MercoPress. South Atlantic News Agency

Paraguayan President highlights his country's productive model

Peña underlined Paraguay's strengths regarding business undertakings

President Santiago Peña highlighted Paraguay's productive model and spoke about his country's future in terms of economic and financial development in the panel “Spotlight on Latin America” sponsored by the Financial Times, it was reported Monday in Asunción. The head of state also pointed out that the technology incorporated into the agricultural production system will allow Paraguay to achieve the development it has longed for.

“This productive model of raw material with value-added technology will allow us to grow in this trend. We believe that what will lead us to grow at a rate of 8% or 9% in the coming years is the installation of a pulp mill and several industries that will benefit from water and electricity to produce green hydrogen or first ammonia as a sustainable fertilizer,” said Peña, who also announced that the installation of a cellulose plant, which is already in process, will allow his country's Gross Domestic Product (GDP) to grow around 4% almost immediately.

He also underlined the importance of stability for the attraction of private sector investors.

“In the 'Spotlight on Latin America' Financial Time Panel we talked about the history, present, and future of Paraguay, where we showed investors interested in our country the great potential we have,” Peña also wrote on X.

“The businessman is looking for clear rules, we have heard that everywhere, but he also wants what a president tells him to be sustained over time. Over the years, and I believe that throughout these 20 years, Paraguay has maintained a consistency in its economic model, and here lies a great strength,” he added.

Peña also pledged to promote a series of reforms that will allow Paraguay to meet the standards of the countries that make up the Organization for Economic Cooperation and Development (OECD).

Last week, during a similar speech at a local university, Peña pointed out that Paraguay was a talented country with everything to move forward. «From the Government, we will be opening all doors so Paraguay can become the center of physical but mainly digital integration,” he stressed.