Paraguay
Peña presented financing, guarantees and a legal reform to boost Paraguay's industry
The president announced three measures during the event marking the 90th anniversary of the Unión Industrial Paraguaya. Among them, he launched a credit line, a guarantee fund and a bill to integrate the MIC with Senatur.
The president of Paraguay, Santiago Peña, announced a package of measures to strengthen the manufacturing sector during the dinner marking the 90th anniversary of the Unión Industrial Paraguaya, La Nación Paraguay reported.
According to that outlet, the decisions include the creation of the financing line Paraguay Industrial, the launch of the Industrial Guarantee Fund (Fogain) and the presentation of a bill to integrate the Ministry of Industry and Commerce with the National Secretariat of Tourism.
The new credit line will offer rates of 10.5% in guaraníes and 8.5% in dollars, with terms of up to 15 years and up to 3 years of grace. According to La Nación Paraguay, the goal is to adapt financing to the timelines required for the installation and maturation of industrial projects.
Fogain, for its part, will seek to facilitate access to credit through guarantees for companies in the sector. Both tools aim to expand long-term financing, support investments and strengthen productive capacity and employment.
At the same event, Peña delivered to the president of the National Congress, Basilio Núñez, the bill proposing to unify under a single leadership the policies on industry, commerce, services, MSMEs and tourism, along with investment and export strategies.
According to La Nación Paraguay, the president said the current regulations governing the Ministry of Industry and Commerce date back to 1963 and argued that they need to be updated to respond to a modern economy. He also said the initiative would provide more tools to attract investment, open markets, develop tourism, train talent and defend national production.
The proposal also incorporates the legal recognition of Rediex within the ministerial structure, in addition to considering connectivity as a strategic factor for industry, logistics and foreign trade. The bill, the outlet added, provides for greater powers in trade defense and training for more specialized productive activities.
Still according to La Nación Paraguay, industry currently generates 350,000 jobs in the country and the sector is growing 5.7%. MIC data also indicate that Paraguay has more than 37,000 industries and that two-thirds are MSMEs.
Sources
Sobre esta nota. Written by El Notero with assistance from artificial intelligence, based on what was published by the cited outlet. El Notero did not conduct its own reporting on this event.
