India, Paraguay agree to promote bilateral investment, explore new areas of collaboration

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Updated: March 7, 2019 1:33:13 PM

During talks between the top leaders of both the countries, the South American country also condemned in the strongest terms the brutal terrorist attack that took place in Pulwama District of Jammu and Kashmir on Feb 14.

India, Paraguay agree to promote bilateral investment, explore new areas of collaboration (Twitter photo)

Underlining opportunities in goods and services trade, India and Paraguay have agreed to explore new areas of collaboration including in hydel and solar energy, health, traditional medicine, Information and Communication Technology, farming, agriculture machinery, and biotechnology. During talks between the top leaders of both the countries, the South American country also condemned in the strongest terms the brutal terrorist attack that took place in Pulwama District of Jammu and Kashmir on Feb 14.

They committed to strengthen cooperation against terrorist threats from groups listed in relevant United Nations Security Council Resolutions and also affirmed their support for a UN Comprehensive Convention on International Terrorism. At the end of talks between Vice President Venkaiah Naidu and Paraguayan Vice President Hugo Velázquez, the two sides also emphasized the role of their public and private sectors in setting up collaborative alliances to strengthen trade and economic cooperation and agreed to encourage closer and more frequent business to business exchanges.

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As was reported by Financial Express Online, both India and Paraguay expressed their interest to further explore comparative advantages and the complementarity between the economic bloc and India so as to expand and diversify trade. Also, the south american nation conveyed that the relevant internal consultations are being finalized with a view to join International Solar Alliance (ISA) and both agreed that ISA would facilitate use of clean energy, tap into the abundant source of solar energy and transition from conventional to renewable sources of energy.

The two countries have also agreed to facilitate promotion of exchanges between academics and universities and also between travel professionals and stakeholders in tourism. Besides asking the experts on both sides to finalize pending agreements including Double Taxation Avoidance Agreement, Bilateral Investment Treaty and for Extradition and Mutual Legal Assistance, leaders of both countries also inked MoU between the Diplomatic and Consular Academy, Ministry of Foreign Affairs of the Republic of Paraguay and the Foreign Service Institute, Ministry of External Affairs of the Republic India.

While underscoring the importance of strengthening of Parliamentary linkages, India and Paraguay agreed to jointly celebrate 150th Birth Anniversary of Mahatma Gandhi. Paraguayan side reiterated its support to India’s candidature for Permanent Membership of the United Nations Security Council (UNSC).

As reported earlier, Naidu who is on an official visit to Paraguay from Mar 5-7 is accompanied by a high-level delegation including Minister of State for Tourism KJ Alphons, Ram Kumar Kashyap, Member of Parliament and senior officials from the Government of India. During his meeting, Naidu invited President of Paraguay Abdo Benítez to visit India at a mutually convenient time, which Benítez accepted.

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