The Philippine Chamber of Commerce and Industry (PCCI) said it is looking to attract Paraguayan investors to the Philippines following the signing of a memorandum of understanding between the PCCI and Paraguay’s Investment and Export Network, or REDIEX, on the sidelines of the recent official visit of Paraguayan President Santiago Peña Palacios.

The agreement with REDIEX seeks to establish stronger contacts between Philippine and Paraguayan businesses.

“The Paraguayan industries we are enticing are high-end technology, such as electronics, business process outsourcing and agriculture. Also, they are strong in renewable energy. Their electricity there is just P3 per kilowatt-hour. We will try to work on how we are going to capture more business, primarily for our Filipino workers,” PCCI president Perry Ferrer said in an interview during the Luzon Economic Corridor Reception at the Fairmont Hotel in Makati City on Monday night.

REDIEX is an agency under Paraguay’s Ministry of Industry and Commerce tasked with promoting local and foreign investments, supporting exports and strengthening the country’s international competitiveness through trade promotion, business development and market intelligence services.

For the BPO sector, Ferrer said the PCCI is also exploring the possibility of establishing a presence in Paraguay by hiring Filipino call center agents.

“The purpose is that we can invest there and bring the Filipino workforce so we can take advantage of the lower tariffs to the US and MERCOSUR. Paraguay already pitched how easy it is to set up a business there because of its very low tax rates,” he said.

MERCOSUR is a South American regional trade bloc established in 1991 composed of Argentina, Brazil, Paraguay and Uruguay. The bloc promotes free trade, economic integration and the free movement of goods and services among member states.

During his bilateral meeting with President Peña on Monday, President Ferdinand Marcos Jr. said the Philippines and Paraguay discussed possible cooperation in agriculture, trade and renewable energy.

Marcos said he also raised the possibility of exporting Philippine products such as tuna, sardines and milkfish to Paraguay, which could help boost local industries.

“And President Peña and I discussed the potential of increasing trade and investment between our two nations, starting with generating awareness and interest among businesses of both sides, with the longer-term objective of identifying and enabling economic and commercial opportunities,” Marcos said.