Asunción, Agencia IP.- The Minister of Economy, Carlos Fernández, referred to Paraguay’s opportunity to diversify its economy and open up to the transition towards green energies.

During an interview with the economic-focused media The Banker, the Ministry indicated two channels for diversification: Through the maquila regime and the production of biofuel and green energies.

Regarding maquila, he indicated that they allow Brazil to substitute part of the importation from China, generating benefits to investors and generating employment in Paraguay.

The second channel is through the investment in biofuels, stating that Paraguay has plenty of energy and water to produce green hydrogen. This sector relies on many projects in the process, he anticipated.

This production will allow the produce green fertilizers. “So, in the future, we hope to see lots of investment in this field. That will be important to diversify the economy”, he holds.

Minister Fernández is currently in Marrakech, Morocco, to participate in the International Monetary Fund (IMF) and the World Bank Group (WBG) Annual Meetings 2023 until Sunday, October 15th.

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