TAIPEI (Taiwan News) — Pundits are predicting Paraguay’s conservative ruling party candidate, Santiago Pena, will be the country’s next president.

With over 87% of the vote counted, preliminary results showed Pena winning with 43% of the vote with the main competitor, Efrain Alegre, trailing far behind with just 27.5%.

The election bodes well for Taiwan as Paraguay is the lone diplomatic ally in South America. The opposition party had threatened to break off foreign relations which stretch over 70 years, switching allegiance to China.

Opposition candidate Alegre has repeatedly said that Paraguay has not gained enough benefits from its diplomatic relations with Taiwan. Additionally, switching diplomatic relations would make it easier for the country to sell its main products such as soybeans and beef to the world’s largest buyer, China.

Polling showed that the three most important issues for Paraguayan voters were corruption, the economy, and security. In addition to electing a new president, the vote also includes that of governors and members of congress.

Paraguay has a population of about 7.25 million, of whom about 5 million are registered and eligible voters.

The ruling Colorado Party has dominated Paraguay's political scene for the past seven decades. The party put forward Santiago Pena as its presidential candidate, an IMF economist and former finance minister who seeks to attract foreign investment, maintain low taxes, and reduce foreign debt.

Pena has supported maintaining diplomatic relations with Taiwan though this was a prominent campaign issue voiced by the opposition, which also championed an anti-corruption platform.

Paraguay's incoming president-elect will serve a single, five-year term of office.