TAIPEI (Taiwan News) — The outcome of Paraguay's presidential election in April will likely determine whether Taiwan's last South American ally will stay loyal to Taipei or drop diplomatic ties in favor of Beijing.

Ruling Colorado Party candidate Santiago Pena, told Reuters that if he wins the April 30 election, Paraguay's more than 60-year relationship with Taiwan will remain intact. "I will defend the historical relationship with Taiwan," vowed Pena.

Efrain Alegre, who is running on behalf of a coalition trying to defeat the conservative Colorado Party, told the news agency that Paraguay should forge ties with China to open up markets for its soybeans and beef, a longstanding concern of Paraguayan farmers. In an interview after his recent nomination as the Authentic Radical Liberal Party candidate, Alegre said that Paraguay "must have relations with China."

Alegre argued that his country's livestock and grain sectors are sustaining a "major loss." He said that he is looking at breaking ties with Taiwan because "we don’t think we get enough back from this relationship."

No election polls have yet been released by either party or an independent consultancy, but some analysts predict that it will be a close finish between Pena and Alegre. In addition, there are other small parties taking part in this single-round election.

Taiwan's Ministry of Foreign Affairs (MOFA) told the news service that it is closely monitoring upcoming elections in Paraguay and is looking to bolster ties with "candidates from all sides." A statement released by MOFA read: "Our embassy is actively strengthening contact and communication with candidates from different political parties to win support for the Taiwan-Paraguay friendship."