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Posted on: May 14th, 2008
Filed Under: [ Business ] [ Non-US News ] [ Blogante Business ]
Tags: Argentina
The opposing banks of the River Plate are contrasts in style. They were always that way. Buenos Aires was usually metropolitan and bright, while Montevideo was provincial and sullen. However, now the two sides reversed position, with the northern bank showing an air of vitality and modernity, while the southern bank sinking into a morass of pessimism.
Uruguay is booming. After growing 7.2 percent y/y in 2007, the Uruguayan economy is poised to grow more than 6 percent y/y in 2008. Foreign investment is pouring into the country, taking advantage of its vast natural resources and tourism potential. Despite the tantrums demonstrated by Argentines against Botnia’s new paper mill at Fray Bentos, other multinationals are rushing to develop similar projects on the River Plate. “*
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