It has recently emerged that Germany and Uruguay have signed a bilateral double taxation agreement, thereby strengthening economic ties between the two countries.
During the third stage of his visit to South America, Germany’s Foreign Minister Guido Westerwelle met with the country’s new President, José Mujica, and his Uruguayan counterpart Luis Almagro in Montevideo, and announced his intention to strengthen the political, cultural and economic ties with Uruguay.
Almagro underlined the fact that Germany was one of Uruguay’s closest partners within the European Union, as a key buyer of Uruguayan exports. Almagro also emphasized his intention to continue the course of economic stabilization and growth for his country.
Uruguay managed to quickly overcome the effects of the recent global economic and financial crisis, by international comparison. According to the German Foreign Ministry, sustained high growth and a highly trained population has made Uruguay an attractive location for German businesses. The areas of renewable energy, infrastructure, farming and tourism are of particular interest to the German economy, it notes.
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