Uruguay Roundup: Railway to boost trade, new research for potato, $400 million issued in Swiss bonds

Uruguay launches railway upgrade to boost trade
Uruguay has initiated a nationwide strategy to modernise its railway network in a bid to enhance regional trade and strengthen domestic transport connectivity. The plan, spearheaded by the Ministry of Transport and Public Works, is being developed in partnership with the National Development Corporation (CND) and the Development Bank of Latin America and the Caribbean (CAF). The strategy aims to transform the rail system into a more sustainable and efficient mode of freight and passenger transport. Authorities say the initiative reflects a unified commitment to innovation, environmental sustainability, and long-term economic growth.
Uruguay advances seed research to strengthen potato sector
Uruguay is addressing persistent challenges in potato seed quality by advancing research and innovation in seed multiplication systems. While potatoes remain vital to national food security and the agricultural economy, high-quality seed access, particularly for greenhouse and small-scale producers, remains limited. The National Institute of Agricultural Research (INIA) has developed cultivars resistant to PVY viruses and key diseases such as Phytophthora infestans and Alternaria solani. However, the cost and scarcity of quality seeds, often imported and ill-suited to local conditions, continue to hinder productivity.
Uruguay strengthens ties with Italy, seeks EU-MERCOSUR progress
Uruguayan Foreign Minister Mario Lubetkin met with Italian Foreign Minister Antonio Tajani in Rome to reinforce bilateral relations and advance Uruguay’s engagement with the European Union. The meeting highlighted strong cooperation in political, commercial, and cultural spheres, supported by Uruguay’s significant Italian community. Lubetkin welcomed Italy’s continued support for Latin America and its role in promoting regional interests within the EU. Both ministers discussed the pending EU-MERCOSUR trade agreement. Tajani reaffirmed Italy’s backing for the deal while stressing the importance of addressing concerns from sectors such as agriculture.
Uruguayan President Orsi begins international tour
Uruguayan President Yamandú Orsi has commenced an international tour that includes official visits to Spain, Argentina, and Brazil. Vice President Carolina Cosse assumed executive duties this morning ahead of Orsi's departure. In Spain, Orsi will participate in the United Nations’ Fourth International Conference on Financing for Development, held in Seville. He is expected to attend a dinner hosted by King Felipe VI on Sunday and deliver an address at the UN forum on Monday. On Tuesday, July 2, Orsi will travel to Buenos Aires to attend his first MERCOSUR summit as President. He is scheduled to return to Uruguay on Wednesday night and will welcome Uruguayan peacekeepers returning from the Democratic Republic of the Congo the following morning. Later that day, Orsi will travel to Brazil for bilateral meetings and to attend the BRICS summit in Rio de Janeiro.
Uruguay issues $400 million in Swiss franc bonds to finance 2025 deficit
Uruguay has issued CHF 320 million (approximately USD 400 million) in sovereign bonds, marking its first entry into the Swiss franc market. The bonds, with five- and ten-year maturities, carry an average annual interest rate of 1.33% and will contribute to financing the country's projected USD 6 billion fiscal deficit for 2025. Economy Minister Gabriel Oddone emphasised the strategic importance of the issuance, citing Switzerland’s reputation for high-quality investors. “This is a club Uruguay intends to belong to,” he said. Oddone added that Uruguay is currently the only Latin American country issuing bonds in Swiss francs, reflecting a broader effort to diversify currency exposure.
This story is written and edited by the Global South World team, you can contact us here.