Paraguayan Trade and Investment Minister Gustavo Leite met with Israeli Prime Minister Binyamin Netanyahu and Economy and Trade Minister Naftali Bennett seeking to promote his country as a venue for Israeli tech opportunities, The Jerusalem Post reported.
Paraguay’s favorable tax system and stable business environment should be an attractive destination for innovators looking for reliable access to the broader Latin American markets, Leite said.
“I am convinced and my government is convinced that Israel has a longtime ally in South America,” he said. “But now we can be a very reliable business partner, to transform Israeli ingenuity to products produced in Paraguay.”
Paraguay is very stable compared to other South American countries, and has a “competitive tax system” of about 10 percent, about half to one-third that of surrounding nations, according to Leite.
Paraguay is also the only country in the continent offering readily available renewable hydroelectric energy to power industries and businesses, Leite noted.
“On top of that, Latin America is integrating into a very big free trade zone,” he said.
As part of the Mercosur — the economic common market shared among Paraguay, Brazil, Argentina, Uruguay, Venezuela and Bolivia — Paraguay has direct access to other South American markets.