Brazil will set up spinning factory in Paraguay
Paraguay’s “El Pais” reported that Brazilian businessmen plan to invest in setting up a spinning factory in Paraguay. The key points are as follows:
Brazilian businessmen will set up a spinning factory in the Alto Parana province in eastern Paraguay and operate it as an export processing zone. The initial investment is US$20 million. The plan is divided into four phases. The first phase will produce approximately 2 million per month. Kilograms of yarn, the fourth phase will produce mesh fabrics to supply 600 downstream manufacturers. The initial markets are Latin America and Brazil, and future targets are North America and European markets.
Brazilian business representative Fernando Fadel said after meeting with the Paraguayan Ministry of Industry and Commerce (MIC) that the Paraguayan Export Processing Zone mechanism incentives have greatly promoted this investment project; in addition, Paraguayan labor tools Competitiveness, this factory is an energy-consuming industry, and Paraguay has abundant and cheap electricity, which is very attractive to the company. The factory is expected to start construction on February 15, 2023, and is expected to be officially operational in January 2024.
According to statistics from the Paraguay Processing and Export Industry Council (CNIME), the export value of Paraguay’s processing and export mechanism this year reached US$1.033 billion, an increase of 19% compared with US$865 million in 2021. %. It is estimated that export value will reach 1.125 billion US dollars next year, an increase of 9%.
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