The Republic of Paraguay to open an embassy in the UAE to strengthen bilateral relations

 DUBAI: 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.

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 (AED 91 m) in 2020 with the UAE imports at US$19.5 million (AED 71 m). “There is immense untapped potential to expand trade across many sectors, including food security, technology, healthcare, energy etc.,” Al Hashemi said.

As a key agriculture 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.”

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 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.

Source: Supplied