Malaysians are encouraged to explore Bolivia in South America for potential new business opportunities in specific sectors includes medical devices, medical disposable, pharmaceutical, and rubber based products to name a few.
According to Malaysia External Trade Development Corporation (MATRADE), the trade outlook for 2012 continues to indicate that Bolivia is an important and emerging new market.
Rich in natural resources and with a population of approximately 10.1 million, Bolivia has the second largest natural gas reserves in South America. National economic growth stood at 5.2% in 2011, exceeding the regional average of 4.3%. Agriculture accounts for approximately 15% of Bolivia’s Gross Domestic Product (GDP) with soybeans being the major cash crop for the country, and cocoa displaying significant growth trading across borders.
Malaysian companies are encouraged to consider the potential of operating as a small scale business, an agent or opening a marketing office in La Paz, Bolivia’s capital city and Santa Cruz, the largest and business city in Bolivia or in the Cochabamba Region. To do business in Bolivia, there are 15 procedures to adhere to with all approvals taking approximately 50 days.