The opening ceremony for the new chamber of commerce was held on 9 March 2017 in Asunción. The president of the new chamber is Romeo Ruoss, and its director is Roger Simas. The chamber's goal is to support Swiss companies in their business activities in Paraguay. The chamber will be working closely with Switzerland Global Enterprise to this end.
Why Paraguay is of interest for Swiss SMEs
Paraguay has large power reserves, which are primarily produced at the Itaipú dam. A new power supply line to the capital city Asunción is intended to enable the construction and running of new factory buildings. This provides initial stimulus for foreign companies that aim to expand their activities in the Latin American area.
Further advantages of Paraguay are the low labor costs and its integration in the Mercosur alliance. Paraguayan Minister of Industry Gustavo Leite intends to use these developments to compete with China in particular. Goods that are produced in Paraguay can later be sold on the Brazilian market, which is much larger and interesting in its own right.
Stable inflation and steady economic growth
Since 2010, Paraguay's economy has shown a stable average growth rate of 6%, despite stagnating growth rates and recessions in neighboring countries. The government's new industrialization strategy is intended to further diversify the economy and to raise the employment rate.
Intensified trade relations with Switzerland
The Swiss embassy in Paraguay was indeed closed in 2016, but with the opening of a honorary consulate under the direction of Santiago Llano Cavina in the capital city Asunción on 9 February 2017 and the opening of the chamber of commerce, Switzerland is showing an increased interest in expanding trade relations with the Latin American country.
