Paraguay is a country located near the heart of South America. Even 150 years ago, it was a strong state, but this power was leveled by the war. But the Paraguayans did not give up and are gradually working to restore the economic potential of their country. Emigrants, in particular, help them in this.

Visa

If you want to visit this country and stay no longer than three months, you do not need a visa for the visit. However, you should have the following documents with you:

• a visa application form filled in in English, Spanish or Portuguese;

• passport;

• two 3x4 photos;

• a copy of the first page of the foreign passport;

• a certificate from the place of work or study;

• proof of solvency;

• confirmation of air ticket and hotel reservation;

• insurance.

If you are planning to move to the country, the ideal option is to buy a checklist.

Features of the economy

Paraguay is an agricultural country and is one of the world's largest soybean producers. It is this country that is constantly among the world leaders in terms of soybean exports. And Paraguayans are really hard workers, although their country is one of the most backward in South America.

In general, Paraguayans are involved in agriculture, industry, and the service sector. The main industry in non-production spheres is tourism. By the way, about 150,000 tourists visit the country every year, adding almost 200 million dollars to Paraguay's coffers. The country contacts the outside world through Argentina and Brazil.

The industry provides about a quarter of Paraguay's income. The basis of the industry of this country was the processing of agricultural products, as well as the forest industry: wood, vegetable oils, cigarettes, beer, and leather processing. Also the production of sugar from sugar cane, vegetables and essential oils, etc. Food, cement, and cotton industries are also developed in Paraguay.

Today, modern technologies are also actively used in the country. By the way, along the eastern border of Paraguay, there is a hydropower plant of enormous capacity - Itaipu, which has no equal in the world.

Labor market

New jobs in the country began to appear after international companies received appropriate preferences for conducting their business. So, Brazilian companies began to transfer their business to the Paraguayan market. So, the creation of new jobs in Paraguay is now directly related to investments in this country.

In Paraguay, there is mostly no competition in many business sectors. Except, of course, those industries that are the most profitable. Moreover, it will be easier for you to build your business here if you have the right business strategy than in economically developed countries.

In general, the most promising industries in Paraguay are the automotive industry and the hotel business.

And from 2022, the most promising work areas are commercial engineering/marketing, accounting, construction, and others. You will have a much higher chance of finding a job after an appropriate university education if you want to do business, pharmaceuticals, construction, or trade in Paraguay.

The highest-paying jobs in this country are offered in banking and finance, as well as insurance. They also earn well in medicine, construction and mechanical engineering, and metallurgy.

Women are advised to become psychologists, nurses, or caregivers, while men are advised to become engineers, builders, architects, etc.

Peculiarities of doing business in Paraguay

If you want to start a business in Paraguay, you should know that the country has a mostly stable economic growth rate. There is also tax relief for foreign investors: companies can be registered and owned without restrictions. You can even open a bank account and the same business in the country remotely. Also, if you yourself want to become an employer in this state, you can even open a new business niche here. Overall, GDP growth has been approaching 5% in recent years, which is higher than that of their closest neighbors. At the same time, more and more investors are appearing in the country, which has a positive effect on the labor market.

In general, the country's budget is mostly filled with taxes from the service sector, while agriculture and industry are poorly developed. Still, British analysts rated Paraguay's potential as the highest in South America in 2016-2017. So in ten to twenty years, this country could become America's Singapore.