2023 Investment Climate Statements: Uruguay

Policies Towards Foreign Direct Investment

Uruguay recognizes the important role foreign investment plays in its economic development and offers a stable investment climate that does not discriminate against foreign investors. Uruguay’s legal system treats foreign and national investments equally. Most investments are allowed without prior authorization. Investors can freely transfer capital and profits from their investments abroad, and choose between arbitration and the judicial system to settle disputes. The judiciary is independent and professional.

Foreign investors are not required to meet any specific performance requirements. Moreover, foreign investors are not subject to discriminatory or excessively onerous visa, residence, or work permit requirements. The government does not require nationals to own shares or that the share of foreign equity be reduced over time, or impose conditions on investment permits. Uruguay normally treats foreign investors as nationals in public sector tenders. Uruguay’s law permits investors to participate in any stage of the tender process.

Uruguay’s export and investment promotion agency, Uruguay XXI ( http://www.uruguayxxi.gub.uy ), provides information on Uruguay’s business climate and investment incentives, at both a national and sectoral level. The agency also has several programs to promote the internationalization of local firms and regularly participates in trade missions.

There is no formal business roundtable or ombudsman responsible for regular dialogue between government officials and investors. Uruguay levies value-added and non-resident income taxes on foreign-based digital services, while locally based digital services are generally tax exempt. Tax rates vary depending on whether the company provides audiovisual transmissions or intermediation services, and on the geographical locations of the company and consumers of the service.

Limits on Foreign Control and Right to Private Ownership and Establishment

Aside from the few limited sectors involving national security and limited legal government monopolies in which foreign investment is not permitted, Uruguay practices neither de jure nor de facto discrimination toward investment by source or origin, with national and foreign investors treated equally.

In general, Uruguay does not require specific authorization for firms to set up operations, import and export, make deposits and banking transactions in any particular currency, or obtain credit. Screening mechanisms do not apply to foreign or national investments, and investors do not need special government authorization for access to capital markets or to foreign exchange.

Other Investment Policy Reviews

The World Trade Organization published its Trade Policy Review of Uruguay, which included a detailed description of the country’s trade and investment regimes in 2018 and is available at  https://www.wto.org/english/tratop_e/tpr_e/tp474_e.htm .

While Uruguay is not a member of the Organization for Economic Cooperation and Development (OECD), it has gradually endorsed several of its principles and joined some of its institutions. In March 2021, it became the 50th adherent to OECD´s Declaration on International Investment and Multinational Enterprise, and in July 2021 the OECD published its first Investment Policy Review on the country (available at https://www.oecd.org/publications/oecd-investment-policy-reviews-uruguay-1135f88e-en.htm ).

Uruguay is a member of the UN Conference on Trade and Development (UNCTAD), but the organization has not yet conducted an Investment Policy Review on the country.

Business Facilitation

Domestic and foreign businesses can register operations in approximately seven days without a notary at  http://empresas.gub.uy . Uruguay receives high marks in electronic government. The UN’s 2020 Electronic Government Development Index ranked Uruguay second in the Western Hemisphere (after the United States). Uruguay is a member of the D9, the group that gathers the leading digital governments globally.

In recent years, some U.S. industrial small- to medium-sized enterprises (SMEs), in chemical production for example, have described Uruguay’s market as difficult for new foreign entrants. Those SMEs pointed to legacy business relationships and loyalties, along with a cultural resistance by distributors and clients to trusting new producers.

Outward Investment

The government does not promote nor restrict domestic investment abroad.

Transparency of the Regulatory System

Transparent and streamlined procedures regulate local and foreign investment in Uruguay at the state and national level. The Constitution does not provide for supra-national regulations. Most draft laws, except those having an impact on public finances, can start either in the executive branch or in the parliament. Uruguay’s president needs the agreement of all ministries with competency on the regulated matter to issue decrees. Ministers may also issue resolutions. All regulatory actions —including bills, laws, decrees, and resolutions — are publicly available at  https://www.presidencia.gub.uy/normativa .

There are no informal regulatory processes managed by private sector associations. U.S. firms, along with other foreign firms and some Uruguayan firms, occasionally have had issues with the rigorous nature of Uruguay’s public tender systems. The extended and complex public tender process has led to whole tenders being thrown out entirely on technicalities and re-issued after years of adjudication.

