Investment opportunities
FORESTRY SECTOR
February / 2017
Forestry Industry – February 2017
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Forestry Industry – February 2017
____________________________________________________
Uruguay grew at an average annual rate of 4.4 % between 2006 and 2016, which makes it one
of the countries with the greatest growth in the region.
Foreign Direct Investment (FDI) has reached record levels, which has allowed Uruguay to
become one of the main FDI destinations in South America (5.3 % of the GDP) over the last
decade.
Uruguay has a consolidated democratic system, in which the three major political parties have
alternated in Government, always with due respect to the business climate and rules of the
game.
Uruguay offers a favorable business climate, well-established social stability, with fiscal
stimulus for the investor, and a strong corporate responsibility.
Uruguay has a free foreign exchange market, which means that the sales and purchase of
foreign currency is totally free. No prior authorization is required to bring or remove money,
and there are no restrictions to bring or remove capitals, transfer profits, dividends, interests,
etc.
Thus, businesses can operate entirely in dollars, so there is no loss of returns for investors as a
result of currency exchange risks.
Several foreign companies chose Uruguay to set up and develop their activities, such as UPM
—Finnish capitals—, which set up in the country in 2007, Montes del Plata —Chilean and
Swedish–Finnish capitals— which set up in 2009, and Weyerhaeuser Productos S.A., an
American company, which set up in 1996. In addition, important TIMOs1, such as GFP, GMO,
BTC, and Stafford operate in Uruguay.
Geographical location: Uruguay is located at the same latitude as other major forestry
developments in the southern hemisphere. Uruguay’s climate is similar to that of the south of
Australia, New Zealand, South Africa and the central regions of Argentina and Chile and
features weather and soil characteristics that ensure very good levels of competitiveness on an
international scale.
Our country has a stable legal framework favorable for investments in the forestry sector, and
a national code of best forestry practices to achieve sustainable production, responding to the
requirements of international demand.
1
Timber Investment Management Organizations.
2
Forestry Industry – February 2017
Exports of forest products (wood, cellulose and paper) currently represent 17% of the total
exports of goods from Uruguay. Within this sector, cellulose accounted for 81% of the total
exports, while wood and paper accounted to 15% and 4%, respectively. Meanwhile, domestic
consumption of wood and wood by-products accounts for 100,000 cubic meters.
Uruguay seeks to have a greater integration between forestry activities and extensive cattle
raising —two of the main activities in the country—, which would make it possible to increase
production by using natural resources more efficiently.
In Uruguay there are significant opportunities for the establishment of industries that add
greater value to wood. The vast supply of pinewood is a great attraction for the establishment
of companies engaged in primary and secondary mechanical processing activities.
Uruguay is working on promoting and developing construction using wood, which generates
spaces for new companies that produce supplies for this activity.
The Council of Forest and Wood Industries (CSFM, for its Spanish acronym) formed by
entrepreneurs, workers and technicians from the private and public sector provides
institutional support to articulate the sector's activity.
Nowadays, UPM is considering investing in Uruguay again by building a third pulp mill. It would
have a similar production to the total of the two existing plants, and it would help make
cellulose the main exported product of the country. In addition, Uruguay would become the
second global exporter of short–fiber pulp.
3
Forestry Industry – February 2017
______________________________________________________________
The forestry sector in Uruguay consists of various activities that range from seed and seedling
production to the final shipment of manufactured products. The sector includes at least four
forest-based industrial chains:
The cellulose–paper chain (includes untreated roundwood, chips, cellulose pulp, paper and
cardboard, etc.), which has the greatest weight in the sector, and in which well-known companies
participate.
Mechanical transformation: processed wood products (treated roundwood, sawn wood,
boards, joinery, packaging wood, furniture, moldings, etc.). This chain is characterized by the
coexistence of domestic and foreign companies.
The chemical industry (resins, essential oils, bioplastics, biorefineries, etc.), undeveloped in
Uruguay at this time.
Energy chain (firewood, pellets, electricity produced from biomass, among others).
There are three types of activities within the sector which can be grouped as follows:
Primary stage: Agricultural (forestry), which includes the production of reproductive material and
seedlings in nurseries, tree planting and intermediate treatment for forests, and harvesting.
Secondary stage: Industrial, comprising wood processing activities carried out in several chains,
including commercial sale.
Logistics, transport and associated professional services: The Uruguayan forestry industry
comprises large companies with a strong vertical integration that covers agricultural and industrial
activities and all intermediate processes to the final sale of products. In particular, some of the
large exporting companies ensure their own supply of the majority of raw materials used. The
largest and most productive sawmills use mainly domestic raw materials and their production is
destined for foreign markets. Smaller mills focus mainly on the domestic market and they are not
vertically integrated.
Moreover, paper manufacturers produce both for foreign and domestic markets. These
companies have their own pulp production mills for in-house consumption of pulp used in the
paper production process.
Forestry Industry – February 2017
Source: Uruguay XXI based on the Industrial Plan 1 document of the Productive Cabinet - Ministry of
Industry, Energy and Mining (MIEM) - National Industry Administration (DNI).
According to data furnished by the Central Bank of Uruguay (BCU), the GDP of the sector's
primary stage (forestry, logging and related services) has reported a rising trend, registering an
average annual growth rate of 8.7% in the last decade. Thus, the sector's share in the overall GDP
(approximately 0.5 %) has remained relatively stable in this period.
250
230
210
190
170
150
130
110
90
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Uruguay XXI based on Central Bank of Uruguay.
Meanwhile, added value in the industrial stage has also shown a strong upward trend (see chart),
especially since UPM's pulp mill began operating in late 2007 and Montes del Plata in mid-2014.
Actually, the industrial stage has grown by 16.2% per annum on average over the last decade.
5
Forestry Industry – February 2017
530
480
430
380
330
280
230
180
130
80
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Uruguay XXI based on Central Bank of Uruguay.
Power generation from forestry by-products (forest biomass and by-products from mechanical
and chemical processing) is among the activities related to the industrial phase, which has gained
relevance and has significant future prospects due to the increase in raw material supply and
State policies in the area. In 2016, approximately 10% of the electricity generated to meet the
country's demand, derived from biomass waste2.
It is also worth noting that due to Montes del Plata's activity and investments made in wind farms,
the installed capacity of non-traditional renewable energy sources (excluding hydraulic) went
from having a 10% share of the total in 2013, to a 32% in 20153.
