Minister of Economic Affairs Wang Mei-hua and Paraguay President-elect Santiago Pena met to exchange views on deepening economic and industrial ties July 12 in Taipei City, according to the Ministry of Economic Affairs.
During the meeting, Wang expressed firm commitment to achieving objectives laid out in the letter of intent on industrial policy cooperation signed during the 2022 Taiwan-Paraguay Economic Cooperation Conference. The LOI’s five-year implementation plan is helping Paraguay strengthen its related development strategies and promoting wide-ranging collaboration, she said.
Among the areas targeted are food processing, textiles and new energy, Wang said, adding that seminars have been organized to explore potential business opportunities, with a number of Taiwan corporations expressing interest in investing.
Wang took the opportunity to thank Paraguay for its longstanding support of Taiwan in the international arena. The government greatly values the two sides’ close friendship and looks forward to entering a new era of bilateral partnership, she said.
In response, Pena described Paraguay as a politically stable country with relatively low inflation and interest rates, cheaper utilities, abundant natural resources and a favorable labor market, all of which make it an attractive investment destination. The country is also a member of the Southern Common Market trade bloc, he said, adding that he anticipates rapid expansion in economic tie-ups with Taiwan as businesses invest in Paraguay’s auto parts, food processing, textiles and agricultural sectors.
MOEA statistics reveal that since the Agreement on Economic Cooperation between Taiwan and Paraguay took effect in 2018, the total volume of bilateral trade has increased by 234 percent and Paraguay has become Taiwan’s second-largest source of frozen beef imports. The government will continue working with Paraguay to boost commercial, trade and investment links to the benefit of the people on both sides, the MOEA said. (POC-E)
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