The U.S. government’s Fiscal Transparency Report labels Uruguay as a “fiscally transparent” country. Public finances and debt obligations, including explicit and contingent liabilities, are transparent. Accounting, legal, and regulatory procedures are transparent and consistent with international norms. The government only occasionally proposes laws and regulations in draft form for public comment. Parliamentary commissions typically engage stakeholders while discussing a bill. Non-governmental organizations or private sector associations do not manage any informal regulatory processes.

The government does not promote or require environmental, social, and governance disclosures.
Article 10 of the U.S.–Uruguay BIT mandates that both countries publish promptly or make public any law, regulation, procedure, or adjudicatory decision related to investments. Article 11 sets transparency procedures that govern the accord.

International Regulatory Considerations

Uruguay is a member of several regional economic blocs, including Mercosur and the Latin American Integration Association (known by its Spanish acronym, ALADI), neither of which have supranational legislation. To create local law, Uruguay’s parliament must ratify these blocs’ decisions. Uruguay is also a member of the WTO and notifies all draft technical regulations to its committee on technical barriers to trade.

Legal System and Judicial Independence

The legal system in Uruguay follows civil law based on the Spanish civil code. The highest court in the country is the Supreme Court. The executive branch nominates judges and Parliament’s General Assembly appoints them. Supreme Court judges serve a ten-year term and can be reelected after a lapse of five years following the previous term. Other subordinate courts include the court of appeal, district courts, peace courts, and rural courts. Uruguay has a written commercial law and specialized civil courts.

The judiciary remains independent of the executive branch. Critics of the court system complain that its civil sector can be slow. The executive branch rarely interferes directly in judicial matters, but at times has voiced its dissatisfaction with court rulings. Investors can appeal to local or international courts for commercial disputes. International investors may choose between arbitration and the judicial system to settle disputes.

Laws and Regulations on Foreign Direct Investment

Uruguayan law treats foreign and domestic investment alike.

Law No. 16,906 (passed in 1998) declares that the promotion and protection of investments made by both national and foreign investors is in the nation’s interest and allows investments without prior authorization or registration. The law also provides that investors can freely transfer their capital and profits abroad and that the government may not prevent the establishment of investments in the country.

U.S. and other foreign firms can participate in local or national government-financed or subsidized research and development programs. Uruguay’s Accountancy and Administration Document (known by its Spanish acronym, TOCAF) contains the norms and regulations that govern public purchases, including the laws, decrees, resolutions, and international agreements that apply to the contracting process.

Uruguay uses government procurement as a tool for promoting local industry, especially micro, small, and medium enterprises (MSMEs), and enterprises that innovate in technological and scientific areas. Most government contracts (except for those in areas in which the public and private sectors compete) prioritize goods, services, and civil engineering works produced or supplied by domestic MSMEs. The most used preferential regime grants an eight percent price preference to goods and services produced domestically, regardless of the firm’s size. MSME programs grant price preferences ranging from 12 to 16 percent for MSMEs competing against foreign firms. Uruguay’s export and investment promotion agency,  Uruguay XXI , helps potential investors navigate Uruguayan laws and rules. When awarding bids, the government often prioritizes price over quality. This has led to several projects needing a price adjustment post award.

Competition and Antitrust Laws

Uruguay has transparent legislation established by the Commission for the Promotion and Defense of Competition at the Ministry of Economy to foster competition. The main legal pillars (Law No. 18,159 and decree 404, both passed in 2007) are available at the commission’s site:  https://www.mef.gub.uy/578/5/areas/defensa-de-la- percent20competencia—uruguay.html .

Expropriation and Compensation

Uruguay’s Constitution declares property rights an “inviolable right” subject to legal determinations that may be taken for general interest purposes and states that no individuals can be deprived of this right — except in case of public need and with fair compensation.

Article 6 of the U.S.–Uruguay BIT rules out direct and indirect expropriation or nationalization of private property except under specific circumstances. The article also contains detailed provisions on how to compensate investors, should expropriation take place. There are no known cases of expropriation of investment from the United States or other countries within the past five years.

Dispute Settlement

International Center for the Settlement of Investment Disputes (ICSID) Convention and New York Convention

Uruguay became a member of the ICSID in September 2000 and is a signatory of the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

Investor–State Dispute Settlement

Local courts recognize and enforce foreign arbitral awards issued against the government. The U.S.–Uruguay BIT established detailed and expedited dispute settlement procedures.

