(MENAFN- Caribbean News Global) TAIPEI, (TaiwanToday) – Minister of economic affairs Kung Ming-hsin and Paraguayan minister of industry and Commerce Javier Giménez co-chaired the 23rd edition of the ROC (Taiwan)-Paraguay Economic Cooperation Conference October 14 in Taipei City.

Discussions covered energy industry cooperation and reciprocal market expansion, as well as science park management and development. Following the meeting, Kung and Giménez signed a memorandum of understanding to jointly advance both countries' renewable energy industries, the ministry of economic affairs said.

During the conference, the two sides agreed to increase collaboration on the Taiwan-Paraguay Smart Technology Park, work together to develop a sovereign artificial intelligence ecosystem for Paraguay, and convene the 5th Joint Committee Meeting of the Agreement on Economic Cooperation to further discuss market liberalisation.

The ministry noted that bilateral trade volume reached US$240 million in 2024, a more than threefold increase since 2017, and added that Taiwan's import value from Paraguay from January to August this year is US$225 million, doubling the numbers from the same period last year. There has also been considerable growth in the amount of beef and pork imported from Paraguay, while the export of Taiwanese hand tools and plastic products to the ally also grew significantly, the MOEA said.

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