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Montevideo, July 13th 2024 - 22:19 UTC

 

 

Paraguay's potential highlighted by leading international outlet

Monday, June 17th 2024 - 19:14 UTC
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Among other items, Paraguay stands out for its 0.1% greenhouse gas emissions Among other items, Paraguay stands out for its 0.1% greenhouse gas emissions

Paraguay's latest achievements as a top Latin American destination for foreign investments have been highlighted by One World Media. The outlet praised the South American country's macroeconomic and political stability coupled with its natural resources, strategic position, and gender equality regulations.

OWM also praised Paraguay's 4.7% GDP growth in 2023, far exceeding South America's average of 2.2% thanks to agriculture and livestock exports in addition to those of electricity given its sizeable hydroelectric plants. Paraguay's location halfway through the bioceanic corridor plus its access to the Paraguay-Paraná waterway play an extra key role. These aspects combined with legislation granting tax benefits for the production and export of goods have been instrumental in attracting investments.

President Santiago Peña, who took office in August last year, has repeatedly underlined the importance of public policies, mixed with sustainable development and the country's openness to international markets through a competitive tax system. The Peña administration has prioritized regional and global bilateral ties, promoting binational agreements such as the one recently signed with Brazil regarding the binational Itaipu hydroelectric plant tariffs.

The South American country also returned to the US beef market after 25 years while the Canadian Food Inspection Agency (CFIA) approved Paraguayan meat for its market. Furthermore, negotiations for exports to Mexico are well under way.

Under Peña's presidency of Mercosur, negotiations have also started for a Free Trade Agreement with Japan focusing on food, renewable energy, and technology. A similar agreement has already been reached with Singapore and new ones are being brokered with the United Arab Emirates, China, and the United States.

Paraguay also stands out for its 0.1% greenhouse gas emissions, one of the lowest rates in the world. The country's commitment to using 100% renewable energy is to be bolstered by the future Omega Green biorefinery, One World Media also noted. Other projects include the country's first industrial pulp mill - a Paraguayan-Swedish-Austrian collaboration with a US$ 4 billion investment and close to 200,000 hectares of land already under cultivation - and a historic decree banning the opening of new petrol stations in urban areas to protect waterways.

Categories: Economy, Paraguay.

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