One of the fastest-growing economies in South America is increasing its growth forecast for this year.

Paraguay’s Central Bank President Carlos Fernandez Valdovinos told LatinFinance in an interview that the country’s economy is expected to expand by 4% this year, up from a previous estimate of 3.5%.

Fernandez noted how Paraguay’s economy is going against the grain in a region where many economies are either stalled or eking out meager growth. “In the region, many forecasts are going down, not up,” he said.

The world’s fourth-largest soybean exporter, Paraguay has managed to fend off slumping global commodity prices and economic troubles in neighboring Argentina and Brazil as domestic consumption and public spending have helped stoke the local economy. According to the International Monetary Fund (IMF), only Guyana, Peru and Bolivia will register higher economic growth this year.

Paraguay has been working to lure foreign investors by promoting market-friendly policies, including lower taxes and cheaper energy costs, Fernandez said.

“We tried to convert the Brazilian crisis into an opportunity,” he said, adding that Paraguay has taken steps to become a “hub of production for the Brazilian market.”

Fernandez said Paraguay has also sought to diversify its export markets for agricultural products as the economies have slowed in some of its traditional trading partners. “Brazil, Russia and Chile were our largest markets, but with the crisis we have have diversified to others like Vietnam, Israel and Qatar,” he said. “We are replacing the drop in demand from Brazil, Russia and Chile and have grown the beef market by around 8%.”

Paraguayan authorities are eyeing the local and cross-border bond markets for a potential debt sale, Fernandez said. Lawmakers are currently debating the government’s proposed 2017 budget, which includes plans for bond sales to help fund infrastructure projects, he said.

Paraguay, rated Ba1 by Moody’s and BB by S&P Global Ratings, tapped the international bond market in March when it raised $600m from the sale of a 10-year note. The government used the proceeds to pay back $350m in outstanding debt from infrastructure projects.