Grounds for hope emerge in Ciudad del Este

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Duty-free retailers in Cuidad del Este, the Paraguayan city on the triple frontier with Brazil and Argentina, have had a boost to business from a high profile economic summit in the city. Delegates from the US, Argentina, Brazil and Paraguay met at the premises of local retailer the Monalisa Group.

Attendees included a representative of the US government, the governor of Vermont Howard Dean, ambassadors from Brazil and Argentina, commercial representatives and many of the local retailers.

Monalisa president and ceo Faysal Hammoud said: "They discussed not only ways of boosting the Paraguayan economy but more specific measures to boost the economy of the city itself. They talked about how to boost legitimate business and combat counterfeiting of big consumer brands. This is a very positive move for the entire region."

He also claimed that the city's economy is improving. "We reached the lowest point last year," he said. "We can only go upwards now. The Brazilians are beginning to come back."

Another reason for optimism is the opening last week of the Puerto Iguazu Free Zone on the Argentinian side of the border.

"Everything that adds attraction to the region is good," he concluded. "The whole region has to work together."