A Taiwanese company is to invest an estimated US$30 million to build an electric bus manufacturing and assembly plant in Paraguay, according to a memorandum of understanding (MOU) signed in Taipei yesterday.
Speaking at the signing ceremony, visiting Paraguayan President Santiago Pena said the MOU would not only pave the way for assembling electric buses in Paraguay, but also provide “the possibility of changing the lives of millions of Paraguayans” who commute to work.
There is “no better place” than Paraguay to develop electric vehicles in Latin America as it is a large producer of renewable energy, Pena said, adding that he looked forward to seeing Paraguay play “a leading role” in energy transition in the region.
Photo: Pang Shao-tang, Taipei Times
Master Transportation Bus Manufacturing Ltd (成運汽車) chairman Wu Ting-fa (吳定發) said the project’s goal was to “enhance the development of public transportation in Paraguay” and would create an estimated 2,600 local jobs.
Through the investment, the company would eventually seek to expand its presence from Paraguay to other members of the Southern Common Market, also known as Mercosur, a trade bloc comprised of Paraguay, Brazil, Argentina and other South American nations.
According to the MOU, the bus manufacturer is to establish the first fast-charging bus chassis and body manufacturing plant in Paraguay, and assist in bringing a Taiwan-developed intelligent transportation system to the South American nation.
Photo: CNA
Master Transportation general manager Wu Zhong-xi (吳忠錫) said at the ceremony that batteries and other key electric bus technologies would be imported from Taiwan and assembled in the planned factory.
The company is expecting to invest US$30 million in the project and would receive tax incentives and other support from the Paraguayan government, he said, declining to provide additional details.
Though the company has yet to determine whether the electric bus factory would be built in the capital Asuncion or Ciudad del Este, Paraguay’s second-biggest city, it hopes that mass production could begin at the planned factory by the end of next year.
Negotiations on the MOU began in July last year when Pena traveled to Taiwan and visited the manufacturer’s depot in New Taipei City.
Separately, the central bank yesterday signed a MOU with the Central Bank of Eswatini, pledging to forge closer ties and boost cooperation, it said in a statement.
Under the MOU, the two banks would conduct fieldwork and case studies together, as well as share other relevant information, the statement said.
Taiwan's central bank said in the statement that the deal was inked by its governor, Yang Chin-long (楊金龍), and Philemon Mnisi, governor of Eswatini's central bank. The pledge was witnessed by President William Lai (賴清德) and King Mswati III of Eswatini.
The MOU came after the Taiwan Stock Exchange and the Taiwan Carbon Solution Exchange on March 4 signed a separate MOU with the Eswatini Stock Exchange, focusing on sharing information related to financial technology and business experience, as well as establishing a framework to combat climate change.
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