LatinNews Daily - 11 April 2023

In brief: Bolivia’s Arce pledges closer cooperation with private sector

* Bolivia’s President Luis Arce has met with the board of the business lobby Confederación de Empresarios Privados de Bolivia (CEPB), announcing that his government will work more closely with the private sector to boost import substitution. Arce tweeted that the government and the CEPB had “agreed to work together to continue driving the economy forwards” and said that “we explained our strategic plan for industrialisation with import substitutions”. That goal was enshrined in the government’s 2021-2025 national development plan, which proposes “creating new industries for strategic products aimed at substituting imports, allowing us to reduce our dependence on external production” and promotes “the transformation of raw materials and inputs to generate productive value chains”. The government has recently stepped up its rhetoric on import substitution amid a shortage of US dollars which threatened to unleash a currency crisis last month.

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