Uruguay Makes Debut at South Summit Madrid Consolidating Its Role as an Innovation and Business Hub

Uruguay participated for the first time in South Summit Madrid, an annual event that has established itself as one of southern Spain’s most important innovation and entrepreneurship meetings. The meeting brought together startups, investment funds, and corporations worldwide and provided a platform for networking, exchanging ideas, and exploring business opportunities.

Through a joint initiative of Uruguay XXI and Uruguay Innovation Hub, and with the support of the Uruguayan Chamber of Information Technology (CUTI), the Uruguayan Association of Private Capital (URUCAP), and the Embassy of Uruguay in Spain, the country presented its strengths as a business and innovation hub in Latin America, which are based on its stability, tax incentives, talent and quality of life.

A delegation of 14 Uruguayan technology companies completed the delegation, which had the opportunity to hold meetings with potential clients, investors, and strategic partners in the Spanish and European markets in general.

The companies were able to prospect the Spanish market and initiate conversations with potential clients and investment funds. In addition, they valued the opportunity provided by the event to generate one-on-one meetings, the level of the talks and panels, the practicality of the event’s application to generate contacts, and the synergy generated among the companies in the delegation.

In addition to attending the three days of the event, the companies participated in a networking activity exclusively for the delegation, which was organized in conjunction with the producers of South Summit Madrid. There, they met and exchanged profiles of interest the organization had invited according to the companies’ objectives in the European market, varying between investment funds, educational institutions, and corporations.

Uruguay XXI had the opportunity to present to investment funds its portfolio of startups and companies looking for investment. European startups and companies interested in expanding to Latin America learned why Uruguay is an ideal country to centralize operations.

Sabrina Sauksteliskis, Executive Director of Uruguay Innovation, participated in the panel “Scaling up Latin America,” where she presented the strengths of Uruguay’s innovation ecosystem. Representatives of the ecosystems of Peru, Argentina, and Brazil attended the panel.

In parallel to the South Summit, Uruguayan companies participated in activities that allowed them to disseminate Uruguay’s value proposition. First, the delegation participated in a networking activity for international representatives organized by the investment attraction agency Invest in Madrid.

Then they visited the offices of the innovation consulting firm Barrabés. This meeting provided an opportunity to meet interlocutors who can network for the delegation’s companies that are looking to internationalize and connect with projects that want to expand to the rest of Latin America from Uruguay.

In recent years, Madrid has established itself as a leading innovation hub in Southern Europe, attracting entrepreneurs, startups, investment funds, and corporations worldwide. In addition, in its relationship with Latin America, the city acts as a natural bridge between Europe and our continent due to historical, cultural, and economic ties.

Participation in South Summit Madrid meant the return to the European continent for technological sector delegations. Spain is the primary source of foreign direct investment in Uruguay, with 17% of the total, according to figures from 2022. Approximately 159 companies with Spanish capital have offices in the country.