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Eight Paraguayan MSMEs Selected in Competitive TaiwanICDF Program
To support the economic development of Paraguay, one of Taiwan’s diplomatic allies in South America, the TaiwanICDF has been promoting digital transformation and financing support for micro, small, and medium-sized enterprises (MSMEs) in the country since 2019 through the Taiwan Technical Mission.
Its latest initiative, titled the Reinventa Project: Innovation and Transformation for Promising MSMEs in Paraguay, attracted 266 applicants. After a rigorous training and selection process, only eight companies were selected, which were officially announced on April 25. With an acceptance rate of just 3%, the program has proven to be highly competitive.
The Reinventa Project is part of the broader Project to Strengthen Capacity to Support Development of MSMEs (Phase II), jointly implemented by the Taiwan Technical Mission and Paraguay’s Ministry of Industry and Commerce (MIC). The project, currently in its second phase, has been ongoing since 2019.
According to Taiwan Technical Mission in Paraguay Project Manager Jovi Su, the selected enterprises demonstrated strong potential for innovation and represented a variety of sectors, including pet food, apparel, handmade ceramics, beverages, baked goods, and baby products. These eight companies will receive further technical support and product development assistance from the TaiwanICDF, with the aim of helping them create market-ready products at minimal cost and with rapid go-to-market strategies.
Mr. Su noted that the TaiwanICDF has also partnered with local cooperative Medalla Milagrosa to offer preferential loan rates to the selected enterprises, thereby facilitating the commercialization of their innovative products. The cooperative will conduct regular performance tracking of the selected businesses.
TaiwanICDF Deputy Secretary General Peifen Hsieh emphasized that Paraguay has over 250,000 MSMEs, accounting for 61% of the country's labor force—a role comparable to that of SMEs in Taiwan, making them a vital pillar of the economy. Through the Reinventa Project, the TaiwanICDF has brought the spirit of Taiwan’s “can-do” and innovation-driven SME culture—dubbed the “Taiwan experience”—to the 266 Paraguayan businesses involved in the program, strengthening their competitiveness. This effort is a prime example of Minister of Foreign Affairs Lin Chia-lung’s Diplomatic Allies Prosperity Project in action.
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- Update: 2025/04/30
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