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Cabinet officials

Paraguay and UAE Strengthen Bilateral Trade and Investment Relations

Strategic Insights

— 1 min read

Paraguay's Minister of Industry and Commerce, H.E Luis Alberto Castiglioni, announced the opening of a new embassy in the UAE to enhance trade and investment relations between the two countries. The decision comes after Paraguay's successful participation in Expo 2020, where the country showcased its trade prospects and established a strong presence in the region. The UAE and Paraguay have identified food security as a key area of collaboration, with the UAE government highlighting its importance for comprehensive development. The two countries have significant untapped potential in various sectors, including food security, technology, healthcare, and energy.

Key Takeaways:

  • Paraguay will establish an embassy in the UAE to enhance bilateral trade and investment relations.
  • The ambassador to the UAE will be appointed to promote trade and investment between the two countries.
  • Paraguay and the UAE have identified food security as a key area of collaboration, with a focus on enhancing trade in this sector.
  • The UAE government has underlined the importance of food security as a key element of comprehensive development.
  • Paraguay has a diversified GDP structure and has posted sustainable growth in recent years, with diverse business sectors ranging from food and beverages to renewable energy.
  • The country is ranked as one of the largest food producers in the world and the largest producer of renewable energy.
  • The Paraguayan National Day was celebrated at the Expo 2020, featuring ethnic folkloric entertainment and ethnic music and dance forms.
  • The Dubai Chamber of Commerce and Industry (DCCI) has expressed its support for the establishment of the embassy, citing the benefits of Expo 2020 and the potential for trade cooperation.

Statistics:

  • Paraguay and the UAE bilateral trade stood at US$25.8 million in 2020.
  • The UAE imports from Paraguay were worth US$19.5 million.
  • Paraguay's GDP demonstrates sustainable growth in recent years.
  • The country exports clean energy, soybean, stevia, and meat.
  • Paraguay has a 100% renewable energy mix.

Sources:

  • H.E Luis Alberto Castiglioni, Minister of Industry and Commerce of Paraguay.
  • Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber of Commerce and Industry (DCCI).
  • H.E Ambassador Estefania Laterza, Vice Minister of Investments and Exports Promotion of Paraguay (REDIEX).
  • Jose Cantero, President of the Central Bank of Paraguay.
  • Frederico Sosa, Director of Investments Attraction at the Vice Ministry of Investments and REDIEX.
  • mid-east.info article provided by SyndiGate Media Inc. (Syndigate.info)

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