Paraguay and Taiwan sign investment, export, and cooperation agreement in Taipei

RIO DE JANEIRO, BRAZIL – On March 30, the Republic of China (Taiwan) and the Republic of Paraguay signed two memorandums on preventing African swine fever, the promotion of investment, exports, and a letter of intent on industrial policy cooperation.

During the 21st Taiwan-Paraguay Economic Cooperation Conference, co-chaired by the Minister of Economic Affairs (MOEA), Mei-Hua Wang, and Minister Luis Castiglioni. The conference has been held since 1971 and has become the most important platform for economic and trade cooperation and exchanges between the two countries.

This meeting resulted in a series of outcomes, including the signing of a Memorandum of Understanding (MOU) on technical cooperation for the diagnosis and prevention of African swine fever (ASF), which works on the exchange of technology, knowledge, and data between specialists, as well as workshops and seminars.

The second MOU signed concerns technical cooperation between the Investment and Export Network (Rediex) and the Trade Development Council (Taitra). It seeks to promote trade between both nations through strategies that will make certain products competitive within a framework of export promotion.

A Letter of Intent (LOI) was also signed to promote cooperation in industrial policy between the MOEA of Taiwan and the Paraguayan Ministry of Industry and Trade (MIC) to improve Paraguay’s industrial development further, taking advantage of Taiwan’s experience in economic development, through the exchange of alternatives, recommendations and guidance to the MIC on the modernization of its industrial policy as a tool for economic development.

The Taiwanese President, Dr. Tsai Ing-wen, received the Paraguayan delegation led by the Minister of Industry and Trade, Luis Alberto Castiglioni, accompanied by the Deputy Minister of Industry, Ramiro Samaniego, and the Deputy Minister of Exports, Ambassador Estefanía Laterza. Also in attendance were members of Senacsa and business people from the Paraguayan Industrial Union (UIP).

The authorities highlighted that the Economic Cooperation Agreement between the two countries had stimulated the continuous growth of bilateral trade since it entered into force in 2018.

In that sense, the president mentioned that she hopes to deepen comprehensively through mutual cooperation, strengthening bilateral relations, and jointly promoting prosperity and development that benefit both brotherly peoples.

The Paraguayan businessmen members of the delegation met with members of the National Federation of Industries of Taiwan, composed of 157 associations, which represent more than 110,000 companies of the Asian nation, in areas such as steel, textiles, information technology, automotive, and others.