Paraguay confirms plan to open embassy in UAE
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Paraguay confirms plan to open embassy in UAE

Paraguay confirms plan to open embassy in UAE

Bilateral trade between Paraguay and the UAE stood at $25.8m in 2020

Gulf Business

Paraguay has confirmed plans to open an embassy in the UAE soon to enhance bilateral trade and two-way investments, as well as to expand trade across the region.

Bilateral trade between Paraguay and the UAE stood at $25.8m in 2020 with UAE imports recorded at $19.5m.

Hassan Al Hashemi, vice president of International Relations, Dubai Chamber of Commerce and Industry (DCCI), “There is immense untapped potential to expand trade across many sectors, including food security, technology, healthcare, energy. The UAE government has underlined the importance of food security as a key element of comprehensive development.”

In a keynote address at a Business Forum, the largest of its kind Paraguay has ever held in the region, conducted recently at Expo 2020 Dubai, Luis Alberto Castiglioni, the Minister of Industry and Commerce said that the South American country’s participation at the Expo 2020 has served as an opportunity for it to showcase its prospects and the new embassy announcement is part of its plans to capitalise on the visibility it received at Expo 2020.

The Paraguay Pavilion, located in the Mobility District at Expo 2020, focuses on connecting water, energy and mobility, highlighting the potential of water in the country in generating renewable energy, while showcasing Paraguay’s connectivity to the world via its rivers and food production.

“We want to expand bilateral relations with the UAE and the region, and this is the key reason for Paraguay to establish an embassy here. Moreover, we want to leverage Dubai and the UAE as a platform to enhance Paraguay’s global trade,” said Castiglioni.

The Business Forum preceded the Paraguayan National Day on March 4. Paraguay celebrated its Expo 2020 Dubai National Day on the same day, marked with a visit from Mario Abdo Benitez, President of Paraguay.

Meanwhile another embassy opening in the UAE was announced earlier this year, when the Vatican opened its embassy in Abu Dhabi last month. The Apostolic Nunciature comes 15 years after the two countries established diplomatic relations.

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