India, Bolivia discuss strengthen trade and investment

New Delhi

Finance Minister Nirmala Sitharaman on Thursday met Sergio Armando Cusicanqui Loyza, Minister of Development Planning of Bolivia and discussed ways to strengthen trade and investment. Taking to Twitter, the ministry said, “Union Finance Minister Nirmala Sitharaman (@nsitharaman) met Bolivian Minister of Development Planning Mr. Sergio Armando Cusicanqui Loyza in New Delhi today. Both the Ministers discussed ways to strengthen India-Bolivia #Trade, #Investment & Economic discussed.” Cooperation. They agreed to encourage B2B linkages through the respective Chambers of Commerce and Industry.”

India and Bolivia enjoy friendly and cordial relations. In 2019, the then-President of India Ram Nath Kovind visited Bolivia, which became the first-ever visit by an Indian President to Bolivia. Bolivia also conferred Bolivia’s highest state honour on the President of India. The signing of 8 Memorandum of Understanding (MoU) between India and Bolivia in the field of Culture, Visa Exemption for Diplomats, Exchange between Diplomatic Academies, Mining, Space, Traditional Medicine, IT and the Establishment of a Bi-Oceanic Center of Excellence were done. Railway project.

The two sides also agreed to work together for the exploration and extraction of Bolivia’s vast lithium reserves. Lithium is a key resource used to make batteries that India needs for clean technology initiatives such as the increased use of electric cars. Under the framework of South-South Cooperation, India also extended a Line of Credit of US$ 100 million to Bolivia for financing development projects. According to the Institute of Statistics of Bolivia (INEI), trade between India and Bolivia during the calendar year 2015 (January to December) was US$ 315.249 million – exports from India to Bolivia were US$ 118.893 million and imports by India from Bolivia The value was US$196.356 million.

During the same period in 2016, according to INEI data, total trade stood at US$ 228.791 million – exports from India to Bolivia were valued at US$ 106.642 million (a decline of 10.3 per cent), while imports by India from Bolivia were valued at US$ 122 million. Was. 149 million (a drop of 37.79 per cent). During the first four months (January to April) of 2017, the total trade value as per INEI data is US$ 200.475 million (Indian exports US$ 38.798 million; India’s imports from Bolivia US$ 161.677 million). India mainly exports automobiles, iron and steel, pharmaceuticals, machinery, rubber and plastic products, and yarn and textiles. It imports gold, leather, fertilizers and animal feed from Bolivia.

BoliviaBolivian Minister of Development Planning Mr. Sergio Armando Cusicanqui LoyzaFinance Minister Nirmala SitharamanIndiaIndia-Bolivia discuss strengthen trade and investmentinvestmentstrengthen trade