THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SHIHAB RATTANSI, CNN ANCHOR: Overseas investment is giving Uruguay hope as it attempts to rebuild its economy. The South American nation suffered two years ago when demand for its agricultural exports dropped in neighboring Argentina and Brazil. Now, Uruguay is working to reduce its dependence on agriculture. But as United Nations Television reports, finding new ways to fuel economic growth in Uruguay is proving to be a job itself.
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STEVE WHITEHOUSE, UNTV CORRESPONDENT (voice-over): Walter Guariglia travels for two hours each day to work in downtown Montevideo, Uruguay's capital. He's an attendant at a parking lot. It's the only job Walter can find. Wages are low and it is a struggle to make ends meet.
WALTER GUARIGLIA, PARKING LOT ATTENDANT (through translator): I hope to find better work, a descent job, so that I can maintain my family.
WHITEHOUSE: Walter's hopes for a higher paid job are echoed throughout Uruguay and indeed many developing countries. But as Uruguay opens its economy in an increasingly globalized world market, foreign imports are replacing local products and layoffs of workers are widespread. Once dependent on agricultural products to generate export income, Uruguay is now increasingly counting on its education system for future growth.
LOUIS ROMERO, INVESTMENT CONSULTANT: The population is well trained. We have a good level of formations, so it's very easy to work high-tech with the population in Uruguay, with the labor force in Uruguay.
WHITEHOUSE: The economic downturn in neighboring Argentina and Brazil is adding to Uruguay's woes and it's making the search for economic growth more urgent. Like many countries, Uruguay is therefore seeking foreign investors. It means a considerable change in attitude.
SERGIO ABREU, MINISTRY OF INDUSTRY: We are having one of the lowest rate in foreign investment in the south, and we need to improve it and all the companies know that we have comparative advantage in terms of market and in terms of some tax exceptions. WHITEHOUSE: Providing incentives is part of the package. The state of San Jose has donated land for an industrial estate. Goodyear, a transnational company, is the first to seize the opportunity to create jobs.
Countries have little choice but to make themselves attractive to investors.
JUAN SOMAVIA, DIRECTOR, GENERAL ILO: You need to create a environment that is conducive to investment and to the creation of employment.
WHITEHOUSE: Rubber soles for footwear will be one of the main products produced by Goodyear. The aim is to not only satisfy the local needs, but to export throughout the region. In a word, it means jobs.
To low paid workers like Walter, the factory offers a prospect of a better life.
GUARIGLIA (through translator): It's a huge initiative, this factory, in terms of providing jobs, for example, for my family and for the people who live in the area.
WHITEHOUSE: Scrambling to attract foreign investors is a big ideological turnaround from the era where multinationals were regarded with suspicion. Providing investors with incentives is becoming the name of the game.
For the U.N. Television, this report was prepared by Mary Ferrara Steve Whitehouse for the CNN WORLD REPORT.
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