In the 2010s, two U.S. companies sued Uruguay before the World Bank´s ICSID. In 2010, the tobacco company Philip Morris International sued Uruguay, arguing new health measures involving cigarette packaging amounted to unfair treatment of the firm. They filed the case under the Uruguay–Switzerland BIT, and in 2016 the ICSID ruled in Uruguay’s favor. In 2015, U.S. telecom company Italba sued Uruguay before ICSID, which ruled in Uruguay’s favor in March 2019. In 2017, a subsidiary of the Indian mining company Zamin Ferrous filed a lawsuit against Uruguay before the UN Commission on International Trade Law (UNCITRAL) under the 1991 UK-Uruguay BIT. The panel decided in Uruguay´s favor in August 2020. In May 2019, Panamanian company Latin American Regional Aviation Holding, registered a case against Uruguay under the 1988 Panama-Uruguay BIT. As of March 2023, the case is pending resolution.

International Commercial Arbitration and Foreign Courts

Commercial contracts frequently contain mediation and arbitration clauses, and local courts recognize them. Investors may choose between arbitration and the judicial system to settle disputes. Local courts recognize and enforce foreign courts’ arbitral awards.

Uruguay’s judiciary is independent. The average time to resolve a dispute, counted from the moment the plaintiff files the lawsuit in court until payment, is about two years, according to contacts in local law firms. The courts’ decisions are legally enforced and Uruguayan law respects international arbitration awards.

Bankruptcy Regulations

The Bankruptcy Law passed in 2008 (Law No. 18,387) expedites bankruptcy procedures, encourages arrangements with creditors before a firm may go bankrupt, and provides the possibility of selling the firm as a single unit. Bankruptcy has criminal and civil implications with intentional or deliberate bankruptcy deemed a crime. The law protects the rights of creditors according to the nature of the credit, and workers have privileges over other creditors.

Investment Incentives

Law No. 16,906 (passed in 1998) regulates the ordinary investment promotion regime and grants automatic tax incentives to several activities. In addition to automatic tax exemptions, Uruguay has several other incentives for greenfield and brownfield investments that help achieve some of the government´s strategic goals, including: creating jobs, increasing exports, contributing to geographical decentralization away from the capital, fostering the use of clean technologies, and promoting research and development. The principal incentive consists of the deduction from corporate income tax of a share of total investment over a pre-defined period. Other incentives include the exemption from tariffs and taxes on imports of capital goods and the refunding of the Value Added Tax paid on domestic purchases of certain goods. Please refer to a detailed document on incentives to investment, available in English at  http://www.uruguayxxi.gub.uy/guide/schemes.html .

Uruguay dramatically shifted its energy matrix from petroleum-based electricity generation to renewable sources over the past two decades, and currently generates almost all electricity most of the time from renewable sources – primarily hydro and wind. Solar and wind parks installed in the past sold all production to the government electricity company at a fixed convenient price in long-term contracts. The government continues offering incentives for clean energy investments, mainly related to lower corporate income tax, for clean energy investments and is developing national plans for green hydrogen.

Uruguay seldom issues sovereign guarantees or jointly financed FDI projects. Notwithstanding, the government did commit to undertake substantial public works, including the construction of a railroad and port-related infrastructure, as a pre-condition for a $2 billion investment in a major pulp mill project by Finnish company UPM. The government took numerous measures to incentivize investment and stimulate employment in response to the COVID-19 pandemic. Decree 268/020 expanded the definition of companies eligible for tax incentives, relaxed previous provisions to facilitate firms’ access to the incentives, and increased corporate income tax-related benefits. In May 2020, the government issued another decree to promote investment in large construction projects. These regulations aimed at enticing firms to undertake new, or expand existing, investments. The full list of measures is available (in Spanish) at https://www.gub.uy/presidencia/politicas-y-gestion/medidas-del-gobierno-para-atender-emergencia-sanitaria-coronavirus-covid-19-8 

Foreign Trade Zones/Special Economic Zones/Free Ports/Trade Facilitation

Uruguay has increasingly promoted itself as a regional, world-class logistics and distribution hub. In 2010, Uruguay created the National Logistics Institute (known by its Spanish acronym as INALOG), a public-private sector institution that seeks to coordinate efforts towards establishing Uruguay as the leading Mercosur distribution hub. INALOG and Uruguay XXI have issued several reports on Uruguay’s role and advantages as a logistics hub.

Uruguay established free trade zones (FTZs) in 1987 (Law No. 15,921). Legislation in 2017 (Law No. 19,566) included minor changes in tax benefits, streamlined the requirements and activities that companies must accomplish to be able to operate inside an FTZ, and improved international cooperation related to the prevention of international tax evasion. Full legislation and regulations are available at  http://zonasfrancas.mef.gub.uy/ . Almost all foreign investors surveyed in 2018 were satisfied or highly satisfied with Uruguay’s FTZs and free ports.

