NEW DELHI: During the State visit of President Ram Nath Kovind to Bolivia, India on Saturday announced a US100 million dollar Line of Credit to Bolivia for financing development projects in sectors that the country might choose.
New Delhi has also offered doubling of training slots under Indian Technical Economic Cooperation programme to Bolivia.
On his arrival the President was on Friday received by the President of the Purinational state of Bolivia Evo Morales Ayma.
Even as eight Memorandum of Understanding (MoU) on a wide range of subjects were signed between the two sides during Mr Kovind’s visit, both sides also agreed to work together for exploration and extraction of the vast Lithium deposits of Bolivia, a press note issued here said.
Lithium is a key resource used in making of batteries that India needs for its clean technology initiatives such as increased use of electric cars.
On its part Bolivia joined the International Solar Alliance by signing the framework agreement on International Solar Alliance.
The President said that India took pride in its development cooperation partnership with Bolivia under the framework of South-South Cooperation.
During his one-on-one discussions with Mr Morales, Mr Kovind emphasised the need for India and Bolivia to diversify their trade basket to further strengthen the bilateral trade.
Noting that Bolivia was the eighth leading trading partner of India in Latin America region and that 60 per cent of Bolivian gold was exported to India, he said, “It is encouraging to see that India-Bolivia bilateral trade has picked up in the last two years and it stood at US$ 875 million in 2018.”
The President said that India was keen to enhance exports in the pharma sector.
“India is recognised globally for its high quality medicines at affordable prices. Indian pharma companies can help Bolivia in its noble vision of health for all,” he said.
Following the delegation-level talks, the two Presidents witnessed the signing and exchange of eight MOUs in fields of culture, visa waiver for diplomats, exchange between diplomatic academies, mining, space, traditional medicine, establishment of Centre of Excellence in IT and the Bi-Oceanic Railway project.
India offered to explore the possibility of Indian Railways working with Bolivia on the project that is considered crucial for Bolivia.
Subsequently, President Morales conferred the highest State Honour of Bolivia – Condor de los Andes en el Grado de Gran Collar – on President Kovind.
The President dedicated the award to the friendship between India and Bolivia.
To mark the 150th Birth Anniversary of Mahatma Gandhi, India offered two busts of Gandhiji to Bolivia which will be placed in the Bolivian Capital La Paz and its largest city, Santa Cruz.
Later during a luncheon banquet hosted by President Morales, Mr Kovind observed that there was much that India and Bolivia can contribute to each other’s march towards progress and development.
The President also visited the Universidad Autonama Gabriel Rene Moreno where he unveiled a plaque naming the University’s auditorium after Mahatma Gandhi and addressed students on Sustainable Development Goals.
“India manufactures everything from satellites, light aircraft, cars to major high technology industrial products and has the third largest scientific human resource pool in the world. All these aspects, coupled with our large middle-class market of over 400 million, a vibrant business ecosystem fostered under stable democratic governance systems, position India as a unique destination for international trade and business,” he told India-Bolivia Business Forum.
On the last leg of his three-nation tour, the President will leave for Chile on Saturday.
(AGENCIES)
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