Currently in Uruguay there are companies in the sector that have biomass power plants to
generate electricity, such as:
- UPM has an installed capacity of 161 MW, which is mostly consumed by the mill itself.
Generation has surpassed the monthly average of 130 MW and approximately 30 MW are sold
to UTE.
- Bioener is located in the department of Rivera and is equipped with a capacity of 12 MW.
- Weyerhaeuser Productos S.A. has 12 MW of installed capacity - 6 MW of which are for internal
consumption.
- Fenirol has a generation capacity of 10 MW. The company obtains biomass from forestry
activities as well as rice mills.
- Liderdat has a generation capacity of 5 MW. It is located on the Azucarlito sugar factory
premises, in the department of Paysandú.
- Montes del Plata has an installed capacity of 170 MW, 80 MW of which approximately are sold
to the national grid.
- Ponlar located in the department of Rivera, uses byproducts from the Dank sawmill. It has an
installed capacity of 7.5 MW.
2
3
Source: Uruguay XXI based on UTE i. (http://portal.ute.com.uy/institucional/ute-i)
Source: Electricity market annual report 2015, ADME.
6
Forestry Industry – February 2017
Based on data from the Social Security Fund (BPS), the sector employs over 15,000 workers. This
figure does not include indirect employment generated by the sector, which includes
transportation, logistics, and related services4..
ISIC section
Wood product manufacturing
No. of people employed
8,537
4,222
Paper and paper product manufacturing
(including cellulose)
2,443
Total
15,202
Forestry and logging
Source: Uruguay XXI based on data furnished by BPS – August 2016.
Although it was due to the contextual situation, the construction of Montes del Plata mill had a
significant impact on the employment sector. Approximately 3,200 workers were employed,
mainly Uruguayan, reaching a maximum of 6,000 people5.
One of the main concerns among businesspeople in the sector is the lack of qualified human
resources given the high technological level they require. This is a key factor because it improves
productivity by promoting competitiveness. College and technical training are trying to adjust to
this dynamics by training chemical engineers specialized in cellulose production and architects in
woodwork. The Uruguayan Work University (UTU) is also working on courses related to forestry
and wood. In Rivera, one of the departments with the highest levels of forestry, there is a
technical degree in wood, which seeks to produce graduates that can work on tasks related to
technologies, forest harvest, and industrial engineering focused on wood6.
Approximately 15% of the country's population lives in the departments that have the most forest
areas7.
In Uruguay there are approximately 1,800 companies related to forest products, according to the
Social Security Fund. Out of this total, 92% are micro and small undertakings with less than 20
employees.8Among exporting companies, UPM and Montes del Plata, producers of cellulose pulp,
are the main companies: both of them together represent 81% of the sector's exported value in
2016.
4
To have an idea of the dimension of this integration, we must point out that UPM's value chain generated 7,000 jobs
in 2015. Source: Socioeconomic impact of UPM Uruguay in 2015, CPA-Ferrere. June 2016.
5
Source: www.montesdelplata.com.uy/mdptv.php
6
https://www.fing.edu.uy/ensenanza/carreras-de-grado/tecn%C3%B3logo-en-madera-rivera
7
Source: National Statistics Bureau (INE), estimates by June 2016 considering the departments of Rivera, Tacuarembó,
Cerro Largo, Paysandú, Río Negro, and Lavalleja.
8
Source: Uruguay XXI based on the Social Security Fund.
7
Forestry Industry – February 2017
Forestry
Micro
and
small
841
Wood product manufacturing
765
29
6
800
Paper and paper product manufacturing
(inc. cellulose)
62
14
3
79
Total
1,668
118
18
1,804
Medium
Large
Total
75
9
925
Note: Micro and small (up to 19 employees); Medium (20 to 99 employees); Large (over
100 employees).
Source: Uruguay XXI based on BPS-Aug. 2016.
Over the last few years, Foreign Direct Investment (FDI) in Uruguay has reached record levels,
which has allowed the country to become one of the top FDI destinations in South America in
relation to its size (5.3 % of GDP over the last decade).
Regarding sectors, forestry companies had a significant share of the total FDI. Between 2004 and
2014, the accumulated FDI in forestry, wood production, wood products, paper and the
construction of pulp mills exceeded was close to 4,500 million USD (the investment made in pulp
mills accounted for over 70 % of the total amount)9.
Source: Uruguay XXI based on data furnished by the BCU and "Foreign Direct Investment in Uruguay" – Uruguay XXI.
9
Source: Central Bank of Uruguay and "Foreign Direct Investment in Uruguay" - Uruguay XXI. We only have data about
FDI per sector until 2014.
8
Forestry Industry – February 2017
UPM
Finnish company UPM is one of the largest cellulose producers in the world. In
2009 it purchased the majority of the shares of Botnia S.A. The company has
production plants in 13 countries and 19,600 employees, and its annual sales
totaled 9,812 million Euro in 201510. In Uruguay, UPM employs 550 people directly
and over 2,800 throughout its productive chain, including operations in nurseries,
forest plantations, transportation, the mill, and the port11.
The company has a subsidiary, UPM Forestal Oriental, which has been operating in the country for
over 20 years and supplies wood to the Fray Bentos plant. Nearly 70% of the wood comes from its
own plantations, and the remaining 30% comes from over 200 farmers who are members of its
Promotion Program12. The volume of wood sent from Uruguay to UPM reached 3.9 million tons in
2016.
The industrial complex located in Fray Bentos, in the department of Río Negro, has a mill capable
of producing 1.3 million tons of eucalyptus short–fiber pulp, which are exported almost entirely,
and a biomass power generating unit. The pulp is transported on barges down the Uruguay River
to the port of Nueva Palmira, where it is loaded onto transatlantic vessels bound for Europe and
Asia13.
MONTES DEL PLATA
Cellulose producer that set up in Uruguay in 2009. The company is the result
of an equal partnership of two of the most well-known forestry companies in
the world: Arauco, a Chilean–owned company, and Stora Enso, a SwedishFinnish company.
The company manages around 145,000 afforested hectares of land in 11 departments across the
country, both of their own property and held by third parties. In addition, 35% of their own lands
are biological conservation areas, native forest or native species where the company deploys
conservation and monitoring plans. Nearly 4.2 million tons of wood were sent from Uruguay to
Montes del Plata in 2016.
