Uruguay Minister of Foreign Affairs Gonzalo Fernandez presides over the NASDAQ Opening Bell, September 29, 2008. "The political and financial stability, the economic dynamism, the respect of international commitments and its openness to international markets have turned Uruguay into an extremely attractive destination among the emergent markets for foreign investment," remarked Minister Fernandez in his opening statement. Joining Minister Fernandez, NASDAQ OMX President Magnus Bocker stated "Uruguay has staged a spectacular recovery over the past couple of years based on increased export, a positive investment climate and a strong legal system with increasingly open financial systems. Uruguay has carried out important programs for economic liberalization, including lower tariffs, reducing inflation, and diversification of its trade relationship [...] The investment climate in Uruguay is therefore very positive, national and foreign investors are treated alike, today, about 90 American firms operate in Uruguay, and according to the U.S. Department of Commerce, the stock of U.S. direct investment amounted to over 600 million dollars which is I think a very good start of our relationship. Uruguay's economy is based on free enterprise and private ownership. NASDAQ OMX therefore hopes that we can see an increased cooperation between the two of us."