Paraguay to open embassy in the UAE to step up bilateral cooperation, investments

The Republic of Paraguay will soon be opening an embassy in the UAE to enhance bilateral trade and two-way investments and expand trade in general across the region.

In a keynote address at a Business Forum, the largest of its kind Paraguay has ever held in the region, H.E Luis Alberto Castiglioni, the Minister of Industry and Commerce said that the country’s participation at the Expo 2020 has been an excellent opportunity to showcase prospects and the new embassy is being established as part of an agenda of development.

“We want to expand bilateral relations with the UAE and the region, and this is the key reason for Paraguay to establish the embassy here. Moreover, we want to leverage Dubai and the UAE as a platform to enhance Paraguay’s global trade,” the minister said.

The Business Forum preceded the Paraguayan National Day on March 4, celebrated with a host of activities at its pavilion at the Expo including ethnic folkloric entertainment.

Congratulating Paraguay for its decision to open an embassy in the UAE, Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber of Commerce and Industry (DCCI) said the presence of the ministers and senior leadership of the country showed the commitment of the South American country to enhance trade relations with the UAE.

“With the establishment of the embassy, we are moving in the right direction,” he said, adding that there is no doubt that “Expo 2020 has created far reaching benefits that must be leveraged.”

Paraguay – UAE bilateral trade stood at US$25.8 million in 2020 with the UAE imports at US$19.5 million. “There is immense untapped potential to expand trade across many sectors, including food security, technology, healthcare, energy etc.,” Al Hashemi said.

As a key agri exporter, Paraguay can play a key role in collaborating with the UAE on food security, he said. “The UAE Government has underlined the importance of food security as a key element of comprehensive development,” he added.

H.E Ambassador Estefania Laterza, Vice Minister of Investments and Exports Promotion of Paraguay (REDIEX) said in her presentation that the country has a diversified GDP structure and has posted sustainable growth in the recent years.

“Paraguay has a number of diverse and expanding business sectors ranging from food and beverages, biofuels and renewable energy to forest products and floriculture to meat derivatives, among others,” she said, adding that the country is also a leader in exports of clean energy, soybean, stevia and meat.

Presentations at the Business Forum also included an overview of the banking and financial sector by Mr. Jose Cantero, President of the Central Bank of Paraguay. A presentation on the Opportunities for Investment and Commerce highlighted the opportunity Paraguay offers to investors by Mr. Frederico Sosa, Director of Investments Attraction at the Vice Ministry of Investments and REDIEX.

About Paraguay

Paraguay pavilion is located in the Mobility District of Expo 2020. It showcases the country’s scenic landscape and its resources and portraits an authentic Paraguayan experience through imposing artworks. Throughout the whole experience underlies the theme of the country Water linked Paraguay and it also offers a taste of its culture through the country’s ethnic music and dance forms.

Paraguay is the largest producer of renewable energy in the world: 100 % of the energy it produces is renewable. Paraguay is one of the largest food producers in the world as well. The country has the third largest river barge fleet on the planet which allows it to connect to the world through its rivers flowing into the Atlantic Ocean. Through water, Paraguay not only produces clean energy but also makes its production reach the world. The country was also ranked as the ‘world’s happiest place’ at Expo 2020 Dubai.