Paraguay to set up embassy in UAE to foster bilateral relation

By Arya M Nair, Official Reporter
  • Follow author on
Representational Image

The Republic of Paraguay will soon be opening an embassy in the UAE to boost bilateral trade and investments between the two countries.

HE Luis Alberto Castiglioni, the Minister of Industry and Commerce, in a Business Forum, the largest-of-its-kind Paraguay has ever held in the region, said that the country’s participation at the Expo 2020 has been an excellent opportunity to showcase prospects and that the new embassy is being established as part of an agenda of development.

Mr. Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber of Commerce and Industry (DCCI), congratulated Paraguay on the decision which showed the commitment of the South American country to enhance trade relations with the UAE.

Hassan Al Hashemi
Hassan Al Hashemi
VP – International Relations

“UAE- Paraguay bilateral trade reached $25.8 million in 2020 with the UAE imports at $19.5 million. There is immense untapped potential to expand trade across many sectors, including food security, technology, healthcare, energy. As a key Agri exporter, Paraguay can play a key role in collaborating with the UAE on food security. The UAE Government has underlined the importance of food security as a key element of comprehensive development.”

“We want to expand bilateral relations with the UAE and the region, and this is the key reason for Paraguay to establish the embassy here. Moreover, we want to leverage Dubai and the UAE as a platform to enhance Paraguay’s global trade,” HE Castiglioni added.

HE Ambassador Estefania Laterza, Vice Minister of Investments and Exports Promotion of Paraguay (REDIEX) said that the country has a diversified GDP structure and has posted sustainable growth in recent years. 

“Paraguay has a number of diverse and expanding business sectors ranging from food and beverages, biofuels and renewable energy to forest products and floriculture to meat derivatives, among others and that the country is also a leader in exports of clean energy, soybean, stevia and meat,” said HE Laterza.

Related: Rotary Club of Manama explores bilateral ties with British Ambassador