Paraguayan president-elect Santiago Pena wants the US and Taiwan to invest more in his nation’s economy as he seeks deeper ties with two key allies that go beyond foreign aid and cooperation, his top diplomat said.
A landlocked nation of 7.5 million people, Paraguay punches above its geopolitical weight as Taiwan’s last South American ally amid rising tensions between the US and China.
Beijing is now the top trading partner of many nations in South America and a major investor in lithium, agriculture and infrastructure.
Photo: EPA-EFE
“The US is one of the main countries of origin of foreign direct investment, but it’s insufficient. That’s where we think there is a lot of room to work,” said Ruben Ramirez, a veteran diplomat Pena tapped to lead the ministry of foreign affairs when he takes office next month.
Taiwan should recognize the effort Paraguay is making to maintain their alliance by creating jobs and fostering economic development, he said.
Paraguayan elites are increasingly questioning the costs of the diplomatic relationship with Taiwan that dates to 1957.
Paraguay’s powerful meatpacking and soy industries cannot sell their goods directly to China.
Taiwan has opened its doors more to Paraguayan exports, which rose from less than US$100 million in 2019 to more than US$200 million last year, albeit a sliver of the nation’s total exports.
Pena plans to visit Taiwan before he starts his five-year term on Aug. 15 to pitch Paraguay as a destination for manufacturing investments to produce solar panels, semiconductors and other high-tech products, Ramirez said.
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