India and Bolivia talk about ways to expand trade and investments.

World News

The ministry announced on Twitter that it had met Mr. Sergio Armando Cusicanqui Loayza, the Bolivian minister of development planning, in New Delhi. The two ministers talked on ways to improve trade, investment, and economic ties between India and Bolivia. They decided to support B2B connections by way of their respective chambers of business and industry.

Bolivia and India have friendly and cordial ties. The first visit by an Indian president to Bolivia was made in 2019 by Ram Nath Kovind, who was then the president of India. The President of India received the highest state honour from Bolivia as well.

There have been 8 Memorandums of Understanding (MoUs) signed between India and Bolivia, including ones on the Bi-Oceanic Railway project, the development of the Centre of Excellence in IT, the removal of visa requirements for diplomats, and mining, space, and traditional medicine.

Additionally, all parties agreed to cooperate in order to explore and harvest Bolivia’s enormous lithium resources.

India needs lithium, a crucial mineral, to make batteries for its clean technology efforts, including a rise in the usage of electric vehicles.

India also provided Bolivia with a USD 100 million Line of Credit as part of South-South Cooperation to fund development initiatives.

The Institute of Statistics of Bolivia (INEI) reports that commerce between India and Bolivia in 2015 (from January to December) was valued at USD 315.249 million; India’s exports to Bolivia were worth USD 118.893 million, and its imports from Bolivia were worth USD 196.356 million.

According to INEI records, during the same time period in 2016, total trade was valued at USD 228.791 million; exports from India to Bolivia were worth USD 106.642 million (down 10.3%), while imports from Bolivia were worth USD 122.149 million (down 37.79%).

According to INEI data, trade between India and Bolivia during the first four months of 2017 (January to April) totaled USD 200.475 million (Indian exports at USD 38.798 million; imports by India from Bolivia at USD 161.677 million).

India primarily exports yarns and textiles, as well as autos, iron and steel, pharmaceuticals, machinery, and goods made of rubber and plastic. Bolivian imports include gold, leather, fertiliser, and animal feed.

India

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