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Paraguay offering incentives for Taiwanese investors: President Abdo
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Paraguayan President Mario Abdo Benitez (left) and his wife Silvana Lopez Moreira de Abdo. / Photo courtesy of CNA
Taipei, Oct. 11 (CNA) Visiting Paraguayan President Mario Abdo Benitez said Thursday that his country is offering incentives such as tax reductions and legal protections to attract Taiwanese investment.

At a meeting with the press before his departure from Taipei, President Abdo said Paraguay can serve as a gateway for Taiwan businesses to the huge South American market, which has a population of 400 million, and also to the North American market.

Paraguay's economy has been growing at a rate of at least 4.5 percent annually for the last 20 years and it has an excellent investment climate and stable social order, he said.

With its tax incentives and sound legal protections for foreign investors, Paraguay is encouraging Taiwanese businesses to invest there, Abdo said.

He said that after more than 60 years of diplomatic ties between Paraguay and Taiwan, he hopes to enhance the bilateral relations so that the two sides can become strategic partners to their mutual benefit.

Taiwan is renowned for its technological advancements, while Paraguay's main exports are agricultural products, he said, adding that the two countries complement each other and are a perfect match.

Abdo, his wife Silvana Lopez Moreira de Abdo and a Paraguayan delegation were in Taiwan on a six-day visit at the invitation of President Tsai Ing-wen to attend Wednesday's National Day celebrations.

At Thursday's press event before their departure, the president's wife shared their love story, saying Abdo was her first boyfriend and they met when she was 15.

She said they were forced apart two years later because Abdo had to leave Paraguay for political reasons but they found each other again more than a decade later and eventually got married.

The couple has six children ranging in age from 25 to 11.