Economy Minister Marcelo Montenegro recently announced that Bolivia aims to bolster its economy by nearly 6% by 2025.
He highlighted the ongoing changes in Bolivia’s economic scene.
To hit these targets, the government is setting up various industries. These projects aim to be ready by Bolivia’s 200th birthday in 2025.
This will be a historical moment for the country. A new NPK Fertilizer Plant in Santiváñez shows signs of this progress.
In addition, the country is working on lithium projects. For this, they’ve made deals with companies from China and Russia.
Other plans involve building zinc plants in Oruro and Potosí. These plants will help Bolivia keep valuable minerals like indium and galium.
Keeping these resources will cut down on exports.
The Mutún Steel Complex in Puerto Suárez is about to make its first steel sheets. This is a big step toward full industrialization in Bolivia.
Montenegro also said Bolivia could be a top economy in the region this year. He credits this to wise resource use and strong local demand. These factors help control inflation.
For this year, a Fiscal Financial Program predicts a GDP growth of 4.86%. This program is a collaboration between the Economy Ministry and Bolivia’s Central Bank.
Background
Historically, Bolivia’s economy has been dependent on natural resources like gas and minerals.
In recent years, the country has aimed to diversify its economic base. Shifting towards industry represents a major change for Bolivia.
The government believes this move will create jobs and boost income. Bolivia has also faced challenges like poverty and inequality.
Despite these issues, the country has made notable strides in social development. Previous economic plans focused on social welfare and public investments.
The new focus on industrialization aims to complement these achievements and sustain long-term growth.