The industrial complex is located in Punta Pereira, in the department of Colonia. It has a plant
with the capacity to produce 1.3 million tons of pulp a year, a biomass power generating unit and
a port terminal. It is estimated that approximately 5,000 people work in the entire productive
chain14.
WEYERHAEUSER PRODUCTOS
Weyerhaeuser was founded in 1900 and is one of the leading forestry
companies in the world. The company manages commercial forests,
production plants and offices in ten countries (United States, Canada,
Japan, China, South Korea, Uruguay, Brazil, France, Poland and Ireland) and employs over 12,000
people worldwide. Weyerhaeuser set up in Uruguay in 1996, expanding its market share in the
years thereafter.
10 Fuente: http://www.upm.com/EN/ABOUT-UPM
11 Fuente: http://www.upm.com/uy
12 El Programa de Fomento promueve la asociación entre productores rurales y UPM Forestal Oriental, para integrar la
forestación a sus predios ganaderos, agrícolas o lecheros. Fuente: http://www.upm.com/uy
13 Fuente: http://www.upm.com/uy
14
Source: http://www.montesdelplata.com.uy/
9
Forestry Industry – February 2017
In Uruguay, Weyerhaeuser manages forests in the departments of Rivera, Tacuarembó, Cerro
Largo and Treinta y Tres. Its total forest estate is of 130,000 hectares15.
Exports in the forestry sector were highly dynamic over the last few years. This increase was
strongly linked to the set up of pulp mills by UPM and Montes del Plata, which added great value
and generated a leap in the sector's placements since 2008.
The international crisis caused a drop in the sector's exports in 2009 (both in volume and value),
but already in 2010 they bounced back and reached 1,064 million USD.
In 2016, exports of forest products (wood, wood products, cellulose, paper, and cardboard)
amounted to nearly 1,535 million USD, 18% of the total goods exported by Uruguay16.
–
–
1.800
1.600
1.400
Wood and
wood products
(without(Sin
FZ) ZF)
Madera
y productos
de madera
1.535
Papel
cartón
Papery and
cardboard
Celulosa
Cellulose
1.200
1.000
800
600
400
200
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: Uruguay XXI based on information furnished by the National Customs Authority (DNA).
Wood pulp is the main input in the production of paper and cardboard. In 2016, external sales
exceeded 1,242 million USD17, 2% lower than in 2015. Cellulose was the second most exported
product for Uruguay, only topped by beef.
Pulp exports are made from two free zones. One of these is Punta Pereira Free Zone, where the
Montes del Plata pulp mill and port from where goods are shipped abroad is located.
Furthermore, UPM's production is sent in transit from Zona Franca Fray Bentos (where it is
produced) to Zona Franca Nueva Palmira, from where it is shipped overseas in larger vessels. The
main destinations for this product in 2016 were China (37%), the Netherlands (26%), and Italy
(12%)18.
15
Source: http://weyerhaeuser.com
16 Note: In the total Export value we consider all the sales from national territory. That is why it includes exports from
Free Zones of pharmaceutical products, beverage concentrates from PepsiCO and cellulose.
17 Fuente: Uruguay XXI en base a DNA y Montes del Plata.
18
Uruguay XXI estimates based on the National Customs Administration and Montes del Plata. Given that the
Netherlands are a distribution center for goods entering Europe, it is likely that most of the cellulose that gets there has
other final destinations.
10
Forestry Industry – February 2017
Source: Uruguay XXI based on Customs and Montes del Plata.
Although wood exports varied over the last years, the value of sales in 2016 was almost 20%
higher than 10 years ago. This increase was strongly linked to the increase in average export
prices for products such as raw wood, sawn wood and chips. Over the last year, exported volumes
grew by 28%, reaching 1.2 million tons.
Chips
Chip sales are the main export of wood products, not taking into consideration sales to free trade
zones, and they averaged one million tons a year over the last decade. In particular, there was a
significant increase last year: 49% in comparison with 2015, totaling almost 800 tons. This can be
explained by sales of eucalyptus chips to Portugal. This volume amounted to over 82 million USD.
The years with the best records were 2008, 2010, and 2011, when volumes were higher than 1.5
million tons.
The average placement price is relatively high if we compare it with the last decade. Although it
dropped 2% in 2016 in comparison with 2015, the price was still higher than US$100/ton.
Roundwood
Foreign sales of roundwood dropped significantly as of 2007 when a large part of the production
was redirected to the UPM pulp mill. In 2016, roundwood had a 9% share in total wood sales.
Eucalyptus trees had a higher share than pine trees, a trend that has been constant over the last
decade. The total amount exported in 2016 was 22 million USD, and volumes exceeded 193
thousand tons.
Exports were almost exclusively sent to the Asian market, particularly China, Vietnam, and India.
Sawn wood
Sawn wood is one of the products with the most added value. In 2016, this product accounted for
over 1/4 of Uruguayan wood exports. Just like other products, conifer wood had lower volumes
than the rest. These exports amounted to 65 million USD in 2016, and exceeded 118,000 tons.
China, the United States, and the United Kingdom were the main destinations, with 21%, 18%,
and 7%, respectively.
11
Forestry Industry – February 2017
Panels
Wood panels are another product with a high added value. In 2016, exports of plywood panels
amounted to 58 million USD, 7% lower than in 2015. The total volume of these sales was 114,000
tons.
–
Source: Uruguay XXI based on Customs.
Between 2010 and 2015, paper and cardboard exports exceeded 90 million USD. However, as
shown in the following graph, foreign sales in this sector dropped significantly in 2016 in
comparison with 2015. The total exports amounted to 62 million USD, with a volume that
exceeded 64,000 tons. In addition to a reduction in volume (15%), there was a decrease in prices,
a trend that can be traced back to 2014. The context of the last few years presented difficulties to
place the country's production in Argentina, the main export destination of this sector.
Source: Uruguay XXI based on Customs.
12
Forestry Industry – February 2017
UPM announced this year that it intends to build a third pulp mill in the country, whose
production capacity would be similar to the total of the two existing mills. Thus, Uruguay would
become the second global exporter of short–fiber pulp, only topped by Brazil19. The production of
this new mill would make cellulose Uruguay's main exported product.
