Paraguayan Finance Minister Announces Opening to Chinese Investments

Photo: Presidente del Banco Central. By: Carlos Troya Palacios Source: Wikicommons

Paraguay, the only country in South America that maintains diplomatic relations with Taiwan, is considering the possibility of attracting investments from China to boost its emerging green hydrogen industry, according to Carlos Fernández, the nation’s Minister of Economy and Finance. Paraguay has abundant water resources and renewable energy from its two major hydroelectric dams, placing it in a strategic position to produce green hydrogen and convert it into synthetic fuels and fertilizers.

Fernández emphasized his willingness to engage in dialogue with Chinese entrepreneurs interested in investing and creating jobs in Paraguay. He underscored that the openness to investments is not a matter of China versus Taiwan but rather a welcoming approach to all investors. China has been strengthening its economic and trade ties in Latin America and the Caribbean, gradually displacing Taiwan’s diplomatic allies in the region. The Paraguayan government aims to diversify its economy, which currently relies heavily on soy and meat exports, through the development of the green hydrogen industry and the expansion of manufacturing for exports. Last year, this sector generated over 1 billion dollars in exported goods.

Top headline:

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Última Hora. (2023, 03 de octubre). Ministro de Economía de Paraguay: «Al final China se va a comer todo el espacio»