There are 12 FTZs throughout the country. Most FTZs host a wide variety of tenants performing various services, including financial, software development, call centers, warehousing, and logistics. One FTZ is dedicated exclusively to the development of pharmaceuticals, and three to the production of paper pulp. The government is considering additional FTZs. Mercosur regulations treat products manufactured in most member states’ FTZs, except for Tierra del Fuego (Argentina) and Manaus (Brazil), as extra-territorial and charge them the common external tariff upon entering any member country. As a result, industrial production in local FTZs is usually destined for non-Mercosur countries.

Firms may bring foreign goods, services, products, and raw materials into the FTZs. Firms may hold, process, and re-export the goods without payment of Uruguayan customs duties or import taxes. Uruguay exempts firms operating in FTZs from national taxes. Laws governing legal monopolies do not apply within the FTZs. Additionally, employers do not pay social security taxes for non-Uruguayan employees who have waived coverage under Uruguay’s social security system. Uruguay treats goods of Uruguayan origin entering FTZs as exports from Uruguay for tax and other legal purposes.

Uruguay has other special import regimes in place called “temporary admission,” “bonded warehouse,” and “free port.” The temporary admission regime allows manufacturers to import duty-free raw materials, supplies, parts, and intermediate products they will use in manufacturing products for export. However, the regime requires government authorization, and firms must export all finished products within 18 months. Firms do not have to be in a specific location to benefit from temporary admission. Free ports and bonded warehouses are special areas where goods that remain on the premises are exempted from all import-related duties and tariffs. The two main differences between free ports and bonded warehouses are that goods can stay for an unlimited amount of time in free ports and up to one year in bonded warehouses, and that firms may not significantly modify goods in free ports. Firms may engage in “industrialization,” including limited product transformation, in bonded warehouses. Firms operating in both premises may re-label and re-package merchandise.

Law No. 17,547 passed in August 2002 allows for the establishment of industrial parks. Several additional decrees signed since 2007 allow for the establishment of sector-specific industrial parks. Industrial-park advantages include tax exemptions and benefits, and they may be established by the private sector, or by national or local governments. There are three industrial parks that operate under Law No. 17,547, and eleven that operate under state’s regulations.

Performance and Data Localization Requirements

Foreign investors are not required to meet any specific performance requirements, and have not reported impediments or onerous visa, residence, or work permit requirements. The government does not require that nationals own shares or that the share of foreign equity be reduced over time, and does not impose conditions on investment permits. A labor-related requirement is that tenants of free trade zones employ at most 25 percent of foreign workers. The law provides that, in special cases, Uruguay can allow a higher percentage of foreign workers.

Article 8 of the U.S.–Uruguay BIT bans both countries from imposing certain performance requirements on new investments or tying the granting of existing or new advantages to performance requirements.

Uruguay does not require foreign investors to use local content in goods or technology to invest. However, local content may be required in some sectors to become eligible for special tax treatment or government procurements.

Uruguay does not require foreign IT providers to turn over source code or provide access for surveillance. Companies can freely transmit customer or business-related data across borders. Banks can transmit information out of Uruguay on their loan portfolios but not on their depositor base. Banks are obliged to provide information once a year to the local tax authority on their depositors. This information is exchanged with tax authorities from countries that enjoy Tax Information Exchange Agreements with Uruguay, including the United States. Legislation governs the central government’s computer system security, requiring all personal and sensitive data to remain in Uruguay. Uruguay’s Agency for e-government and Information Society (AGESIC) oversees enforcing this regulation.

Real Property

Uruguay recognizes and enforces secured interests in property and contracts. Mortgages exist, and Uruguay has a recognized and reliable system of recording such securities. Uruguay’s legal system protects the acquisition and disposition of all property, including land, buildings, and mortgages.

Law No. 19,283, passed in 2014, prevents foreign governments from buying land, either directly or in association with private companies. Traditional use rights are not applicable as there is no applicable indigenous community in Uruguay. Most land has clear property titles.

Due to rising instances of union-supported sit-ins or occupation of workplaces in recent years, business chambers filed cases before the International Labor Organization. In 2020, the government included an article in the Law No. 19,889 providing for the peaceful exercise of the right to strike, the right of non-strikers to access and work in their respective establishments, and the right of the management of the companies to enter their facilities freely. In practice, this law gives police the authority to physically remove strikes blocking access to workplaces, and to prevent the occupation of workplaces.

