Paraguay, officially the Republic of Paraguay, is a country in America, located in the south central and eastern part of South America and in the north and northeast region of the Southern Cone. It is a country that does not have maritime coasts,  as does its neighbor Bolivia, although its fluvial coasts are irrigated by two important rivers, the Paraguay and the Paraná, which flow naturally into the Río de la Plata, both fully navigable and on the which Paraguay exercises sovereignty.
It is the sixth largest soybean producer and the ninth largest exporter of beef in the world. Due to its geographical location, it is known as The Heart of America. 
Its official name comes from the guaraní paraguay toponym. No definitive conclusion has been reached about the origin of the name Paraguay but according to the most common interpretations it may be due to Rio that originates a sea.
According to Internetsailors, Asunción is one of the oldest cities in South America and for a long time it was the main city of the Río de la Plata basin. It was from here that the colonial expeditions set out to found other cities, such as the second foundation of Buenos Aires(Argentina) and other important cities, such as Villarrica (Paraguay), Corrientes (Argentina), Santa Fe (Argentina) and Santa Cruz de the Sierra (Bolivia). For this reason it is known as “Mother of Cities”.
The original village, called Paraguaí – from which the name of the country was taken – was inhabited by friendly Guarani natives. They were possibly first visited by the Spanish conqueror Juan de Ayolas, on his way north through the Paraná River and after the Paraguay River, in search of a river passage to the west, to the mines of Upper Peru (present-day Bolivia).
Later, Juan de Salazar de Espinosa, a relative of Pedro de Mendoza, was sent with a schooner in search of Ayolas, but they could not find him. On their way back down the river, Salazar’s men briefly stopped in a bay on the left bank to resupply their ships. They found the Guaraní village, and decided to invade it and found a fort there on August 15, 1537 (the day of the Assumption of the Virgin into heaven). Because of this he called it Our Lady Santa Maria de la Asunción.
In 1541, the native peoples near the village of Buenos Aires, tired of the gratuitous violence of the Spaniards who tried to enslave them, destroyed the fort and killed its occupants. The surviving Spaniards fled to Asunción. Thus, the city became the center of a large colonial Spanish province that included part of Brazil, Paraguay and northeastern Argentina: the Giant Province of the Indies.
In 1603, Asunción was the seat of the First Synod of Asunción, which established guidelines for the evangelization of the natives in their lingua franca, Guaraní.
In 1731, the uprising of José de Antequera y Castro was one of the first rebellions against the penetration of Spanish colonial rule. The uprising failed, but it was the first sign of the spirit of independence that was growing among the criollos, mestizos and indigenous people of Paraguay. The event influenced the independence of Paraguay, which later materialized in 1811. The secret meetings between the independence leaders to plan an ambush against the Spanish governor of Paraguay, Bernardo de Velasco, took place at the home of Juana María de Lara, in the center of Asunción. On the night of May 14 and May 15 the rebels were successful and were able to force Governor Velasco to surrender. Lara’s house is known as Casa de la Independencia and serves as a museum and historic building.
After Paraguay became independent, there were no significant changes in Asunción. Under the presidency of Gaspar Rodríguez de Francia, roads were built throughout the city and streets were named. However, it was during the presidency of Carlos Antonio López that Asunción (and Paraguay) advanced, because the new president was implemented new economic policies. During Lopez’s presidency, more than 400 schools, metallurgical factories, and rail service in South America were built. After López died, his son Francisco Solano López became the new president. At that time Great Britain organized a war through its puppet governments of Argentina, Brazil and Uruguay, invaded the country in the infamous War of the Triple Alliance (1864-1870), Asunción was occupied by Brazilian troops until 1876.
The war massacred two-thirds of the country’s population, practically all men and boys. Just as the British Empire had planned, the nation stagnated and ceased to be the industrialist beacon of Latin America.
After the War of the Triple Alliance, Asunción began a slow recovery attempt. Towards the end of the 19th century and during the first years of the 20th century, a flow of immigrants from Europe and the Ottoman Empire arrived in the city. This led to a change in the appearance of the city, many buildings were built, and Asunción went through a more prosperous time than any since the war.
Asunción is the economic center of Paraguay, followed by Ciudad del Este and Encarnación. In this city, the most important companies, businesses and investment groups have offices. Although Asunción’s economically active population has not increased significantly in the early years of the 21st century, it has doubled since 1962.
The industrial distribution of the economically active population shows that the tertiary sector (commercial and services) is the most important, employing 8 out of 10 of all economically active people. The secondary sector (manufacturing and construction) employs 16% of the active population, while the primary sector (agriculture) is practically non-existent, since Asunción is a totally urban district.
In terms of trade, it should be noted that this sector has grown considerably in recent years, spreading to the suburbs, where shopping centers and supermarkets have been built.
The only stock exchange in Paraguay, BVPASA, is located here.
Because the Paraguay River runs alongside Asunción, the city is served by a river terminal in the downtown area. This port is strategically located within a bay and is where most of the cargo enters and leaves the country. There is a minor terminal in the Sajonia neighborhood, and a transport service port in Ita Enramada, almost in front of the Argentine city of Clorinda.
Public transportation is widely used and served by buses that reach all regions of the city and surrounding communities. The main long-distance bus terminal is located on Avenida República Argentina and its bus services connect all departments of Paraguay, as well as international routes to neighboring countries such as Argentina, Brazil, Bolivia and Uruguay.
Silvio Pettirossi International Airport is the main national and international gate of Paraguay, located in Luque, a suburb of the capital Asunción. This is named for Paraguayan aviator Silvio Pettirossi and was previously known as Presidente Stroessner International Airport, in honor of former dictator Alfredo Stroessner.