TAIPEI (Taiwan News) — Paraguay wants to broaden and deepen trade and investment relations with Taiwan, Paraguay’s new minister of foreign affairs, Ruben Ramirez, said recently.

Speaking to ABC-TV, Ramirez said it was important to maintain a balanced relationship with Taiwan. He highlighted the efforts made by Paraguay to maintain diplomatic ties with Taiwan and expressed the need for recognition from Taipei.

President-elect Santiago Pena aims to expand trade and investment ties with Taiwan, which will provide Paraguay with a gateway to other Asian markets, CNA reported.

Ramirez, who was appointed foreign minister last week, pointed out that Pena has made it clear Paraguay’s diplomatic relationship and recognition of Taiwan will not change. However, he added that Paraguay does not want a relationship based solely on receiving aid from Taiwan.

The foreign minister also said Paraguay's relationship with the U.S. will focus on trade, investment, and combating organized crime and corruption. Additionally, maintaining Paraguay's investment-grade credit rating will be a priority for the Pena administration.

Ramirez previously served as foreign minister from 2006-2008 under former President Nicanor Duarte Frutos.

Pena will be sworn into office on August 15. During the presidential election in April, he faced opposition party candidate Efrain Alegre, who vowed to break off ties with Taiwan in order to open up Paraguay to China’s massive soy and beef markets if he was elected.

Following his electoral victory, Pena promised to remain Taiwan’s diplomatic ally, saying, “We are going to continue strengthening our historic ties of brotherhood and cooperation between our countries.”

Paraguay is Taiwan’s sole ally in South America. The two countries established diplomatic relations in 1957.