Economic Overview and Business Opportunities in Bolivia
In Latin America, Bolivia is undoubtedly one of the fastest growing economies. This guide takes a look at the economic overview and business opportunities in Bolivia.
A country filled with opportunities, investors will find it easy to ease into Bolivia’s business world. Especially with the 3E Accounting specialists working alongside you.
Bolivia’s economy did go through a rocky patch for a while, but it is now bouncing back and making a strong recovery. It currently ranks at the 150th spot on the World Bank’s Doing Business 2020 report. Bolivia is gaining presence in the agricultural sector. This is helping to contribute to its positive economic growth.
Petroleum is Bolivia’s main import, accounting for 5.7% of the total import. The mining sector is also meeting demand for the large construction vehicles. It is decidedly easier for foreign investors to do business in Bolivia, with North American products getting a positive consumer perception in general.
Investors will find it affordable to operate a business in Bolivia because of the low cost of labour. Particularly in the customer service and manufacturing sector. Although the cost of labour may be low, the employees are still highly skilled and valuable. Investors can still tap into the very qualified and experienced personnel for a much more affordable price.
Business Opportunities in Bolivia
With the agricultural sector growing, the business opportunities in Bolivia look good in this field. Especially with agriculture contributing at leasy 13% of the country’s GDP. The agricultural sector is in need of new technology, and if you have the technological expertise to give this sector a boost, consider setting up a business here.
With the government’s plans for the building of several hospitals, there is opportunity to be had in this sector too. The real estate sector is another area of interest that can be explored. Bolivia’s private sector has a growth rate that is close to 6% in recent years.
Get in Touch with 3E Accounting
At 3E Accounting, our team of seasoned professionals can help you establish a business in next to no time. We are the market-leaders in the areas we cover. Our one-stop solution has everything you need to start a business from start to finish.
From company incorporation, taxation, accounting, and more, get in touch with our 3E Accounting experts. We’ll help you start the business in Bolivia you have always wanted.
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