The Philippines, through its DTI, is working on strengthening trade relations with Paraguay mainly in agriculture, manufacturing, and industrial development.
The DTI elaborates on how the two reaffirmed their intention to further economic cooperation following several high-level meetings. Paraguay’s Vice Minister for Investments and Exports, Javier Vivero, visits in February 2021, where he holds talks with key government agencies such as the BOI, CITEM, and the DFA.
The meetings involved private sector representatives such as the PCCI and San Miguel Corp. It was regarding strengthening trade and investment relations and exchanging expertise in exports, investments, and economic development, the DTI added.
Exports of the Philippines include advanced machinery and electrical equipment and high-value agricultural products like coconuts and Brazil nuts. In return, the Philippines imports from Paraguay essential commodities such as soybean cakes, frozen beef, rice, corn, and industrial materials like cables, insulated conductors, and insecticides.
Those discussions play big into strengthening economic collaboration between the two countries, creating many more opportunities in trade and investment.
