The average age of the population is just 24 years, literacy rates are high and there's an enhanced 'voice of women' in the country's political and economic matters. Intensifying entrepreneurial activity continues to fuel the growth of the urban and semi-urban populace. For all the right reasons, Bolivia has turned into a hot spot for automotive consumption. It is today the fastest-growing automobile market in Latin America with a CAGR of about 41%. That's not all. The country's GDP is growing steadily, while fiscal surpluses have reduced the country's debt burden and increased its resilience against negative shocks.
For Tata Motors, entering Bolivia was partly influenced by its market attractiveness and partly it was a natural choice to expand our footprint in Latin America after being around for seven years and tasting success in two countries. We entered Chile and Ecuador in 2009 and 2014 respectively. Bolivia is our third stop and we are excited about the encouraging economic indicators, the changing demographics and the rising demand for commercial vehicles which is an outcome of growing public investments in transportation.
'The time is just right to enter Bolivia', Rudrarup Maitra, (Head - International Business, Commercial Vehicles).
An eye on expansion
Building strong partnerships with established local players has been a crucial aspect of Tata Motors' international market entry strategy. In Bolivia, too we have partnered with a leading player in the country's auto industry - Sud Americana Corporación S.R.L. It is a part of the Business Group Salvatierra, an important Bolivian business conglomerate.
Exciting times ahead in Bolivia.
"Looking at the kind of customer-centric organisation that Sud Americana is and the passion that they carry, we are in for some very interesting times ahead to be working jointly with them in Bolivia. It's not just a privilege but a great opportunity to expand and grow," signs off Rudrarup Maitra.