An Ecuadorian business group, formed by the steel company Novacero and Holding Swissôtel, plans to invest approximately $200 million in Paraguay. The project, presented to President Santiago Peña, involves the construction of a complex that includes a large hotel, a convention center, and commercial spaces.
The announcement comes at a time of economic expansion in the country, which recorded a Gross Domestic Product (GDP) growth of 6.6% in 2025. The electricity and water sector was one of the most dynamic, with a 10.9% increase, driven by the strong performance of the binational hydroelectric plants Itaipú and Yacyretá, according to data from the Central Bank of Paraguay.
Christian Olalla, general manager of Novacero, stated that the group already has investments in the country and sees favorable conditions for new ventures. "We see that the country has the right characteristics and shows very important growth in the logistics, industrial, and construction sectors. For us, doors have opened thanks to the consolidation of laws and stability, which allows us to make investments in Paraguay," Olalla declared.
José Miguel Coo, director of Holding Swissôtel, highlighted the foreign investment promotion regime as a decisive factor. "It seems to us that the country has exceptional conditions regarding the treatment of foreign capital, and that gave us great peace of mind," Coo commented.
The initiative is part of a broader international expansion strategy for the group. Luis Villacrés, chairman of the board of Novacero and a partner in the holding, revealed that the company recently acquired Aceros Paraguay S.A., a distributor of construction materials with 30 years of operation in the local market. The intention is to transform the acquired company into an industrial unit, incorporating the production processes that Novacero uses in its plants in Ecuador.
Villacrés emphasized Paraguay's competitive advantage in energy terms. "It's a gem because it's growing. And it has a big advantage: it has something fundamental for the steel business, which is electrical energy. It has sufficient and cheap energy. That was one of the main attractions for us to come to Paraguay," the businessman explained.