The President indicated that the substitution of imported products for a value of US $ 800 to 900 million is planned when the construction of the ecological diesel plant in the country is completed.
22 July 2021
Bolivia will substitute imports to industrialize the country as part of the national economic reactivation
President Luis Arce said Thursday that the logic of substituting imports will be applied to industrialize the country, as part of the new measures aimed at continuing with the recovery of the national economy.
“The logic is to substitute imports to industrialize the country, in accordance with and respect for Mother Earth. You see, this is the strategy of our experience in economic recovery in times of Covid-19,” he pointed out during the closing of the XIV Monetary Conference held at the Central Bank of Bolivia (BCB).
The Head of State explained that the country cannot leave the import substitution process, because it is an essential element in order not to affect the trade balance and that the opportunity to generate production to face the problems of the national economy is not lost, which are the external sector and the high fiscal deficit left by the de facto Government of Jeanine Añez.
The President indicated that the substitution of imported products for a value of US $ 800 to 900 million is planned when the construction of the ecological diesel plant in the country is completed.
The operation of the complex, he said, will make Bolivia stop buying between 60 and 80% of the diesel it consumes internally.
In addition, he stressed that the production of ecological diesel will allow the country to save reserves and improve its trade balance, in addition to increasing national agricultural production for the provision of raw material simultaneously.
He also said that this industry will generate a chain of production, commercialization, and storage for the recycling of oils for domestic use, which will give dynamism to the generation of employment through the creation of countless micro-businesses.
“Therefore, the strategy is clear, because in this type of production and from that we can give several examples of undertakings to reactivate the economy with import substitution,” he said.
Finally, the President revealed that the country can generate industrial projects because technology is within reach to do so, always with respect for Mother Earth.
Source: ABI
