Uruguay has been highlighted as an attractive destination for global executives and entrepreneurs, following recent coverage by Bloomberg and the Argentine newspaper Clarín. The articles focus on Marcos Galperín, founder and CEO of Mercado Libre, who has chosen to reside in Montevideo.
Galperín is described as enjoying a sense of normalcy and privacy uncommon for someone of his stature. He moves about Montevideo without security detail, driving himself, visiting local businesses, and walking along the Río de la Plata promenade largely unrecognized. According to Clarín via Bloomberg, this environment is central to his appreciation for Uruguay. “Uruguay is a paradise for me,” Galperín said, citing the privacy, tranquility, and freedom he experiences there. He likened Montevideo to “a small Palo Alto,” emphasizing its proximity to Buenos Aires.
Mercado Libre’s presence in Uruguay extends beyond personal preference. The company has established the country as a key hub within its regional operations after significant growth during the pandemic period. It now employs more than 100,000 people across 18 countries. In Uruguay specifically, over 1,800 employees work for Mercado Libre; more than 800 are focused on technology, product development, and innovation.
At the 28th Ibero-American Free Trade Zone Conference held in Punta del Este in November, Diego Gamba from Mercado Libre emphasized Uruguay’s strategic role within the company’s broader business model.
Karen Bruck, vice president of e-commerce at Mercado Libre, discussed the company’s long-term commitment in a 2022 interview with Uruguay XXI: “We chose Uruguay because it offers wonderful, truly world-class talent, as well as economic and political stability and clear rules of the game that make it almost a paradise in Latin America.”
Executives cite several advantages offered by Uruguay: predictable conditions for piloting new initiatives; a growing innovation ecosystem; regulatory clarity; legal certainty; and sustainability efforts supported by renewable energy sources.
Galperín’s experience reflects why global leaders continue to consider Uruguay an appealing place to live and invest.
