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Paraguay's government wants to boost trade ties with India, one of the world's fastest growing economies.
President Mario Abdo Benítez (pictured) met with India's vice president Venkaiah Naidu this week in Asunción to reinforce their trade relationship and cooperation in information technology.
"He [the Indian official] is coming directly from his country and has shown great interest in everything that is being developed with Paraguay, with the potential we have to advance in the areas of trade, the economy and cooperation in the area of information technology," Paraguay's head of protocol Federico González said in a government statement.
"Since 2006 there is an agreement signed with Mercosur through which we send over US$200mn of soybean oil to India, and they have an interest in accessing our market and also in expanding the investments they already have here in Paraguay," said González, adding that Indian companies are showing interest in expanding their operations in the South American country.
Various companies in the region, including Brazilian multinationals, have installed operations in Paraguay in recent years due to low taxes, and labor and energy costs.