The Minister of Economy discusses with the President of Paraguay the prospects for economic partnership

Abu Dhabi, May 27 / WAM / His Excellency Abdullah bin Touq Al -Marri, Minister of Economy, met His Excellency Santiago Benia, President of the Paraguay, and his accompanying delegation, who is making an official visit to the UAE aimed at expanding the horizons of bilateral cooperation and strengthening economic relations between the two countries.
His Excellency President Santiago Benia expressed his appreciation to the UAE and its pioneering role in advancing progress and growth in the region, stressing his country’s keenness to enhance the opportunities for economic partnership with the state in the various sectors and to serve the common interests of the two countries.
His Excellency Abdullah bin Touq Al -Marri stressed the UAE’s keenness to enhance economic openness to the world and build effective partnerships with regional and global friendly countries, pointing out that friendship relations and cooperation with the Paraguay Republic are witnessing continuous growth, in light of the common will of the two countries ’leaders to upgrade them to wider horizons of growth and development in all fields, especially economic, commercial and investment, and with what supports visions The two development countries towards building a sustainable economy.
The meeting was attended by the Emirati side, His Excellency Dr. Al -Saghir and Bran Al -Ahbabi, the country’s ambassador to the Paraguay Republic, His Excellency Dr. Maria Al -Qasim, Assistant Undersecretary for Policy and Economic Studies Sector at the Ministry of Economy, His Excellency Safia Al Safi, Assistant Undersecretary for the Control and Governance Sector at the Ministry of Economy, and His Excellency Omar Saeed bin Ghaleb, Deputy Director General of the General Authority Paraguayi, His Excellency Robin Ramirez Lizkano, Minister of Foreign Affairs, His Excellency Louis Alberto Castilla, Minister of Industry and Trade, and His Excellency Caroline Conthr Lopez, Ambassador of the Paraguay Republic to the state.
The two sides stressed the importance of exchanging experiences and enhancing economic, commercial and investment partnerships at the level of the governmental and private sectors, based on the promising economic capabilities of the Paraguay, which integrates with the UAE’s vision in building a competitive knowledge economy and its interest in the new economy sectors and sustainability areas, including tourism, entrepreneurship, renewable energy, transportation, logistical services, food security and intelligence Artificial and infrastructure.
His Excellency Abdullah bin Touq Al -Marri explained, during the meeting, that the two countries have achieved high economic growth rates in the past year, as the GDP of the UAE economy achieved a growth of 4.5% to reach 987 billion dirhams during the first nine months of the year 2024, and the GDP of Paraguay increased by 4.2% in the past year, which reflects the dynamics of both sides in achieving sustainable economic development, and forming An important opportunity to enhance the paths of economic cooperation in the vital areas of each.
He reviewed the possibilities and incentives enjoyed by the business and investment environment in the country, including the issuance and modernization of laws and legislations that supported the expansion of the activities and sectors of the new economy such as the Family Companies Law, cooperatives, commercial agencies and trade through modern technology and arbitration, and providing foreign direct ownership of companies by 100%, and providing more than 2000 economic activities, and a vital strategic location that links the east of the world In its west and north in the south, stressing the importance of supporting the private sector and the business community on both sides to benefit from their various economic ingredients and facilitating its business and investments in the markets of the two countries.

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