Paraguayan President Federico Franco welcomed Taiwan’s Speed Tech Corp (宣德科技) to invest in his country’s solar energy industry on Thursday during a dinner with representatives of the company in Paraguay.
Franco first came in contact with Speed Tech Corp, a maker of solar power components, in October last year during a visit to Taiwan.
Although Paraguay has two hydroelectric power plants, including Itaipu, the world’s largest hydroelectric dam, it has made solar energy a key development priority as part of an initiative to turn the country into a world leader in “green energy,” Franco said.
In its assessment of Paraguay’s investment climate, Speed Tech found that the South American country was highly suitable for the development of solar energy because it gets plenty of sunlight.
Also, because solar energy plants are not constrained by the need for major transmission cables or other related equipment, they can serve as a viable energy option for residents living without electricity in the semi-arid western part of the country.
Executives with the Taiwanese company at the dinner, which was arranged by Ambassador to Paraguay Jose Maria Liu (劉德立), said that they would assess whether to build a solar energy component manufacturing facility in the country during this visit.