There are low levels of unionization among digital services and IT workers, particularly those focused on services exports and working in free trade zones.

Intellectual Property Rights

Uruguay has not been on the Office of the U.S. Trade Representative’s (USTR) Special 301 Report since 2006, nor on USTR’s Review of Notorious Markets for Counterfeiting and Piracy since 2016.

Uruguay is a member of the World Intellectual Property Organization (WIPO) and a party to the Berne and Universal Copyright Conventions, as well as the Paris Convention for the Protection of Industrial Property. The executive branch sent bills to parliament to adhere to WIPO’s Patent and Cooperation Treaty, on several occasions, the last one in 2017. Uruguay is also a member of PROSUR, the Latin American Intellectual Property Network that encompasses 13 countries.

Some industry groups criticize the slowness of the patent-granting process, as well as the lack of data protection for proprietary research submitted as part of the grant process. They also strongly criticize an amendment to the Patent Law (passed in a 2013 omnibus law) that removed the ability of patent right holders to claim damages for infringement of their rights from the date of the patent application filing up to its granting date. In 2021 the government submitted a bill to close this loophole, but it was passed by Parliament with language that excluded pharmaceuticals from this protection. While enforcement of trademark rights has improved in recent years, local citizens have sometimes managed to register trademarks without the owners’ prior consent. Customs officers have authority to enforce trademark protection. After temporarily freezing a shipment of suspicious goods, Customs must communicate with the local representatives of the trademarks’ right-holders to determine the legality of the goods and seek cooperation. Uruguay tracks and reports on Custom’s seizures of goods, some of which are counterfeit, but there is no centralized dedicated reporting system for seizures of counterfeit goods.

For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/. 

Capital Markets and Portfolio Investment

Over time Uruguay has added regulations and legislation to develop its capital markets, including law No. 18,627 in 2009. However, the local capital market remains underdeveloped and highly concentrated in sovereign debt, making it difficult to finance business ventures through the local equity market. Due to such underdevelopment and lack of sufficient liquidity, Uruguay typically receives only “active” investments oriented to establishing new firms or gaining control over existing ones and lacks “passive investments” from major investment funds.

The government maintains an open attitude towards foreign portfolio investment, though there is no effective regulatory system to encourage or facilitate it. Uruguay does not impose any restrictions on payments and transfers for current international transactions.

Uruguay allocates credit on market terms, but long-term banking credit has traditionally been difficult to obtain. Foreign investors can access credit on the same market terms as nationals.
As part of the process of complying with OECD requirements (see Bilateral Investment Agreements section), Uruguay banned “bearer shares” in 2012, which had been widely used. Private firms do not use “cross shareholding” or “stable shareholder” arrangements to restrict foreign investment, nor do they restrict participation in or control of domestic enterprises.

Money and Banking System

Uruguay established its Central Bank (BCU) in 1967 as an autonomous state entity. The government-owned Banco de la República Oriental del Uruguay (BROU) is the nation’s largest commercial bank and has the largest market share. The rest of the banking system comprises a government-owned mortgage bank and nine international commercial banks. The BCU’s Superintendency of Financial Services regulates and supervises foreign and domestic banks or branches alike. The Superintendency reports that as of March 2023, the banking sector has good capital and liquidity ratios.

Since Uruguay’s establishment of a financial inclusion program in 2011, and especially after the passage of a financial inclusion law in 2014 (No. 19,210), the use of debit cards, credit cards, and bank accounts has increased significantly. Several private sector firms issue electronic currency. Articles 215 and 216 of Law No. 19,889 reinstated the possibility of paying workers’ salaries in cash instead of electronically.

Regarding technological innovation in the financial sector, Montevideo hosted the first regional Fintech Forum in 2017, which led to the creation of the Fintech Ibero-American Alliance. Some local firms have developed domestic and international electronic payment systems. Emerging technologies like blockchain and crypto currencies are developing. For example, the state power company UTE announced in 2022 the use of the blockchain called Energy Web Chain.

There have been some cases of U.S. citizens having difficulties establishing a first-time bank account, mostly related to the United States’ Foreign Account Tax Compliance Act provisions.

Foreign Exchange and Remittances

Foreign Exchange

Uruguay maintains a long tradition of not restricting the purchase of foreign currency or the remittance of profits abroad. Free purchases of any foreign currency and free remittances were preserved even during the severe 2002 financial crisis.

