TAIPEI (Taiwan News) — Paraguay President Mario Abdo Benitez told Taiwan that in his interview with the Financial Times, where he seemed to imply that he wanted $1 billion (NT$31.83 billion) from Taiwan in return for continued diplomatic relations, only meant his country was open for investment, the Ministry of Foreign Affairs (MOFA) said Thursday (Sept. 29).

The British newspaper headlined its report “Paraguay calls for Taiwan to invest $1 billion to remain allies.” In an interview during his visit to the United Nations General Assembly in New York, Abdo said the citizens of his country needed to feel the real benefits of relations with Taiwan in order to avoid a switch to China.

MOFA Spokeswoman Joanne Ou (歐江安) said Paraguay Foreign Minister Julio Cesar Arriola Ramirez had contacted Taiwan’s ambassador in Asuncion, Jose Han (韓志正), to inform him that the interview was meant to show that the South American country welcomed foreign investment and hoped more Taiwan businesses would invest.

The minister said that the government of Paraguay emphasized diplomatic relations and bilateral cooperation based on shared values, which were not subject to preconditions, the Liberty Times reported.

Abdo told the Financial Times that he was facing “enormous” pressure to switch diplomatic recognition from Taipei to Beijing. Taiwan is investing more than $6 billion in countries that were not diplomatic allies, but $1 billion of that sum should be invested in Paraguay, the Financial Times quoted the president as saying.

MOFA responded that Taiwan was already encouraging businesses to invest in the Latin American country, had numerous cooperation agreements, and offered education to more than 400 students from the country.

Paraguay is the only of Taiwan’s 14 official diplomatic allies located in South America. The country’s powerful farming lobby has been clamoring for access to the Chinese market for its soybeans and beef exports, the Financial Times report said.