In consideration of the fact that Paraguay is playing Mercosur presidency role currently, Paraguay Amb. Irineo Raul Silvero Silvagni showed his great interest for accelerating economic cooperation relations between Korea & Mercosur countries such as trade and investment through Korea-Mercosur trade agreement.

In a diplomatic reception to mark his country's 207th Anniversary of the Independence of the Republic of Paraguay held in a downtown hotel Seoul on last Friday, Silvagni conveyed that the commencement proclamation ceremony to start Korea-Mercosur trade agreement negotiation takes place on May 25th in Seoul.

The Ministry of Trade, Industry & Energy also confirmed that the Ministry is scheduled to propel FTA proactively with Mercosur countries in order to pioneer new emerging markets.

Mercosur whose member nations are Brazil, Argentina, Uruguay and Paraguay 4 countries, is an emerging market which accounts for 2.7 trillion dollars in terms of GDP and encompasses 290 million peoples, about 70% of the entire Latin America population, according to MOTIE.

Touching upon the fact that Paraguay just had its general election, on April 22nd, monitored by international organizations, and the new President, Mr. Mario Abdo Benítez, a former conservative Senator, will begin a five years term, on August 15, 2018, Paraguay is committed to cooperate with all countries in the world, Silvagni told through his welcome remarks.

At present, Paraguay has an active and leading role in the international community. Paraguay is working very hard at regional and global levels to strengthen the bilateral and multilateral relationships that will enable it to face the challenges of its own development, such as the reduction of poverty, the employment creation - mainly for young people, the increase of access to free education, and the technological development, according to Paraguay envoy.

Also, the judicial stability and the respect to the foreign and national investments are one of the cornerstones of the State's policy, of our country, said Silvagni. Paraguay recorded a great economic performance in the last years due to increase of its industrial and agricultural production, significant Government investment in infrastructure, and macroeconomic stability, according to the Embassy of Paraguay Seoul.

Being one of the most open economies and of greater return to investments, we invite Korean and other Asian entrepreneurs to discover the investment opportunities that Paraguay has to offer, said Paraguay envoy Silvagni. There are many comparative advantages such as a young and skilled workforce, fertile land, surrounded by a large reserve of fresh water that makes Paraguay one of the largest food and renewable energy producers in the world.

In a nutshell, Silvagni summarized up: "Our country’s unique geographic composition, favors not only to the business and investment climate, but also to the tourist sector, where Paraguay maintains the privilege of conserving its great natural attractions, mixed with historical and cultural relics and great technological works such as the hydroelectric dams of Itaipú and Yacyretá".

With regard to ongoing Inter-Korean dialogue, Paraguay envoy contributed his message recently to the NDNnews (www.ndnnews.co.kr) & Seoulcity magazine which states: "The latest positive events that have taken place around the Korean peninsula enlighten the future’s path with a beacon of hope for the stability in this vital region of the world. The Embassy of the Republic of Paraguay expresses its optimism and hopeful realism about the upcoming Summits; historical events that could forge permanent peace in the Korean Peninsula.

Paraguay as a peace-loving nation fully supports efforts that can contribute to peace and stability in the world. Considering these new dynamics in the process of pacification and denuclearization of Peninsula, we vow to reach a peaceful resolution within the framework of the United Nations as well as the context of bilateral meetings."

Describing Paraguay as heart of South America continent, director-general Hur Tae-wan from the Central & South America Bureau, MOFAT, also touched upon business & investment opportunities in Mercosur according to Korea-Mercosur FTA and said that the two counterparts must seek ways regarding Korea-Mercosur future cooperation in preparation for the fourth industrial revolution.