Exports of raw wood show a positive trend in volume, especially for chips, which suggests a
positive growth for these products. Meanwhile, we can expect panel exports to grow in volume,
boosted by markets in the United States and Ireland, but placement prices will affect exported
amounts.
The IMF expects international prices for roundwood to drop slightly in 2017 in comparison with
2016. In the meantime, sawn wood prices would remain stable next year20.
19
20
If the market remains stable.
Fuente: Proyección de precios, FMI - http://www.imf.org/external/np/res/commod/index.aspx
13
Forestry Industry – February 2017
MIEM Classification
Cellulose
Sawn wood, glued solid wood, wood
veneer, and wood moldings
Raw wood
Packaging wood
Other wood products
Paper and cardboard
Panels
Company
UPM
MONTES DEL PLATA
URUFOR S.A.
DANK S.A.
CAJA DE JUBILACIONES BANCARIAS
FORESTAL ATLANTICO SUR
FORESUR G.I.E.
COMERCIALIZADORA GRUPO FORESTAL
FERNANDEZ Y CIA LTDA.
RIDOSUL S A
IMNSUR LTDA.
VIVION S.A.
CHACRAS DEL SUR S.A.
LIDELFI S.A.
FABRICA NACIONAL DE PAPEL S.A.
INDUSTRIA PAPELERA URUGUAYA S.A.
CAS.A.BO S.A.
LOS PIQUES S.A.
URUPANEL S.A.
PALLADIUM S.A.
Note: This list of companies does not imply an assessment of their commercial behavior.
Source: National Customs Administration.
Forestry Industry – February 2017
__________________
Uruguay has an extensive and dense road network with approximately 8,776 km, 7,977 of which
are paved21, which results in a ratio of 45 km of paved roads for every 1,000 km2 of surface22.
Uruguay is the third country in South America regarding the quality of its roads23.
–
Panama
Chile
Uruguay
Brazil
Peru
In Latin America
1
2
3
8
12
–
In the world
40
45
52
74
89
This road network enables the connection of major production centers and stockyards with the
country's major ports.
In this respect, Uruguay ranks third in South America in terms of quality of port infrastructure24.
Currently there are 15 ports, 8 of which are commercial ports located at different areas of the
country: Montevideo, Nueva Palmira, Colonia, Fray Bentos, Paysandú, Juan Lacaze and La Paloma,
governed by a free port regime, and Salto25. Among them, the Montevideo, Nueva Palmira, and La
Paloma ports are the ones with the greatest depth.
Despite the above, the significant growth in production and exports has imposed great challenges
in terms of infrastructure, mainly of roads.
In this backdrop, the country has been working on important projects, which will ensure worldclass infrastructure.
»
New forestry products and dry bulk terminal26
It opened in December 2015. Obrinel was the company that was awarded the lease to build and
operate a new specialized terminal for forestry products and dry bulk in Montevideo.
It is located in the Port of Montevideo (Northern Access of the National Port Authority). The
project includes an esplanade and a new berth, with a conveyor belt for large bulk carriers,
reclaiming ground from the sea. The new terminal has 12 silos that can store up to 10,000 tons of
grain each.
Since it is specialized, this terminal will reduce the time vessels have to wait to be taken care of at
public wharves, which are shared with other sectors. At the same time, given that, due to depth
21
Nota: No se consideran pavimentos los de tosca. Source: National Road Administration - MTOP - 2015.
Fuente: Oportunidades de inversión en el Sector Logístico, Inalog, Uruguay XXI.
23
The Global Competitiveness Report 2015-2016, World Economic Forum.
24
Source: The Global Competitiveness Report 2015-2016, World Economic Forum.
25
Source: Investment opportunities in the logistics sector, Inalog, Uruguay XXI – Link.
26
Source: Presidency of the Republic – Link.
22
15
Forestry Industry – February 2017
reasons, vessels cannot depart Nueva Palmira with a full hold and have to finish loading their
cargo in other regional ports (such as Bahía Blanca or Rio Grande), the new terminal's 41-foot
wharf (12.5 m) makes it possible to load 25% or 30% more cargo than the port in Colonia, which
means that vessels can leave with a full hold. The total investment amounted to 100 million
dollars.
»
Road corridors27:
As a result of the increasing volume of transported goods (due to the development of the
agricultural and forestry sectors), there is the necessity to provide adequate connectivity between
export terminals and production units.
In this regard, the first road infrastructure project has already been assigned under a publicprivate partnership contract. The project corresponds to the current route of Route 21, from
Nueva Palmira to Mercedes, and Route 24, between Routes 2 and 3. Route 21 is mainly used by
bulk trucks heading to the port of Nueva Palmira, whilst Route 24 is mostly used by wood carriers.
This project requires an investment in works of reconstruction, restoration and the development
of 170 km of roads. These works seek to improve productivity levels in the area through the
decrease of transportation costs and travel times promoting local development and
decentralization. The project's total investment would range between USD 165 million and
USD 235 million.
»
Railway development28:
Just as is the case for the road corridors, under the modality of PPP, the project for the restoration
of 142 km of railways between Algorta and Fray Bentos, involving an estimated initial investment
of between USD 90 million and USD 110 million, to be conducted under a PPP modality, is
currently in the pipeline.
In 2014, feasibility and budgetary viability studies were concluded and approved by AFE, OPP and
MEF. At present, the specifications are being drawn up and important progress has been made
with regard to its technical aspects.
Finally, it is worth mentioning that the new government, who took office in March 2015,
established investments in infrastructure as a priority on its agenda in order to ensure
sustainability in terms of growth as well as productivity levels of the Uruguayan economy.
In this regard, for the 2015-2019 five-year period, investments in infrastructure for over
USD 12,000 million have been planned. In particular, investments in roads, ports and railway
infrastructure for USD 3,270 million have been estimated.
In that regard, the UPM project would require investing 4,000 million USD to set up the mill and
make logistic improvements. In addition, it would require an additional investment of 1,000
million USD by Uruguay29.
27
Source: PPP Report, Uruguay XXI – October 15 - Link.
Source: Source: PPP Report, Uruguay XXI – October 15 - Link.
