Economy
As the capital of Uruguay, Montevideo is the economic and political centre of the country. Most of the largest and wealthiest businesses in Uruguay have their headquarters in the city. Since the 1990s the city has undergone rapid economic development and modernization, including two of Uruguay's most important buildings—the World Trade Center Montevideo (1998), and Telecommunications Tower (2000), the headquarters of Uruguay's government-owned telecommunications company ANTEL, increasing the city's integration into the global marketplace.
The Port of Montevideo, in the northern part of Ciudad Vieja, is one of the major ports of South America and plays a very important role in the city's economy. The port has been growing rapidly and consistently at an average annual rate of 14 percent due to an increase in foreign trade. The city has received a US$20 million loan from the Inter-American Development Bank to modernize the port, increase its size and efficiency, and enable lower maritime and river transportation costs.
The most important state-owned companies headquartered in Montevideo are: AFE (railways), ANCAP (Energy), Administracion Nacional de Puertos (Ports), ANTEL, ANCEL and ANTELDATA (telecommunications), BHU (savings and loan), BROU (bank), BSE (insurance), OSE (water & sewage), UTE (electricity). These companies operate under public law, using a legal entity defined in the Uruguayan Constitution called Ente Autonomo ("autonomous entity"). The government also owns part of other companies operating under private law, such as the national airline carrier PLUNA and others owned wholly or partially by the CND (National Development Corporation).
Banking has traditionally been one of the strongest service export sectors in Uruguay: the country was once dubbed "the Switzerland of America", mainly for its banking sector and stability, although that stability has been threatened in the 21st century by the recent global economic climate. The largest bank in Uruguay is Banco Republica (BROU), based in Montevideo. Almost 20 private banks, most of them branches of international banks, operate in the country (Banco Santander, ABN AMRO, Citibank, Lloyds TSB, among others). There are also a myriad of brokers and financial-services bureaus, among them Ficus Capital, Galfin Sociedad de Bolsa, Europa Sociedad de Bolsa, Darío Cukier, GBU, Hordeñana & Asociados Sociedad de Bolsa, etc.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)