President Santiago Pena hosted Taiwan’s foreign minister Lin Chia-Lung on a visit to Asuncion with a delegation of around 30 business leaders.

“Paraguay is ready to defend this 68-year relationship, which is based on democratic principles and values, with all its strength and with a loud voice,” Pena said, adding Taiwan has been “tremendously generous” with its investments in his country.

“We do not disregard China, but we recognise the self-determination of the people of Taiwan,” with which Paraguay hoped to move to “a higher level of collaboration”, he added.

Lai, Pena announced at an investment forum, will visit Paraguay in 30 days.

Among those in attendance Monday were Terry Tsao, a senior executive at semiconductor company SEMI, as well as representatives of the Taiwanese IT, communications, smart transportation, agriculture, construction and building industries.

Taiwan is a global chip powerhouse, producing more than half of the world’s semiconductors, vital for powering the latest generative artificial intelligence models.