The growing interest of Indian companies in Paraguay is evident through the active participation of diverse industries in the ‘Emerging Opportunities between India and Paraguay’ webinar series by FICCI and the Indian Embassy in Paraguay.
This underscores the strong desire to strengthen economic ties between the two countries as this partnership holds promising potential in the realms of international trade and investment.
Yogeshwar Sangwan, India’s inaugural envoy to Paraguay, draws attention to the forthcoming visits of diverse delegations to the South American nation. These delegations encompass a wide spectrum of sectors, including IT, Pharma, Chemicals, Bio-energy, Auto components, auto manufacturing, and agriculture. Such broad participation signifies the multifaceted nature of collaboration being explored between the two nations.
Over the course of six decades, the diplomatic relations between India and Paraguay have evolved remarkably. Conventionally, areas of trade and investment cooperation have encompassed chemicals, pharmaceuticals, manufacturing, renewable energy, health, automobile sector, ICT, agriculture, biotechnology, railways, and tourism-related infrastructure. To further solidify economic ties, both countries have recognized the potential for enhancing cooperation within the agriculture sector and the hydrocarbon value chain.
The scope of agricultural collaboration is particularly promising. Key areas include agricultural equipment and machinery, fertilizers, food processing, horticulture, sustainable farming, agro-tech, and livestock. Indian firms are presented with the opportunity to invest in these sectors through cost-efficient production arrangements with Paraguayan counterparts. This strategic alignment aims to not only bolster economic engagement but also contribute to the sustainable development of both nations.
In conversation with Financial Express Online, Ambassador Yogeshwar Sangwan elaborates on the proactive role of the Indian Mission in fostering collaboration across various industries. The envisioned delegation of IT and pharmaceutical companies underscores the commitment to sector-specific partnerships. Additionally, the pursuit of ties in the auto components and motor vehicles manufacturing sectors highlights the diversification strategy embraced by both countries.
Also, later this year Asif Iqbal of the India Economic Trade Organisation (IETO) is expected to lead a delegation to that country soon which will have representatives from different sectors.
Food Security
In the context of food security, an important aspect of collaboration emerges through a presentation by Atoll, a UK-based company specializing in green hydrogen and its conversion into ammonia and fertilizers. This innovative approach contributes to enhancing food security, which is a crucial global concern. According to the ambassador the Indian mission’s efforts to facilitate business promotion and engagement with prominent Indian companies reflect the dedication to furthering this partnership.
Despite the existing challenges, such as the sluggishness in bilateral trade, the commitment to diversifying the trade basket and strengthening the MERCOSUR agreement is evident. Both nations recognize the potential for mutually beneficial growth and are actively engaged in efforts to overcome obstacles and unlock the true potential of this partnership.
In conclusion, the collaboration between India and Paraguay presents a diverse landscape of opportunities across industries. The commitment of both nations to explore avenues of cooperation in sectors like agriculture, technology, and renewable energy underscores the potential for mutual growth and prosperity. By fostering these ties and overcoming challenges, the two nations can contribute not only to their own economic advancement but also to addressing global concerns such as food security.