PH, Paraguay to strengthen trade, investment ties
The Philippines and Paraguay are seeking to strengthen trade relations | FILE PHOTO
MANILA, Philippines — The Department of Trade and Industry (DTI) is looking to deepen the country’s trade relationship with Paraguay, seeing strong prospects particularly in agriculture, manufacturing, and industrial development.
The DTI said that both countries have expressed their commitment towards this goal, following a recent series of high-level meetings.
Paraguay’s Vice Minister for Investments and Exports, Javier Vivero, visited the country from February 20 to 21.
READ: Take advantage of PH growth momentum, investors urged
The government agency said the discussions were attended by key government agencies such as the Board of Investments (BOI), Center for International Trade Expositions and Missions (CITEM), and the Department of Foreign Affairs (DFA).
Private sector representatives from the Philippine Chamber of Commerce and Industry (PCCI) and San Miguel Corp. were also part of the discussions.
The discussions focused on enhancing trade and investment relations, as well as the exchange of experiences in export, investment, and economic development, said the DTI.
“Both countries recognized shared strengths in manufacturing and energy sectors and agreed on the potential to become strategic partners for foreign investors,” the DTI said in a statement.
During discussions with the PCCI, the DTI said that Vivero shared opportunities involving Paraguay’s Bioceanic Corridor, a major transportation route linking the Atlantic and Pacific Oceans.
“This corridor is expected to enhance regional trade by connecting Mercosur markets,” said the DTI, referring to the South American trade bloc.
According to the DTI, the Philippines and Paraguay continue to maintain robust trade relations, with the former exporting advanced machinery, electrical equipment, and high-value agricultural products like coconuts and Brazil nuts.
In turn, the Philippines imports Paraguayan commodities such as soybean cakes, frozen beef, rice, corn, and industrial materials.
