The Minister of Economy Fernando Lorenzo sets the tone by clearly defining challenges ahead and how to solve them.
It’s rare for a tiny country in the Southern Cone of Latin America, where the population of cattle is 4 times its 3 Million people to want a big piece of the global services market. Exporting around U$ 700M in pure services (ITO, BPO, Shared Centers, etc.) Uruguay is trying to transit from what is considered “non traditional” (compared to tourism and logistics) to “traditional”.
In an extensive presentation, the Minister of Economy, presented what should be “systematic strategy” to solve challenges and set the culture of services deep in the business and regulatory environment of the Country. You can get the presentation here: http://www.uruguayxxi.gub.uy/wp-content/uploads/2012/09/Presentacio%CC%81n-Servicios-Version-Final.pdf.
Since the presentation was delivered to a local audience it’s currently available only in Spanish. A hint of the type of problems to solve in the future. But other issues were discussed by the Minister including building enough talent, creating the right institutional development, reducing broadband cost and increasing general technology access.
A focus on ITO, BPO, Pharma and Medical and Logistic Chain coordination services should satisfy Uruguay’s natural abilities to grow the service industry. Each of these areas can easily multiply by 3 or 4 in the next 5 years and allow companies and vendors to settle in Uruguay and support the entire Western Hemisphere. Uruguay has a success story in each of these four areas: Tata Consultancy Services in ITO, several captive centers in BPO, global companies in Pharma and emerging service providers in Logistics services. Medical will require quick regulatory changes and extra specialization of the labor force.
But as regulations, talent, promotion and infrastructure is needed, so is the ecosystem to support an industry growth. This is where MVD Consulting expects to play an important role, providing key advisory services to both companies willing to establish themselves in Uruguay or local organizations looking to benefit from the enormous U$ 1.4 trillion global offshore business.