29
UPM estimates 220 km of bituminized routes and railroads would be necessary to transport production
to the port of Montevideo, in addition to work to be done on the Uruguayan capital's port. – Source: Presidency – “New
pulp mill is good news for labor and development in Uruguay”
28
16
Forestry Industry – February 2017
–
Sector
USD million
Total
2,360
550
360
3,270
Roads
Port infrastructure
Railway infrastructure
Source: Uruguay XXI based on a presentation delivered by Tabaré Vázquez - Link.
Mechanical processing industrial plants
Source: Digital Map of Uruguay - Uruguay XXI
17
Forestry Industry – February 2017
___________________________________________________________
As shown in the following graph, there was a growing rate of pine and eucalyptus plantations in
the 90s, which then dropped towards the 2000s. Between 1990 and 2010, the average planting
rate was 28,710 ha/year of eucalyptus and 11,123 ha/year of pines.
According to estimates of the Forest Sector Council, there is a significant amount of forest
resource with interesting opportunities for adding value.
In the case of cellulose, the average annual wood supply amounted to 10 million m3 for the 20102030 period. This estimate was prepared in 2012, so if we take into consideration that plantations
continued to expand in later years, there would be no difficulty in meeting the demand that
would be generated by a third pulp mill. Each of the pulp mills currently set up has an estimated
consumption of 4 million cubic meters of wood per year. In addition, there are still a good number
of hectares of priority land for forests that have no trees.
30
Source: DNI, MIEM – 2012. First Report of the Wood Products Export Promotion Program - Forest and Wood Sector
Council.
18
Forestry Industry – February 2017
20.000
E. viminalis
18.000
16.000
E. grandis
14.000
E. globulus
12.000
E. dunnii
10.000
8.000
6.000
4.000
2.000
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
0
Moreover, between 2010 and 2030 the average annual supply of wood destined for mechanical
processing is estimated at 4.2 million m3 (3 million m3 of pine and 1.2 million m3 eucalyptus).
Given that the installed industrial capacity for mechanical processing is estimated at 1.4 million
m3, there are interesting prospects for processing and adding value to this wood.
8.000
7.000
Eucalipto
6.000
Pino
5.000
4.000
3.000
2.000
1.000
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
0
The above scenario implies opportunities for investment in value-adding processes and the
creation of new products. In this respect, interesting opportunities arise for sawn wood,
31
32
Source: Idem.
Source: Idem.
19
Forestry Industry – February 2017
recommending the development of glued elements of solid wood, such as glued laminated wood
and panels.
In the case of round pine wood, if the international demand for forestry products of verifiable
origin and with environmental certification remains strong, the possibility of efficient industries
with great wood processing capacity (over 100,000 m3 a year) setting up operations in the
northeast part of the country (Rivera and Tacuarembó) becomes attractive33.
_______________________________________
Forestry certification is the independent evaluation of the activities of an organization in
accordance with previously established external standards. Forestry certification generally acts as
an incentive to improve forestry management practices. There are international certifying
organizations that assess compliance with the requirements.
In a global context where there are still significant deforestation trends in several countries,
certifications make it possible to distinguish those products that come from forests managed in a
sustainable way compliant with regulations. In turn, certifications have become increasingly
important as a marketing tool, to differentiate products for consumers who are increasingly
sensitive to the sustainability of productive undertakings.
Uruguay's forestry policy to develop the forestry sector, together with the vast experience of the
main companies operating in the country, has guaranteed sustainable forest management. In fact,
virtually all of Uruguay's forestry production and industries have been certified by the two major
global certification bodies: FSC (Forest Stewardship Council) and PEFC (Program for the
Endorsement of Forest Certification).
Meanwhile, the Technological Laboratory of Uruguay (LATU) promotes and gives technological
support to the development of the wood productive chain. In this regard, the organization
operates a sawmill and a laboratory where studies of the physical, mechanical, and chemical
properties of wood from national plantations are conducted.
Although the organization does not currently give any internationally recognized certifications, it
is fully equipped to do so, since it offers high-level testing services and trials.
A laboratory was recently incorporated to conduct all types of trials on furniture and wood
frames. It has the capacity to certify such products pursuant to European standards.
For more information: http://www.latu.org.uy/index.php/forestales-373
33
Source: "Possible destinations for wood products manufactured in Uruguay," A. Dieste - Forest and Wood Sector
Council-DNI, MIEM.
20
Forestry Industry – February 2017
Given the international significance acquired by initiatives to reduce greenhouse gas (GHG)
emissions, companies and other entities are increasingly calling for strategies and actions to offset
the impact of their activities. In this regard, carbon certificates have become increasingly
important at an international level, and have become an important component of the forestry
business.
In this context, Uruguay has not stayed behind, as there are at least five forestry projects that are
issuing carbon certificates. In addition to this participation of forestry projects, service companies
are setting up to offer measurement, comparison, and advise services34.
A window of opportunities for Uruguay may be related to further development in wood
construction. While at present building wooden houses for domestic demand will not solve the
supply of forest resources, developing the wood construction industry for civil works, particularly
industrial, commercial, and sports buildings, appears to be an interesting alternative35.
In this regard, the need to incorporate regulations for manufacturing, quality control, and
calculation of structural wood to promote domestic and international sales of products with a
higher added value is a challenge for the sector. In particular, and since the species grown in
Uruguay are of low natural durability for outdoor use, the introduction and development of new
technologies that will increase the durability of wood (drying, protection by design, deep
impregnation, and modification) is recommended.
With the purpose of contributing to the development of the construction of wooden structures, a
team made up of several institutions and schools in our country36 is in the final review stage of a
project called: "Draft technical documents for the standardization of wooden structures and wood
constructions."
Some of the project's specific objectives are:

Having information on characteristic and average values of the physical and mechanical
properties of wood, and proposing a system of resistant classes based on a visual structural
classification for Uruguayan pine wood.

Recommending a structure calculation method suitable for wood from species grown in
the country, and identifying research needs on structural wood to define the safety factors
applicable to domestic wood.

Proposing the creation of a UNIT standardization committee addressing the regulations of
structural wood, from characterization to calculation.
34
En particular, Carbosur (www.carbosur.com.uy) viene realizando actividades con las principales empresas del sector
forestal.
35
Source: Ministry of Livestock, Agriculture and Fisheries (MGAP, in Spanish) 2012, First Report of the Wood Products
Export Promotion Program - Forest and Wood Sector Council - DNI.
