Investment of around US$30mn projected in Paraguay for manufacture of electric buses

This is an automated translation of the original release published in Spanish.

Statement from the Ministry of Industry and Commerce of Paraguay

The head of the MIC, Javier Giménez, along with the deputy minister of industry, Lorena Méndez, they received the representatives of Master Transportation Bus Manufacturing Ltd. of the Republic of China (Taiwan) and the ambassador of said country, José Chih-Cheng Han, who presented an investment project for the manufacture of electric buses.

Likewise, the president of Master Buses, Wu Ting-fa, along with his team, participated virtually from the Taipei headquarters, showing great commitment and interest in investing in Paraguay.

Likewise, the director of Industrial Policy of the Vice Ministry of Industry, Aníbal Giménez, participated in the meeting, and commented that the proposal presented by the businessmen contemplates the installation of a chassis and body factory in Paraguay, with the aim of producing electric buses for both the national market and for subsequent export internationally.

He indicated that the project contemplates an investment of around US$30mn, and the generation of between 2,000 and 2,500 jobs directly, in addition to benefiting a considerable number of local suppliers.

The technology offered by the firm includes a fast-charging system.

It should be noted that this would be the third visit of the Taiwanese company to Paraguay, after receiving the visit of the President of the Republic, Santiago Peña, last year, followed by the visit of the Master Bus team last August. In this sense, he said that during these meetings progress has been made in the study of possible demands, costs and services, highlighting the significant economic advantage that the adoption of electric buses in Paraguay represents. A very positive outlook

Anibal Giménez pointed out that joint work between the technical teams is expected to continue, adjusting the details of the possible investment. In addition, it was highlighted that the company is also in contact with other companies in the region, which bodes well for the introduction of this innovative technology in the Paraguayan and regional market.

For his part, the company's Executive Vice President, Terense Shen, commented that they saw the potential of Paraguay within the electromobility sector, either for local use, as well as for its export in the Mercosur region.