Paraguay President, Horacio Cartes, has announced plans to open the country’s first commercial representative office in the UAE later this year, which will aim to boost trade and investment flows between the two countries.
The announcement came during a recent meeting with a Dubai Chamber delegation in Asuncion, where he expressed his intention to build bridges between business communities on both sides.
The meeting was held on the sidelines of the Global Business Forum on Latin America roadshow, which was organised by the Dubai Chamber of Commerce and Industry.
Cartes described Paraguay as a resource-rich country, stable economy, and an important gateway to access Latin American markets.
He said that the delegation’s visit to Paraguay marked a new chapter in bilateral relations, as it enabled UAE companies to learn about Paraguay’s business environment, and the opportunities that the country can offer them.
Dubai’s non-oil trade with Paraguay surged to AED102.8 million in 2016, almost doubling since 2010.
Hamad Buamim, president and CEO, Dubai Chamber, described Paraguay as “a lucrative market full of investment opportunities,” and said the country’s agricultural products are among the highest quality in the world.
Paraguay can play a key role in collaborating with the UAE on food security, he said, adding that the UAE currently imports more than 85 percent of its food requirements.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.