Vice President M. Venkaiah Naidu said in Paraguay said “India is expected to be the third largest consumer economy as its consumption is likely to triple to $4 trillion by 2025 owing to shift in consumer behavior and expenditure pattern”. When addressing the India-Paraguay Business Forum meeting in Paraguay, the Vice President said Paraguay is an important partner of India in the Latin American and Caribbean region and there is an enormous potential to further increase this engagement.
Furthermore Naidu is the highest level representative from India to visit Paraguay in the last 58 years since the establishment of diplomatic relations between the two countries on September 13, 1961. Meanwhile he said Paraguay leads the world in the export of renewable energy and offers interested Indian investors’ opportunities in the sector of small and medium sized energy generation components.
Moreover he said India is witnessing a country wide sweep of digital connectivity, transformative economic reforms, favorable demographics and a vibrant start-up ecosystem. Apparently he also witnessed the signing of a Memorandum of Understanding between the Diplomatic and Consular Academy of Paraguay and the Foreign Service Institute of India.
