Paraguay's new president promises to keep ties with Taiwan during swearing-in ceremony 

Paraguay’s new president, Santiago Peña, was sworn in on Tuesday during a ceremony in which he promised to maintain diplomatic ties with Taiwan. 

Peña, from the conservative Colorado Party, won the South American country’s presidential election in April to replace Mario Abdo Benitez. 

His swearing-in ceremony took place at Asuncion's government palance at 8:30 a.m. local time.The ceremony was attended by several South American leaders, the king of Spain, and Taiwan’s Vice President, William Lai.

"We will build alliances and cooperation with a geostrategic vision," the president said in his inaugural speech.

Paraguay's relationship with Taiwan "is an example of this and of Paraguay's friendly and cooperative spirit with nations for which we have deep affection and with whom we feel not only as allies, but also like brothers,” Peña added. 

Paraguay is one of the 12 countries that continue to have diplomatic relations with Taiwan and the island’s only ally in South America. Earlier this year, Taiwan lost another diplomatic ally in the region when Honduras cut off ties with Taiwan and established them with China. Beijing does not allow a country it has diplomatic ties with to maintain a relationship with Taipei, claiming that self-ruled Taiwan is part of its territory. 

Lai, who arrived as Taiwanese President Tsai Ing-wen’s special envoy, met with Peña before the ceremony. The vice president said he hoped his visit to Paragay would help the international community understand that “Taiwan is a country that persists in its democracy, human rights and freedom and actively takes part in international affairs.”

Peña, who served as finance minister from 2015 to 2017, has promised to carry out business-friendly policies in Paraguay to help promote job creation. Additionally, he has pledged to lower taxes and attract foreign investment to boost industries, as well as fight against state corruption. 

"Success is making all Paraguayans better off," the president said. "It is time for a pact to achieve the quality of life that Paraguayan families deserve."