President Santiago Peña participated on Wednesday in the groundbreaking ceremony for the infrastructure works of the Paracel industrial pulp mill in Paso Horqueta, Concepción department. The private project, which has already registered over US$1.5 billion in investments and about 203,000 hectares incorporated, is expected to generate approximately 7,000 direct and indirect jobs. Recently, BID Invest approved up to US$165 million in financing for Paracel SA, aimed at developing a sustainable forestry industrial hub.
In his speech, Peña stated that Paracel “is a project for Paraguayans” and that it will allow the country to move beyond exporting raw materials, advancing toward an economy with greater industrial capacity. He recalled his trip to Singapore in May last year, when he announced a historic agreement for cooperation on carbon credit projects. “One of the many trips, you already know that's old news. The famous presidential trips, I've traveled a lot and I'll keep traveling, I encourage you, don't count them,” he said.
Peña defended the “Singapore model”: “Low taxes that generate investment, investment that generates jobs, jobs that generate tax revenue that is then invested in health, education, security. It creates this virtuous circle. And in Singapore, a phenomenon very similar to Paraguay's occurs.” He also mentioned that Singapore built the foundations of its political model “under a dictatorial regime of Lee Kuan Yew,” and that the former prime minister's party has remained in power for 70 years, with elections every five years.
The president also recalled his trip to Finland in December 2025, accompanied by businessmen, including his former partner Miguel Vázquez, a shareholder of Ueno bank. He highlighted that the forestry sector represents 20% of the Finnish economy and that the visit served to learn about the development model. Peña also criticized the “unbelievers” who prefer “to stand on the sidelines and criticize and attack, and say it can't be done.” Finally, he paid tribute to engineer Juan Carlos Wasmosy, president of Paraguay between 1993 and 1998, stating that he “fought and did a lot for Paraguay.”