Page 117 - Forbes - USA (February 2018)

PROMOTION
All Eyes On Paraguay: Foreign Investors Flood In

ith compelling development, the US$300 million
incentives includ- “Investors must come here to see how rich Paseo La Galería shopping, cor-
ing tax breaks, economically, culturally, socially and porate and hotel complex. Lopez
W full repatriation credits the Cartes administration
of capital and profit, and equal politically the country is.” for helping investors move for-
rights for foreign investors and ward with their plans. “The fact
local businesses, as well as a stra- — MARIO LOPEZ, Foreign Investor that Cartes is more of a business-
tegic position at the heart of Mer- man than a politician simplifies
cosur, Paraguay is seeing a rush of things a lot,” he says. “It provides
foreign investment from its neigh- Paraguay into other markets such a growth in domestic consump- a great business environment in
bors as well as from farther afield as Brazil and Argentina is a game tion and investment.” which investors are happy to par-
in Europe, North America and changer, a strategic decision made According to the report of the ticipate, including myself.”
Asia. A business-friendly approach by some companies.” United Nations Economic Com- Meanwhile, the expansion
from the Cartes administration Paraguayan-Chilean beverage mission for Latin America and of Paraguay’s middle class has
has helped drive interest. company Bebidas del Paraguay the Caribbean (ECLAC) in 2014, driven a consumption and real
Well-versed in advising inter- saw a chance to enact its interna- the return on investment in Para- estate boom, attracting presti-
national companies seeking to do tional expansion strategies when guay is 22%, second only to Peru gious international companies
business in Paraguay, Hugo Berke- it acquired Pulp, Paraguay’s most in the region. Investors in Para- such as Zara, Cinemark and
meyer, partner in Berkemeyer Law recognized national brand of soft guay can achieve far greater prof- Armani/Casa. “Investors must
Firm, says clients often ask him drinks. “Paraguay is a country itability compared to neighbors come here to see how rich eco-
whether Paraguay is an attractive with great opportunities,” says Argentina (10%), Uruguay (8%) nomically, culturally, socially and
proposition with only 7 million CFO Andrew Mac Gregor. “It is and Brazil (6%). politically the country is,” says
consumers. “It is a small market by experiencing a period of growth Guatemalan businessman Lopez. “This country has been
Latin American standards,” says greater than that of many coun- Mario Lopez saw this oppor- isolated for many years, but now
Berkemeyer. “However, the possi- tries in the area, and this growth tunity early on, building Asun- things have changed and Para-
bility of expanding a business from is happening hand-in-hand with cion’s most prestigious real estate guay is in the spotlight.”

Paraguay’s New Icon

Paseo La Galería is the first mixed-use complex in Paraguay’s capital,
Asuncion. Its rapid construction, new standards in design, unparalleled quality and
visual elegance are a prime example of Paraguay’s recent success.
Located in Santa Teresa, the new commercial, corporate and residential area of
the capital, Paseo La Galería combines a full-fledged shopping mall with dining areas,
corporate towers, a hotel and a convention center. Its high-tech parking facilities can
accommodate up to 3,500 vehicles.
The three-story, 45,000-square-meter mega mall is an important success story
for the country. It has attracted international brands like Cinemark and Zara to Para-
guay for the first time and, with its 140 international and national
brands and a wealth of shopping options, the mall has become a family gathering spot for locals and a must-
see destination for visitors. Its entertainment areas include movie theaters, Mundo Cartoon Network play-
ground and 14 restaurants within Terrazas del Paseo.
Torres del Paseo, a pair of 25-story buildings, houses the country’s most prestigious international and
national companies. Towering over each side of the mall, each Torre offers an average of 780 square meters of
space per floor and a modular office system, providing immense flexibility for corporate office space.
In October 2017, De Las Torres Hotel opened with 50 rooms, and in December 2017, its convention center,
Salón Bicentenario, opened for business. The center can host five events at a time, offering seating for 1,800.
Together the hotel and convention facility add yet another dimension to Asuncion’s thriving business and
Mario Lopez
entertainment hub. A new and modern hub of the city, it is a mere 15-minute drive from the international
airport, and is nestled between numerous up-and-coming residential and commercial real estate projects.
More than an architectural marvel for Paraguay, Paseo La Galería is a source of pride for its citizens and a
destination worthy of international attention. Financed by Guatemalan investor Mario Lopez, this emblematic
venture serves as both an icon and a catalyst for further investment in Paraguay.
www.paseolagaleria.com.py

Economic Development 3