ASUNCION: Economist Santiago Pena was sworn in on Tuesday as Paraguay‘s president, promising to “build alliances” and show “firm and ethical leadership” for the next five years after his April election victory.

Pena took the presidential oath outside Asuncion’s government palace in a solemn ceremony attended by South American leaders, the king of Spain and Taiwan’s Vice President William Lai. Paraguay is one of the few remaining countries in the world that retains formal diplomatic ties with the self-governed island claimed by China.
“We will build alliances and cooperation with a geostrategic vision,” the president said in his inaugural speech, adding that Paraguay’s relationship with Taiwan, “is an example of this and of Paraguay’s friendly and cooperative spirit with nations.”

Pena, 44, secured a solid election victory in April and replaces Mario Abdo Benitez. Both are from the conservative Colorado Party, which has dominated Paraguayan politics for the last three-quarters of a century.
“Santi,” as he is often known, has pledged business-friendly policies focused on job creation, low taxes and attracting foreign investment. He has withstood pressure to stick with Paraguay’s decades-long diplomatic ties with Taiwan.
“Success is making all Paraguayans better off,” the president said on Tuesday. “It is time for a pact to achieve the quality of life that Paraguayan families deserve.”