36
School of Engineering, University of the Republic of Uruguay; Department of Structures and Transport; ORT
University; School of Architecture, University of the Republic of Uruguay; LATU. For more information visit:
https://www.fing.edu.uy/node/24271
21
Forestry Industry – February 2017
______________________________________________
In Uruguay there is an adequate legal framework that benefits the investor; some regulations are
of general nature for all the sectors while others are specific for the forestry sector.
Law 16.906 (1998), declares of national interest the promotion and protection of domestic and
foreign investments. One of its main features to be highlighted is that foreign investors are
granted the same incentives as local investors and there is no tax discrimination or restrictions for
transferring profits abroad.
Decrees 455/007 and 002/012 updated the regulations of said law. For any investment projects
under any activity sector submitted and promoted by the Executive Branch, it is allowed to
exempt from tax payment (IRAE - Corporate Income Tax) between 20% and 100% of the invested
amount, depending on the type of project and the score attained on the basis of a matrix of
indicators. The IRAE nationwide flat rate is 25%. Personal property included in fixed assets and
civil works are exempt from the Net Wealth Tax, and the Value Added Tax is recovered from the
purchase of materials for civil works. Moreover, the import of personal property included in fixed
assets which is not competitive in the national industry is exempt from import taxes or duties, as
declared by said law.
Meanwhile, recent Decree 355/2015 aims to promote the realization of investments in 2016. For
this, additional benefits are granted to projects submitted to the COMAP between December
2015 and December 2016. In turn, benefits are awarded to investments made in 2016. Both
benefits can be added.
Investment projects of the forestry sector submitted to the Commission for the Enforcement of
the Investment Law (COMAP) showed an irregular trend between 2008 and 2015, with peaks
associated with the large amounts invested by multinational industries which have been
operating in the sector for some years. Investments in the sector are linked to both the logging
and the industrial stage (the production of panels, solid wood products, cellulose pulp, power
generation, etc.).
Among the most notable projects that accounted for the years of greater promotion, the
expansion of the productive capacity of Los Piques S.A. (now Weyerhauser Products S.A.) and the
construction works of the Punta Pereira Free Zone, by Montes del Plata, stand out.
22
Forestry Industry – February 2017
–
–
Source: OPYPA Yearbook 2016, Agricultural Planning and Policies Office.
Reimbursement of VAT paid when purchasing supplies
VAT paid in purchases is recovered, by non-exporting companies, when discounting VAT invoiced
in sales within the domestic market, paying the State just the difference thereof. Since in exports
(of goods and services38) said tax is not invoiced, the reimbursement of VAT included in the
purchase of materials is authorized directly upon the company’s request. The Tax Administration
Office (DGI) issues credit certificates which may be used in the payment of other taxes.
This special scheme exempts from any current or future national taxes all activities that take place
within the beneficiary facilities. Nowadays, there are twelve free trade zones in Uruguay. To
create one of these Zones it is necessary to obtain authorization from the competent authority of
the Executive Branch (General Bureau of Free Zones of the Ministry of Economy and Finance). This
special regime exempts from any current or future national tax, all activities that take place within
the Free Zones.
In the case of the forestry sector, two free trade zones were created for the benefit of the two
pulp mills operating in the country: UPM and Montes del Plata. In addition, given the possibility of
a third mill setting up in the country, its set up would also occur under this scheme.
Plantation and other activities linked to forestry activities are regulated under law 15,939 of 1987
(“Forestry Law”), regulatory decrees and further amendments thereto. This law declares of
national interest the protection, improvement, expansion, the creation of forest resources, the
development of forest-based industries and, in general, of the forest economy.
This law establishes that natural and artificial forests in forest priority areas declared as
“protective” and “yielding”41 included in “quality wood projects” determined by the Ministry of
Livestock, Agriculture and Fisheries (MGAP), enjoy the following tax benefits:
37
Source: Yearbook 2014, Opypa (2008-2013) and Uruguay XXI based on COMAP (2014 and 2015).
Decree No. 220/998 lists the transactions covered by the concept of services exports.
39
For further information on the Free Zone regime please refer to: Free Zones in Uruguay – Uruguay XXI.
40
Law No. 15,939 available at http://www.parlamento.gub.uy/leyes/AccesoTextoLey.asp?Ley=15939&Anchor=.
38
23
Forestry Industry – February 2017
Income arising from its exploitation shall not be taken into account for Corporate Income Tax
(IRAE, for its Spanish acronym) purposes, which levies business income.
Value or size of forestry priority areas will not be considered for the determination of the taxable
amount of Wealth Tax (IP, for its Spanish acronym).
Rural real estate tax (tax on land ownership) exemption.
To be eligible for the above-mentioned tax benefits, the Forestry Bureau (DGF) of the MGAP must
approve the management and organization plan for the exploitation and regeneration of forests.
Any amendment to the management and organization plan must be previously approved by the
DGF. It is worth highlighting that short cycle plantations (less than fifteen years) with no pruning
and thinning are not entitled to tax exemptions42.
To access a summary of the relevant legislation for the forestry sector, please visit:
–DGF (Forestry Bureau): http://www.mgap.gub.uy/portal/hgxpp001.aspx?7,20,417,O,S,0,
Other regulations:
-Decree 372/99: Regulations on working conditions in the forestry sector.
-Law of Environmental Impact Assessment (16,466) and decrees (435/94 and 349/05).
-Decree 848/988: Fire prevention.
_______________________________________________
The DGF is the main reference body on forest policy, as established by Law 15.939. Among other
duties, it is responsible for approving plans for the use and exploitation of forest resources.
It is worth noting that the DGF of the MGAP is in a process of modernization and updating, with
the objective of consolidating its role as an important support in the development process of the
forestry sector.
Website: http://www.mgap.gub.uy/portal/hgxpp001.aspx?7,20,410,O,S,0,MNU;;MNU
In the second half of 2010 the Wood Forest Sector Council (CSFM, for its Spanish acronym) was
launched as a tool for coordinating and generating input for sector policy. This sector council is
composed of employers, workers and technicians of the public and private sector.
The main objectives44 set by the council are organized based on two strategic pillars:
41
See Section 3.1.
Source: Pike Forestry Consultants.
43
Source: Uruguay XXI based on the Industrial Plan I document of the Production Office – MIEM, DNI.
42
24
Forestry Industry – February 2017
Sustainable productive development:
Encourage investments that promote the production of wood by-products and deepen productive
diversification.
