Uruguayan President Yamandú Orsi offered a rare promise in the region on September 22 in New York: rules that do not change with the political cycle. Before business leaders and investors at Americas Society/Council of the Americas (AS/COA), he presented a country that makes predictability its main competitive advantage.
Stability as a Strategic Asset
Orsi argued that confidence in Uruguay rests on three pillars: solid institutions, macroeconomic strength and social cohesion. He stressed that foreign investment receives the same treatment as domestic investment. He described continuity across governments of different political stripes as a "positive accumulation," according to the Office of the President of Uruguay.
That message carries added weight against the regional backdrop. The next day, at the United Nations headquarters in the same city, Venezuela's interim president, Delcy Rodríguez, said her country is undergoing a transition and that elections will be held. Eight months have passed since the capture of Nicolás Maduro. Washington maintains that the process requires rebuilding institutions and restoring the economy first.
In Brazil, the largest economy in Mercosur, citizens vote on October 4, with a possible runoff on October 25. Runoff polling shows a technical tie between Luiz Inácio Lula da Silva and Flávio Bolsonaro, at 46% to 44% in the Datafolha survey.
An Offer Broader Than Stability
Orsi acknowledged that stability alone is not enough to accelerate growth. He therefore outlined an agenda to modernize incentives, attract skilled talent and cut red tape, including the proposed Competitiveness and Cost-of-Living Reduction Law.
He also reviewed progress on the Mercosur–European Union agreement, Uruguay's accession process to the CPTPP and the deepening of ties with the OECD. He identified opportunities in agribusiness and bioeconomy, energy (green hydrogen, biofuels, data centers), life sciences, logistics and global services. He cited projects by PepsiCo, Google, Syzygy and Microsoft, along with the National Artificial Intelligence Center.
What the Numbers Say
Rating agencies support part of the narrative. Uruguay retains investment grade: BBB+ at S&P, Baa1 at Moody's and BBB at Fitch, all with stable outlooks.
Fitch, however, warned that growth would be only 1% in 2026, below the government's 1.6% estimate. Investment equaled 16% of GDP in 2025, and gross debt would reach 68% of GDP this year. These are the critical metrics to monitor.
Outlook: From Safe Haven to Results
Uruguay's strategy bets that capital assessing regional risk will value the contrast. The landscape, however, is fluid. If Venezuela consolidates its transition and Brazil emerges from the polls with a clear mandate, Uruguay's comparative edge could narrow. Predictability attracts, but the cost of doing business, productivity and the execution of reforms will determine whether that attention becomes actual investment.
Orsi framed it candidly: Uruguay does not promise a world without uncertainty. He invited investors to consider the country for their next projects and to say what it should improve. The challenge now is to turn that willingness to engage into visible results.
