Sometimes called the ‘Heart of South America’ Paraguay shares borders with Argentina, Bolivia and Brazil. Though the country is landlocked, the Paraguay and Parana rivers allow access to the Atlantic Ocean. Guarani – an indigenous language – shares official status with Spanish, and is commonly spoken.
Paraguay has a young population, and the country’s people have a reputation for optimism – Paraguay has a record of scoring highly on ‘happiest nations’ lists. The government is keen to encourage foreign investment.
Paraguay is a member of Mercosur, and its key trading partners are Argentina, Brazil and Uruguay.
The Paraguayan economy is dependent on agricultural exports, and especially meat, soybeans and sugar. Agriculture contributes around 12% of GDP.
Paraguay is among the least industrialised nations in Latin America. And the industrial sector has declined further in recent years as a result of the growth in agriculture. The country boasts two major hydroelectric dams – located at Itaipu and Yacyreta. Itaipu generates over 13 gigawatts – making it the second most powerful hydroelectric dam on earth. Power generated by the dams is exported to neighbouring countries.
The service sector accounts for around 50% of Paraguayan GDP. Paraguay’s tourist industry is small, but there is potential for expansion. The country offers visitors beautiful, varied landscapes and a pleasant climate.
Based in Asuncion, Paraguay’s capital, HLB provides a range of personalised audit and tax services to foreign and domestic clients.
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