Spain-Paraguay Trade Has Potential to Grow, Official Says

The trade relationship between Spain and Paraguay holds considerable potential for expansion, according to Spain's Secretary of State for Trade, Amparo López Senovilla. Speaking in Asunción, Senovilla highlighted that while current bilateral trade figures are positive, there is ample room for improvement, particularly following the implementation of the trade agreement between the European Union and Mercosur.

Senovilla emphasized that the EU-Mercosur pact provides Spanish entrepreneurs with crucial "certainty and legal security" to either initiate or increase their investments in Paraguay. Currently, Spanish companies represent the fifth-largest foreign investor in the South American nation, with combined investments totaling approximately 190 million euros. This predictability, she noted, is a key factor for investors looking to expand their presence in different countries, and Paraguay stands to benefit from this stability.

As a member of Mercosur, Paraguay offers significant advantages due to its central geographical position within the bloc. Senovilla also pointed to the country's robust manufacturing, agro-industrial, and energy industries as attractive assets for foreign investment. The Secretary of State made these remarks during a visit to Asunción as part of a tour of Mercosur countries, aimed at underscoring the importance of the recent free trade agreement with the EU, which opens access to a market of over 700 million consumers.