Asunción, Agencia IP.- During his speech at the Mobile World Congress 2024 in the city of Barcelona, Spain, the President of the Republic, Santiago Peña, described Paraguay as a «true economic miracle,» with one of the highest growth rates in recent years in South America, and now through an investment program wants to become a competitive regional hub.
«Paraguay is currently on the move, a true economic miracle, being the economy with the highest growth rates in recent years in South America, and now actively developing projects and investing in infrastructure to become a competitive regional hub, located in the center of a market of more than 300 million people,» said Peña.
He mentioned that huge and busy neighbors like Brazil and Argentina, connected by the Paraná-Paraguay Waterway, allow it to transport millions of tons of products to the Atlantic.
In addition, «Paraguay’s strategic location is now fundamental for another essential trade route, the Bioceanic Corridor, which connects the Atlantic with the Pacific through Paraguay,» he said.
In that context, he noted that his country is firmly committed to becoming a world-class physical and digital hub, taking advantage of its strategic location and progressive policies for a prosperous future.
«To achieve this, he admitted that it is necessary to create digital highways that connect people, cultures, and knowledge more quickly and effectively. And, there is no doubt about it: we will do it,» he pointed out.
«The secret of potential lies in our people»
On the other hand, the head of state stated that the secret of Paraguay’s vibrant potential lies in its people: 70 percent of the population is under 40 years old, young people eager for technological knowledge, known for their strong work ethic, adaptability, and quick learning capacity.
The growth platform is also supported by a single, low, and simple tax regime, our famous «10-10-10 recipe: 10% for Business Income Tax, 10% for Personal Income Tax, and 10% for VAT. «We also have cutting-edge policies such as a maquila regime that offers significant tax benefits, attracting a wide range of advanced industries and services,» he commented.
«As the country with the highest regional economic growth rate last year, at 5.1%, and stabilized inflation below 4%, we have also attracted attention for our unique macroeconomic stability. This stability has attracted sovereign and pension funds interested in rates of return from investment-grade economies. We are on the verge of achieving this status, and nothing will stop Paraguay once we do,» he alleged.