Economía 27-06-2017

Uruguay seeks European investors for "innovative projects" of energy

Uruguay looks for European investors to bet on "ambitious and innovative projects" in the country to strengthen the local energy industry, as it has territorial and legal capacities to carry them forward, said the country's Minister of Industry and Energy Carolina Cosse.

In the framework of the 1st European Investment Forum in Uruguay, Cosse highlighted the change in its parent company in Uruguay, which allows it to have more than 95% of its electricity generation from renewable energies, consolidating it as an exporter of energy to its neighbor countries.

"We have to consider how to use this change in the electrical matrix to change the industry and that change will become an industrial matrix," said Cosse.

To do this, the minister pointed out the need to attract investors who are willing to raise innovative ideas and challenges to develop and build capacity in Uruguay.

In this regard, Cosse considered that scientific and technological research are part of the "hard core" of innovation, so it is necessary to "bet all chips" to strengthen them to protect "the industrial fabric," mainly in SMEs and especially Those that are dedicated to innovate.

"The biggest challenge that Uruguay is facing in order to get European investment is to tell its history and the experience told by those who have already invested, time and time again, both in the tours abroad and now," he added.

The minister invited the representatives of the companies that attended the event to "continue investing in Uruguay" as it has "the talents, the desire, the dimensions, the appropriate legal framework."

On the other hand, it considered that the main challenges for the country will be to develop the electric transport, to manage the demand of energy and "to be able to transfer the benefits of the new electrical matrix to all the citizenship".