H.E. Bin Touq holds talks with President of Paraguay to expand economic partnership between the two countries

Opportunities in priority sectors including tourism, entrepreneurship, renewable energy, transport, logistics, and infrastructure explored

 In a significant step toward strengthening economic ties between the UAE and the Republic of Paraguay, H.E. Abdulla bin Touq Al Marri, UAE Minister of Economy, welcomed H.E. Santiago Peña, President of Paraguay, and his accompanying delegation during an official visit to the UAE, aimed at deepening bilateral cooperation.

President Santiago Peña expressed his admiration for the UAE’s pivotal role in fostering regional progress and reaffirmed Paraguay’s dedication to enhancing economic collaboration across multiple sectors.

H.E. Bin Touq emphasized the UAE’s commitment to strengthening ties with its global partners. He highlighted the growing friendship and cooperation between the UAE and Paraguay, driven by a shared ambition to advance relations in economic, trade, and investment fields.

The meeting was attended by key officials from both sides. Representing the UAE were H.E. Dr. Alia Alhababi, UAE Ambassador to Paraguay; H.E. Dr. Maria Alqassim, Assistant Undersecretary for Economic Policies and Studies at the Ministry of Economy; H.E. Safia Al Safi, Assistant Undersecretary for Commercial Control and Governance; H.E. Omar Saeed Bin Ghalib, Deputy Director General of the General Civil Aviation Authority; and Mohammed Al Blooki, General Director of Trimanels Holding. The Paraguayan delegation included H.E. Rubén Ramírez Lezcano, Minister of Foreign Affairs; H.E. Luis Alberto Castiglioni, Minister of Industry and Commerce; and H.E. Caroline Konther Lopez, Paraguayan Ambassador to the UAE.

Both sides underscored the importance of knowledge exchange and bolstering economic, trade, and investment partnerships at governmental and private levels. They highlighted Paraguay’s promising economic potential, which aligns with the UAE’s focus on building a competitive, knowledge-based economy, particularly in sectors such as tourism, entrepreneurship, renewable energy, transport, logistics, food security, AI, and infrastructure.

During the discussions, H.E. Bin Touq underlined the strong economic performance of both nations, with the UAE’s non-oil GDP growing by 4.5 per cent to AED 987 billion in the first nine months of 2024, while Paraguay’s GDP expanded by 4.2 per cent in the same period. These robust growth figures reflect both countries’ commitment to sustainable development and present new opportunities for collaboration in key sectors.

The Minister of Economy also highlighted the UAE’s business-friendly environment, including progressive laws such as the Family Business Law, Cooperatives Law, Commercial Agencies Law, and the law on trade through modern technology, as well as full foreign ownership privileges and access to over 2,000 economic activities. He emphasized the UAE’s strategic global position as a hub connecting East and West, North and South, and reiterated the importance of empowering the private sector in both countries to maximize mutual economic benefits.