The Ministry of Economic Affairs has invited a total of 16 experts and representatives from the food, textile and new energy industries to join a survey mission to Paraguay from Sept. 2 to 12. The Taiwan delegation will survey Paraguay's current economic and industrial situation and will later provide the Paraguayan government with a series of industrial policy recommendations to help boost development.
Paraguay is an important diplomatic partner of Taiwan in South America, and both countries have long been committed to working together to promote mutual economic prosperity. On March 31, 2022, the two sides signed a Letter of Intent (LOI) on Industrial Policy Cooperation at the 21st bilateral Economic Cooperation Consultations held in Taipei City. The purpose of the upcoming visit is to implement the LOI by helping to map out a blueprint for Paraguay's future industrial development and promoting closer bilateral economic and trade cooperation. The planned mission has been highly welcomed by senior Paraguayan Ministry of Industry and Commerce (MIC) officials and by the head of Paraguay's industry association UIP.
The visit will include meetings with MIC Minister Luis Castiglioni and high-ranking officials of various relevant ministries. Other activities will include visits to power companies and the Inter-American Development Bank, investment presentations, and site visits to manufacturers in the food, textile and automotive sectors. The delegation will also participate in the Paraguay International Investment Forum and visit the Itaipu Technology Park and hydroelectric power plant in Ciudad del Este, where they will conduct extensive and in-depth exchanges with Paraguayan enterprises in related sectors.
Paraguay's gross domestic product (GDP) reached US$48.281 billion in 2021, with agriculture accounting for 11% of total, industry 33% and the service sector 49%, indicating the country's industrialization and modernization. And reform carried out in the recent years has helped boost the agricultural sector's production, with exports rising significantly. In 2021, Paraguay's total exports amounted to US$13.9 billion, of which agriculture and livestock exports accounted for 70%. Taiwan is currently Paraguay's 12th largest trading partner, with two-way trade reaching US$197 million in 2021, representing a major year-on-year increase of 26.76%. Paraguay's overall economic stability and openness and the strong potential of its energy and agricultural sectors make the country an attractive investment target.