Heat the olive oil in a large skillet over medium-high heat. Add the garlic; cook and stir until fragrant, about 1 minute. Add the squid and continue to cook and stir until toasted. Pour in the white wine, stirring to release any bits of food from the bottom of the pan. Simmer for about 10 minutes over medium heat to reduce the liquid.
Add the rice, water and tomato paste to the saucepan and bring to a boil. Reduce heat to low, cover and simmer for about 20 minutes, until rice is tender and the water has been absorbed, adding water if needed. Remove from the heat and season with salt and pepper before serving.