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India and Paraguay are looking at new opportunities to strengthen economic partnership in several areas, including digital technology and critical minerals, Prime Minister Narendra Modi has said.
“We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space, and overall economic partnership,” Modi said in his opening statement during delegation level talks with Paraguayan President Santiago Pena Palacios in New Delhi on Monday.
Pena is on a three-day official tour of India with his team of senior ministers and will also visit Mumbai.
Referring to India’s preferential trade agreement (PTA) with MERCOSUR, a trade bloc established by Brazil, Argentina, Paraguay, Uruguay and Bolivia, the PM said that the two sides could work together to further expand it.
“We will explore holding technical talks on the India-MERCOSUR PTA to enhance market access and boost bilateral and inter-regional trade,” pointed out P Kumaran, Secretary (East), Ministry of External Affairs.
“Several Indian companies, particularly in the automobile, biofuel and pharmaceutical sectors have a presence in Paraguay. Likewise, Paraguayan businesses are present in India through joint ventures and representative offices in India, contributing to strengthening commercial ties between the two countries,” Kumaran said at a media briefing on Monday.
Pena expressed keen interest in attracting Indian investments to Paraguay, the Secretary said, adding that he engaged with prominent Indian business leaders in Delhi. In Mumbai, the President is scheduled to interact with more businesses.
Minister for Electronics and IT Ashwini Vaishnaw also met Pena on Monday to explain India’s capabilities in IT, DPI, (Digital Public Infrastructure), and areas where collaboration was possible. “There is also interest on the Paraguayan side for working with us in building railway infrastructure as part of the bi-oceanic corridor. They think that we will be able to offer value to them and also in a cost-effective manner,” Kumaran said.
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Published on June 2, 2025
This article first appeared on The Hindu Business Line
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