export of goods, either through the use of these enclosures as logistics centers (they are an intermediate destination for grain exports or certain pharmaceutical products) or also as industrial processing locations (cellulose and beverage concentrate).
Exports of goods from Uruguay to free trade zones accounted for 13% of exports in 2018, which totaled 949 million dollars. The increase is mainly explained by sales of wood to the Fray Bentos and Punta Pereira free trade zones for the production of cellulose, and the sale of grains to Nueva Palmira.
The study found that the large investments made in free trade zones, favoured by the current regulatory framework, have been the driving force behind their development.
According to data from the Free Trade Zones Area of the Ministry of Economy and Finance, the total accumulated investment exceeded 5.745 billion dollars between 2005 and 2014., while in 2017, total investment in these areas was 224,6 million.
The contribution of free zones to the gross domestic product is growing, and in 2017 it was approximately 4,8%. In addition, free zones play an important role in generating highly skilled employment. They employ 14.415 people, not including non-dependent workers, according to data from the Ministry of Economy. The total number of companies operating in free zones is around 1.200, the document detailed.
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