Agriculture
The agricultural sectors in Uruguay and Australia share key similarities, some of which stem from their location in the Southern Hemisphere. Both crop and livestock production systems share certain characteristics and challenges and therefore represent a potential area for collaborative research.
To cite a few examples, the challenges include the interdependence between production and the environment, and the fact that agricultural exports from both countries compete for the same markets in Asia, Europe, and North America, with similar seasonal patterns.
This opens up opportunities for collaboration and the exchange of experiences between researchers from Uruguay and Australia.
Biotechnology
Uruguay has tremendous potential for the development of strategic areas in biotechnology related to animal and human health, as well as environmental and agricultural biotechnology.
Compared to its larger neighbors, Uruguay has a smaller pool of human capital and a smaller domestic market.
However, its strategic location in South America, its highly skilled workforce, and a government agenda aimed at boosting the region create an environment conducive to the systematic growth of industry and academia in the field of biotechnology.
At this time of expansion, Uruguay is eager to learn from the experiences of more developed countries such as Australia.
Partnerships between academia and industry, between industry and industry, and between academia and academia could be highly beneficial for both countries, as Uruguay would gain access to cutting-edge knowledge and technologies, Australia might be able to explore new opportunities and expand its networks in South America, and both countries might be able to develop collaborative initiatives.
Sustainable development
Globalization, population growth, economic structural adjustments, and climate change are having an impact on regional and rural economies, environments, and communities around the world.
Through targeted analysis and proper planning, these changes can be leveraged to create new economic, social, and environmental opportunities for regional and rural areas and communities, and mitigate their negative impacts.
As a key issue in Uruguay and Australia, the ASC will promote research and collaboration in this area.
Taxes
Uruguay has recently signed a Free Trade Agreement (FTA) with Chile, and Australia has signed FTAs with India, China, Japan, and South Korea in recent years.
Given that Chile already has a free trade agreement (FTA) with Australia, it would be interesting to see whether the Chile-Uruguay FTA opens up new opportunities for Uruguayan companies to do business in Australia and Asia under a more favorable tax framework.
Faculty members at ORT Graduate Business School associated with the Diploma and Master’s programs in Taxation—and more specifically, with courses in international taxation—will collaborate with Australian academics specializing in international tax law to examine this new tax landscape.
Fintech
In a report titled *The Future of Finance: How Technology Is Democratizing the Financial Services Sector*, TransferWise suggests that by 2020, 47% of Australians expect to use technology companies for half of their banking needs.
Taavet Hinrikus, CEO of TransferWise, says this makes Australia one of the most “fintech-ready” countries in the world (Source: Independent Financial Adviser, September 22, 2016).
Uruguay's new Financial Inclusion Law is encouraging fintech companies to operate in the country, thereby bringing innovation and technology into the financial system.
Uruguay would clearly benefit from Australia's experience in the fintech sector. Academics and professionals from Uruguay's banking, technology, and risk sectors could partner with Australian experts in fintech and banking to explore opportunities for collaboration.
Natural resources
The ASC provides professionally independent research, analysis, and advice to government and private-sector decision-makers on issues affecting Australia’s and Uruguay’s agriculture, fisheries, and forestry industries.
Audit
Australia has a long tradition of audit quality monitoring and is a developed and transparent financial market. Uruguay, like most Latin American countries, is in the process of establishing an audit quality control system to fully comply with the International Federation of Accountants (IFAC)’s Statement of Member Obligations 1 (SMO 1) – Quality Assurance.
Academics and professionals from the Uruguayan audit sector will join Australian academics and audit professionals to explore opportunities for collaboration in this field.
Financial literacy
Recent developments in retirement income arrangements around the world mean that workers and retirees are facing increasingly complex financial choices and are exposed to greater risks than before, including inflation, longevity, and investment risk.
Financial literacy is not only essential for helping workers and retirees plan for retirement, but it is also crucial for helping individuals avoid financial mistakes.
In this vein, the Central Bank of Uruguay has recently launched a financial programme .
However, in order to design effective programs, it is essential to assess the population’s level of financial literacy so that policymakers can identify gaps and develop appropriate responses.
As the OECD states, “international comparisons enhance the value of such an assessment by enabling countries to benchmark themselves against other countries.” Australia has been a pioneer in measuring and designing financial literacy programs.
A team of Uruguayan and Australian academics will investigate how Australia's experience can help Uruguay assess the financial education needs of its population, and will work together to identify common approaches to improving financial literacy.
Research methods and data analysis
Given the high quality of quantitative business research conducted in Australia, the ASC will invite an Australian academic specializing in research methods and data analysis to lead a training course for Uruguayan researchers.