Dubai, Paraguay to strengthen bilateral trade and investments - GulfToday

Dubai, Paraguay to strengthen bilateral trade and investments

UAE-Paraguay bilateral trade stands at $25.8 million in 2020.

UAE-Paraguay bilateral trade stands at $25.8 million in 2020.

The Expo 2020 Dubai has furthered and catapulted the prospects of strengthening bilateral trade and investment relations between Dubai and Paraguay, officials from the South American country said at the Global Business Forum LATAM.

“I am confident that the Global Business Forum LATAM will be yet another milestone opportunity for both parties to further drill down on identified partnership prospects and on how to create a mutually beneficial future together,” Ambassador Estefenia Laterza, Vice Minister for Investments and Exports Network, Rediex (by its Spanish initials) of Paraguay.

Held under the theme `Towards a Resilient Future’ at Expo 2020 Dubai during March 23-24 in a hybrid format, the 2022 Global Business Forum LATAM is aimed at exploring synergies between Latin America, Dubai, and the UAE in general. The forum launched in 2016, exclusively focuses beyond the traditional markets of the US, Europe and China.

“Paraguay has held a few excellently received Middle East business forums during the Expo 2020 Dubai ever since the opening in October 2021, and the results have buoyed us up further in terms of the pan-vertical trade and investment avenues Dubai and Paraguay can explore together going forward,” said Ambassador Laterza.

Since the opening of the Expo 2020 Dubai, Paraguay held many large and small business forums in the quest of cementing business relations between the governments as well as private and public sectors of both countries.

Paraguay celebrated its Expo 2020 Dubai National Day on March 4, 2002, with the visit of Mario Abdo Benitez, President of the Republic of Paraguay, amidst dazzling cultural performances that showcased the country’s unique and diverse talents.

“Paraguay will also have direct diplomatic presence in the UAE soon with the opening of an embassy, and we believe that this is a move in the right direction supporting and complementing the excellent relations both countries share,” said Laterza.

She pointed out that the opening of the embassy is a key component of Paraguay’s strategic focus on the development of a significant trade and investment agenda, looking for a partnership mutually beneficial for both countries and their regions.

“Expo 2020 Dubai presented us, as well as to other Latin American countries, an excellent platform to enhance bilateral relationship with the UAE and the Middle East region in general, while also offering avenues to expand trade ties with other participating countries from across the world,” said Luis Castiglioni, Minister of Industry and Trade of Paraguay.

Paraguay wants to look at Dubai as a vantage point for the country to expand its global trade. Paraguay–UAE bilateral trade stands at $25.8 million in 2020 with the UAE imports at $19.5 million.

Both the UAE and Paraguay have identified various key verticals for enhanced cooperation, which includes food security, technology, healthcare, energy etc. Paraguay is also known for its food and beverages, biofuels and renewable energy to forest products and floriculture to meat and meat derivatives. The country is also a leader in exports of clean energy, soybean, stevia and meat.

Paraguay also held a meat-focused event in Dubai earlier this month, in line with its reputation as one of the world’s top beef exporters. The event was attended by leading business leaders from both UAE and Paraguay. President Mario Abdo Benitez graced this event, along with officials from the UAE authorities. Last year Paraguay exported over 283,214 tonnes of beef across the world.

Paraguay pavilion is located in the Mobility District of Expo 2020. It showcases the country’s scenic landscape and its resources and portraits an authentic Paraguayan experience through imposing artworks.

Throughout the whole experience underlies the theme of the country Water linked Paraguay and it also offers a taste of its culture through the country’s ethnic music and dance forms.

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