April 15, 2019
The deals were first signed during the state visit of Indian President Shri Ram Nath Kovind to Bolivia over March 28-30
India is the world’s second largest exporter of alternative medicine and hosts a market of more than US$15.6 billion
The deal will help expand the market of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy in Latin America
Bilateral ties have received an extra boost from India’s growing focus on EV as Bolivia is a leading provider of lithium
The Indian Union Cabinet has approved two preliminary agreements with Bolivia to allow cooperation in the fields of traditional medicine and homoeopathy as well as geology and mineral resources. The deals were first signed during the state visit of Indian President Shri Ram Nath Kovind to Bolivia over March 28-30. The tri-nation trip to Croatia, Bolivia and Chile cemented India’s foreign relations through bilateral meetings, interaction with Indian community and address at Universities. During the state visit, President Kovind also participated in bilateral business forums that targeted interest building for Indian investors in the three nations, while encouraging investments from the three nations in India.
An official release said that the latest healthcare agreement will promote traditional systems of medicine and homoeopathy. India is the world’s second largest exporter of alternative medicine and features a market worth over US$15.6 billion. The deal will help further expand the market of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) in Latin America. The agreement will also allow exchange of experts for training of practitioners and scientists undertaking collaborative research, which will lead to new innovations in traditional drug practice. AYUSH and other alternative healthcare systems have recorded increasing popularity worldwide for their all natural formulations.
Meanwhile, the agreement in geology will provide an institutional mechanism for cooperation between India and Bolivia in the field of mineral resources. The deal allows exchange of information on resources, laws and policy, organization of seminars to exchange views on development strategies, encouragement of transfer of technologies between the two countries. India-Bolivia bilateral ties have received an extra boost from India’s growing focus on electric mobility since Bolivia is a leading provider of lithium globally. As Bolivia commercializes its resources, India can partner to develop the sector with technology and capital. India has also been exporting finished metals and machineries to Bolivia.