The National Chamber of Commerce (CNC) is organising the “International Supply Chain Fair”, with the aim of strengthened Bolivia’s international trade. The event will take place the 6th and 7th of February and will bring together 177 companies between providers and requesters from the US, Colombia, Ecuador, Brazil, Peru, Chile, Argentina and others. The fair will create a platform to promote Bolivia’s products and services, explained Mauricio Ortega, Marketing Manager of the CNC.
Bolivia’s YPFB had to buy 150 million litres of anhydrous alcohol (ethanol) from sugar mills in 2019, but only acquired 47 million or 31%. Although the non-compliance created economic problems, sugar mills are still betting on the project, hoping that the State-owned company will buy the full volume committed for 2020, which will increase by a range of 7 and 33%.
Telephone company Nuevatel invested Bs210 million ($30.4 million) to renew its operating licences for the provision of mobile and internet services. This investment is in addition to others made in 2019, such as the deployment of a LTE network for home internet, in addition to the LTE service of Nuevatel which covers at least 170 municipal capitals, reported the company.
The new president of Bolivia’s Mutun Steel Company (ESM), Milko Alberto Moreno, reported that the state-owned company plans to produce and export ferromanganese for about $250 million a year. He explained that the huge iron deposit in Mutun, located in the province of German Busch in the department of Santa Cruz, has large reserves of manganese that will be evaluated through a prospecting study. Ferromanganese is a ferroalloy used in the world’s steel industry to improve the strength and hardness of steel.
Despite the political situation, Telecommunications companies maintain their dynamism, due to the high consumption in data, according to different rating agencies. State-owned Entel has a 45.4% market share, Tigo by 37.6% and Viva Nuevatel 16.9%.
Bolivia’s government named Herland Soliz Montenegro as new CEO for state oil company YPFB. Soliz replaces Jose Luis Rivero who left the office after announced that YPFB is in economic bankruptcy, although he retracted later on this statement. However, oil and gas experts warned that YPFB is going through economic difficulties as a result of a continuing expansion on spending and negative results in exploration and unprofitable industrialisation projects.
BancoSol will raise its fix income deposit rate to 5% to incentivise savings and have enough resources to support micro and small businesses in Bolivia. The new rates will run throughout December, and the term will be equal or greater than 370 days with a minimum deposit of $10,000.
Since December 2, the Internet rates of the Home Plan of the State – Owned National Telecommunications Company (Entel) have dropped by at least 41%, thanks to the implementation of a fibre optic system that will save $12 million in operating costs.
Industrias Quantum Motors S.A. will be the first electrical car maker in Bolivia and, after receiving the certificate to produce cars from the Government, plans to sell more than 1,000 electrical vehicles across the country. Carlos Soruco, founding partner of the company said that there are existing orders for 150 electric cars, of which 44 have been already assembled. The price range are $5,200 to $5,900, depending on the model.
Paitití Mining Company (EMIPA), that extracts gold, copper, silver and wolfram, will close its operations for 10 months from 17 December, due to technological conversions. Herland Soliz, Energy Secretary of the Regional Government of Santa Cruz, regretted the company’s decision and said that it contributes with 65% of the mining royalties for the region. As for this year, EMIPA already payed $3.12 million in royalties.