Foreign companies to invest US$5 billion in Paraguay

RIO DE JANEIRO, BRAZIL – The announcement came after a press conference by president Mario Abdo Benítez, who headed a work meeting held at the MIC and also highlighted the investments approved under his administration.

MIC Minister Luis Castiglioni said that these investments comprise unprecedented figures and are consistent with the private sector’s philosophy of becoming the main driver of wealth creation and development.

He further said that the business friendly environment, macroeconomic and financial predictability, monetary discipline, investment incentives and the country’s favorable geographic location are the main tools that have attracted the attention of potential investors.

REDIEX

He also said that the Investment and Export Network (REDIEX) is currently following up with each company to learn about their expectations, requirements and needs to come to Paraguay. “We are providing permanent support until they become a reality.”, he remarked.

The Minister said that negotiations are advanced for Marfrig, world leader in the production of hamburgers, to build its first industrial plant in Paraguay in the city of Yby Yaú, in Concepción.

He also talked about the project to set up a high-tech aircraft assembly plant as a result of the coordination with the Ministry of Defense, the Armed Forces and the Directorate of Civil Aeronautics (DINAC).

“The plant will be located in the Guaraní airport and, according to investors, between late January and early February, its installation will begin,” he said, while stressing that this represents a great leap forward for the country.

OTHER DATA

Based on the data presented by the MIC, IP website emphasized the points achieved last year. In 2021, the manufacturing industry created 3,286 new jobs. For the first time, industrial manufacturing exports reached US$881 million and grew 54% over 2020.

The Law of Simplified Joint Stock Companies (EAS) enabled the creation of 1,000 companies in 2021.

Exports worth US$8.421 billion (excluding electric power) were registered in 2021. This figure represents a 33.6% increase in exports compared to 2020 (US$6.305 billion).

In addition, 23 types of products exported in 2021 exceeded the US$50 million threshold, namely fats and oils, bran, aluminum products, medicines, bovine fat, paper and cardboard.