🇵🇾🇹🇼🇨🇳 Paraguay courts Taiwanese investors, warns against China reliance

Paraguay is seeking more Taiwanese investment to diversify its farm-driven economy focused on exporting raw materials to China, incoming Finance Minister Carlos Fernandez Valdovinos said.

Paraguay remains the only South American nation with formal diplomatic relations with Taiwan. "We are very good at producing soybeans and meat, but we must diversify," Fernandez said. "We ask Taiwan to help us with that, through investments from its private sector."

Fernandez also warned against cooperation with China. China, as a buyer of raw materials from Paraguay with no added value, "is probably convenient for some sectors," Fernandez said. "But as a strategy for the economic and social development of Paraguay, it is not convenient for us to continue betting solely and exclusively on the main export sectors."

#Paraguay #Taiwan #China

@asianomics

🇵🇾🇹🇼 New Paraguay president stresses South American country’s ties with Taiwan

President Santiago Peña said Paraguay and Taiwan are “not just allies, but also brothers” when he was sworn in as the South American country’s new president.

Peña took the presidential oath outside the government palace in the capital of Asunción in a ceremony attended by several regional leaders and Taiwan’s Vice President William Lai.

“We will build alliances and cooperation with a geostrategic vision, seeking horizontal agreements,” Peña said, noting that the country’s relationship with Taiwan “is an example of this.”

Taiwan had become a thorny issue during Paraguay’s presidential campaign as Peña’s main challenger argued the alliance had become too costly because it prevented the small country from pursuing business opportunities with China.

#Paraguay #Taiwan

@asianomics