Improving the business climate while keeping the sustainable development framework.
Develop quality service providers (transport and logistics, communications, energy, among
others).
Human Development:
Boost numbers of qualified staff employed in jobs
Website: http://www.miem.gub.uy/consejos-sectoriales/madera
44
In its vision it aims to: "be the leading industry in incorporating innovative technologies and processes, maximizing
the use of resources through diversified production, contributing to economic growth and decentralized social
development whilst maintaining environmental sustainability."
25
Forestry Industry – February 2017
Stakeholders who integrate the Forest Council
Private Sector
Chambers: SPF, CIPROMA, ADIMAU
Tacuarembó- Rivera Forestry Conglomerate
Forestry Companies
Workers
Wood Industry Workers Union (SOIMA, PIT-CNT)
Public Sector
MGAP: Ministry of Livestock, Agriculture, and Fisheries MTOP: Ministry of Transport and Public Works
MIEM: Ministry of Industry, Energy and Mining
MTSS: Ministry of Labour and Social Insurance
Ministry of Housing, Use of the Land and Environment OPP: Office for Planning and Budgetisation
(DINAVI; DINAMA; DINOT)
Uruguay XXI
Academic Institutions
UTU: Polytechnic College of Uruguay
UTEC: University of Technology
FAGRO: Faculty of Agronomy
EUCD: School of Design
FING: Faculty of Engineering
ORT: Private University
FARQ: Faculty of Architecture
Research centres
INIA: National Institute for Agricultural Research
LATU: Technology Laboratory of Uruguay
 Wood and Related Areas Industrial Association (Asociación de Industriales de la Madera y
Afines): www.adimau.com.uy
 Uruguayan Chamber of Industry (CIU): www.ciu.com.uy
 National Directorate of Energy (DNE – MIEM): www.dne.gub.uy
 Wood and Furniture Competitiveness Forum in Uruguay and MERCOSUR, which operates in
the orbit of the relevant departments of industry.
 Forestry Producers of the East (Productores Forestales del Este - PROFODES):
www.profodes.com
 National System of Protected Areas - MVOTMA (SNAP): http://www.mvotma.gub.uy/snap
 Forestry Producers Society (Sociedad de Productores Forestales): www.spf.com.uy
26
Forestry Industry – February 2017
________________________________
Uruguay is situated at the same latitude and climatic zone as the south of Australia, New Zealand,
South Africa and central regions of Argentina and Chile, where the main forestry undertakings of
the southern hemisphere are located. These climatic and soil conditions ensure those engaged in
logging operations high levels of global competitiveness. High quality wood is produced on
Uruguayan plantations and is used for cellulose pulp production as well as for solid wood
products.
Forestry activity in the country has grown steadily over the past 25 years; in these years the
planted surface area has multiplied by 30. In 2013 the planted area reached one million hectares
(affected area45). Moreover, the forest priority area covers 4 million hectares46, 24% of the
country's total agricultural area.
The type of soil, the climate and the distance to production departure points have an effect on
forestry plantation characteristics. This divides the country into three regions in accordance with
criteria established by the National Forest Authority (DGF):
–
Zone
Mid-North
West
South-East
Departments
Artigas, Rivera,
Tacuarembó, Durazno,
Cerro Largo, and Treinta y
Tres
Salto, Paysandú, Río Negro,
and Soriano
Colonia, Flores, San José,
Florida, Canelones,
Montevideo, Lavalleja,
Maldonado, and Rocha
Total
Native
forest
Afforested
area
Priority land
for forests
378
420
2,177
169
294
633
304
278
1,304
850
992
4,114
The South-East region is the closest to the port of Montevideo. The area is characterized by a
strong influence of the sea, which prevents extreme temperatures. This has led to a better
adaptation of species such as Eucalyptus globulus. E. dunii was recently added to the region given
its higher productivity and adaptation to all kinds of soil. The main purpose of the plantations in
this area is the production of wood pulp, to supply the UPM plant in Fray Bentos and soon the
Montes del Plata plant in Conchillas, Colonia, and the export of wood in chips. Plantations for the
45
46
Note: Includes roads and firewalls.
Decree No. 191/006, available at http://www.impo.com.uy/bases/decretos/191-2006/1
27
Forestry Industry – February 2017
production of wood pulp have a short production cycle (8 to 10 years). In this region, the
departments that concentrate a greater forest area are Lavalleja (206,000 ha), Rocha (97,000 ha)
and Maldonado (97,000 ha).
The North Central region is the largest forested area with 42% of the total artificial forests in
Uruguay. This area has frosts in winter and higher temperatures in summer and due to its sandy
soil, it is appropriate for Eucalyptus grandis and Pinus species. The main destination of wood is
mechanical processing47.
Source: General Forestry Administration - Ministry of Livestock, Agriculture and Fisheries - MGAP
47
Note: This is mainly due to the business strategy of the main companies of the region, such as Weyerhaeuser
Productos S.A., GFP, FYMNSA, GMO, COFUSA and URUFOR.
28
Forestry Industry – February 2017
The main points of departure of wood production in this region are Paysandú, Fray Bentos or
Montevideo, depending on the location and type of product. The departments with the largest
forest area in this region are Tacuarembó (230,000 ha), Rivera (225,000 ha) and Cerro Largo
(125,000 ha).
The West Coast region also has frosts in winter and sandy loam to sandy soils. In this area
plantations of different species of Eucalyptus coexist and in a smaller share Pinus. These two types
have a slightly lower yield in this area as compared to the northern region.
The wood is mainly destined for the production of wood pulp and secondly for the mechanical
processing industries. The departure ports and bridges used for the transport of forest products
are Fray Bentos, Nueva Palmira and Paysandú. In this region the departments of Paysandú
(193,000 ha) and Río Negro (161,000 ha) have the largest forested area.
Finally Table No.6 shows the distribution of the country's forested surface area per region and
species. Excluding native forests, 73% of the total forested area corresponds to the genus
Eucalyptus (with a majority of three of its subspecies), while the Pinus genus accounts for 26% of
said area.
29
Forestry Industry – February 2017
Source: Digital Map of Uruguay XXI.
