India and Bolivia sign Agreement India Lithium Battery Industry is expected to enter a period of Rapid Development

SMM, Sept. 9-India has provided a US $100 million credit line to Bolivia to finance development projects. Bolivia signs the Framework Agreement on the International Solar Energy Union. Eight memorandums of understanding have been signed between India and Bolivia. The two sides discussed cooperation in the development of rich lithium deposits in Bolivia.

India and Bolivia have signed a memorandum of understanding (MoU),) for the development and industrial use of lithium to produce lithium-ion batteries, the Indian Energy Storage Union (IESA) announced. As part of the memorandum of understanding, Bolivia will support the supply of lithium and lithium carbonate to India, as well as a joint venture between the two countries to establish lithium battery production plants in India.

"the two countries agreed to establish a mutually beneficial partnership to promote the supply of lithium carbonate from Bolivia to India and to promote the lithium joint venture battery / battery production plant in India," Indian President Ramnat Covender said in a statement during a recent visit to Bolivia. "the two countries have agreed to establish a mutually beneficial partnership to promote the supply of lithium carbonate to India.

With the introduction of the memorandum of understanding, Indian companies are more likely to build production capacity in Bolivia and import lithium into India. From a car point of view, domestic production will also be improved. The emergence of hybrid and electric vehicles from 2020 will force manufacturers to consider local production. In addition to electric vehicles, renewable integration, grid stability and behind instrumentation applications will promote the adoption of lithium-ion batteries in India. India is expected to attract more than $3 billion in lithium-ion batteries over the next three to five years and witness additional investment in its ecosystem.

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