Uruguay does not engage in currency manipulation to gain competitive advantage. Since 2002, the peso has floated relatively freely, albeit with intervention from the Central Bank aimed at reducing the volatility of the price of the dollar. Foreign exchange can be obtained at market rates and there is no black market for currency exchange.

Remittance Policies

Uruguay maintains a long tradition of not restricting remittance of profits abroad.
Article 7 of the U.S. – Uruguay BIT provides that both countries “shall permit all transfers relating to investments to be made freely and without delay into and out of its territory.” The agreement also establishes that both countries will permit transfers “to be made in a freely usable currency at the market rate of exchange prevailing at the time of the transfer.”

Sovereign Wealth Funds

There are no sovereign wealth funds in Uruguay.

Privatization Program

Uruguay has not undertaken any major privatization program in recent decades. While Uruguay opened some previously government-run monopolies to private-sector competition, the government continues to maintain a monopoly in the import and refinement of petroleum, landline telecommunications and water treatment and distribution.

Parliament passed a public-private partnership (PPP) law in 2011 and created regulations with Decree 007/12. The law allows private sector companies to design, build, finance, operate, and maintain certain infrastructure, including brownfield projects. With some exceptions (such as medical services in hospitals or educational services in schools), PPPs can also be applied to social infrastructure. The return for the private sector company may come in the form of user payments, government payments, or a combination of both. In 2015 and 2021, Uruguay passed regulations to simplify the procedures and expedite the PPP process. In October 2022, there were five PPP projects in the implementation phase, the largest of which is a 170-mile railroad for approximately $1 billion. There are eleven other projects worth about another billion in different stages of development, related to roads, education, and health. The current government aims to improve PPP approval times. U.S. companies have tended to be suppliers of equipment and services to local companies that compete for PPPs rather than direct bidders, with some exceptions.

Additional Resources

Department of State

• Country Reports on Human Rights Practices;
• Trafficking in Persons Report;
• Guidance on Implementing the “UN Guiding Principles” for Transactions Linked to Foreign Government End-Users for Products or Services with Surveillance Capabilities;
• U.S. National Contact Point for the OECD Guidelines for Multinational Enterprises; and;
• Xinjiang Supply Chain Business Advisory 

Department of the Treasury

• OFAC Recent Actions

Department of Labor

• Findings on the Worst Forms of Child Labor Report;
• List of Goods Produced by Child Labor or Forced Labor;
• Sweat & Toil: Child Labor, Forced Labor, and Human Trafficking Around the World and;
• Comply Chain.

Climate Issues

The government’s long-term climate strategy was announced in December 2021, and focuses on mitigation and adaptation to climate change. Government officials assess that private and foreign investment are vital for the success of their climate strategy. Following the Paris Climate Agreement, Uruguay’s has committed to an aspirational goal for carbon neutrality by 2050, including stable emissions of methane and nitrous oxide in its agricultural sector.

The Uruguay’s 2021 climate strategy included one-hundred-and-fifteen measures, many of them aimed at achieving policy outcomes that preserve biodiversity and other desirable ecological benefits. Each measure has an advance report that can be tracked at: https://visualizador.gobiernoabierto.gub.uy/visualizador/api/repos/%3Apublic%3Aorganismos%3Aambiente%3Avisualizador_cdn.wcdf/generatedContent 

A 1997 forestry law (No. 15,934) prohibits native forest deforestation and promotes man-made forestry. Since the law was passed, Uruguay’s planted forest has increased and led to major foreign investments in the pulp industry. The government is gradually including environmental variables in public economic and capital market policies. In October 2022, Uruguay became the first country to issue a sustainability-linked bond (SLB) with a “step-down clause” that provides for lower interest payments for exceeding certain environmental goals. Uruguay issued $1.5 billion in bonds of which investors offered to buy $3.96 billion.

Post is unaware if government procurement policies include environmental and green growth considerations or have policies that target specific commodities.

Resources to Report Corruption

Government agency responsible for combating corruption:Junta de Transparencia y Ética PublicaPresident Susana Signorino BarbatAddress: Rincon 528, 8th floor, ZC 11000Tel: (598) 2917 0407E-mail:  secretaria@jutep.gub.uy   https://www.gub.uy/junta-transparencia-etica-publica/institucional/estructura-del-organismo/junta-transparencia-etica-publica  
Local branch of Transparency International: http://www.uruguaytransparente.uy