30
Forestry Industry – February 2017
The Forestry Law (Law 15.939) sets forth different types of forests:
Protected forests: its main purpose is the protection of the soil, water and other renewable
natural resources. The destruction of these forests is prohibited, but not their exploitation. This
means that pruning, thinning, replacing old with new specimens without jeopardizing the
permanence of the forest is permitted.
Yielding forests: its main purpose is the economic exploitation of the specimens. They may be
composed of any species suitable for the production of ligneous or non-ligneous material48.
Indigenous forests49: natural forests with native species. Any cutting or any other activity that
threatens the survival thereof is prohibited.
General forests: those forests not included in the above-mentioned categories.
_________________________________________________________
Uruguay has been part of the World Trade Organization (WTO) since its inception
in 1995, and is also part of the Latin American Integration Association (ALADI,
1980). ALADI members are Argentina, the Plurinational State of Bolivia, the
Federative Republic of Brazil, the Republic of Chile, the Republic of Colombia, the
Republic of Cuba, the Republic of Ecuador, the United Mexican States, the
Republic of Panama the Republic of Paraguay, the Republic of Peru, the Eastern Republic of
Uruguay and the Bolivarian Republic of Venezuela.
Besides, since 1991 Uruguay has joined Argentina, Brazil and Paraguay in the Southern Common
Market (MERCOSUR), which became a Customs Union in 1995, with free movement of goods, the
elimination of customs duties, non-tariff barriers between parties, and a Common External Tariff
with third countries. Since August 12, 2012 Venezuela has also been a full member of MERCOSUR.
1) Trade agreements with access to property
Uruguay has signed several trade agreements as part of MERCOSUR and by
itself, which enable access to other markets with tariff preferences beyond
MERCOSUR.
MERCOSUR has signed trade agreements with several countries in Latin
America: Chile (1996), Bolivia (1996), Colombia, Ecuador and Venezuela (2004), Peru (2005) and
Cuba (2006). With Mexico (2002) the agreement signed covers exclusively the automotive sector.
Outside the region, MERCOSUR has signed agreements with Israel (2007), India (2004), SACU
(2008), Egypt (2010) and Palestine (2011). Agreements with SACU, Egypt and Palestine have not
yet entered into force.
48
Decree 191/06.
Even though Indigenous forest fall in the category of protective forest, law 15,939 and Decrees 22/93, 24/93 and
330/93 establish specific regulations for the protection of indigenous forests.
49
31
Forestry Industry – February 2017
With the exception of the agreements with Cuba, India and SACU which include preferences for a
limited number of products, the other agreements signed by MERCOSUR tend to form Free Trade
Areas, with tariff reduction schedules that are completed for substantial trade on variable dates
according to the country. The agreements with Chile and Bolivia have already achieved 100%
tariff reduction for the entire universe of goods. For the other agreements, the total tariff
reduction will be reached for substantial trade before 2019.
MERCOSUR is also part of the Global System of Trade Preferences among Developing Countries
(GSTP), in force in Uruguay since 2005. The last round (2010), not yet in force, implies preferences
of 20% to 70% of tariff lines with Cuba, Egypt, India, Indonesia, Malaysia, Morocco and the
Republic of Korea.
Uruguay also signed a bilateral Free Trade Agreement with Mexico (2003), which has allowed the
free movement of goods and services between the two countries as of June 2004, with certain
exceptions for which treatment is explicitly provided.
2) Investment Protection Agreements
Uruguay has signed investment promotion and protection agreements with 31 countries,
including, among others, Spain, USA, Finland, France, Japan and the UK.
32
Forestry Industry – February 2017
Official Name
Geographical location
Capital
Area
Population (2015)
Population growth (2014)
GDP per capita (2015)
Currency
Literacy rate
Life expectancy at birth
Form of government
Political division
Time zone
Official language
Indicators
GDP (annual variation in %)
GDP (Million USD)
Population (Million people)
GDP per Capita (USD)
Unemployment rate - Annual Average (%
PEA)
Exchange rate (pesos per USD, Annual
Average)
Exchange Rate (Annual average)
Consumer prices (accumulated annual
variation in %)
Exports of goods and services (Million USD)
Imports of goods and services (Million USD)
Surplus / Trade Deficit (Million USD)
Surplus / Deficit trade (% of GDP)
Global Fiscal Result (% of GDP)
Gross capital formation (% of GDP)
Gross debt (% of GDP)
Foreign Direct Investment (Million USD)
Direct Foreign Investment (% of GDP)
Eastern Republic of Uruguay
South America, bordering with Argentina and Brazil
Montevideo
176,215 km2. 95% of the territory is productive soil available
for agricultural exploitation
3,47 Million
0.40% (annual)
USD 15,414
Uruguayan peso ($)
98.5%
77 years
Democratic republic with presidential system
19 departments
GMT - 03:00
Spanish
2010
2011
2012
2013
2014
7.8%
5.2%
3.3%
5.1%
3.5%
2015
1.0 %
2016e
1.3 %
40,203
47,998
51,411
57,473
57,585
53,443
55,198
3.4
11,860
3.41
14,054
3.43
14,996
3.44
16,722
3.45
16,640
3.47
15,414
3.48
15,860
7.2%
6.3%
6.5%
6.5%
6.6%
7.5 %
8.0 %
20.1
19.3
20.3
20.5
23.2
27.3
29.0
-11.1%
-3.7%
5.2%
0.8%
13.5%
17.6 %
6.1 %
6.9%
8.6%
7.5%
8.5%
8.3%
9.4 %
8.2 %
10,719
12,916
13,517
13,738
13,671
12,074
11,208
10,089
12,755
14,689
14,849
14,494
11,944
10,064
630
161
-1,172
-1,110
-823
130
1,144
1.6%
0.3%
-2.3%
-1.9%
-1.4%
0.2 %
2.1 %
-1.1%
19.1%
59.3%
2,289
5.7%
-0.9%
19.1%
56.4%
2,504
5.2%
-2.7%
22.2%
60.6%
2,536
4.9%
-2.3%
21.8%
57.6%
3,032
5.3%
-3.5%
21.4%
58.4%
2,781
4.8%
-3.6 %
19.8 %
58.7 %
1,279
2.4 %
-3.6 %
-
50
Sources: Data on the GDP was taken from the IMF, data on foreign trade, FDI, exchange rate, international reserves
and external debt come from the BCU; rates of population growth, literacy, unemployment and inflation from the
National Institute of Statistics.
33