In July 2019, Uruguay and the Finnish multinational UPM signed a US$3.3 billion agreement to build a greenfield eucalyptus pulp mill near the city of Paso de los Toros. This is the largest foreign direct investment in the country's history, estimated to bring in thousands of new jobs and boost GDP. However, with such major investment comes the possibility of negative externalities and lost opportunities. UNDP is supporting the country to leverage the momentum around the investment to lay out a more sustainable future, one that focuses on economic diversification, local knowledge and sound environmental policies.