Bolivia's President Vows Tighter Grip on Economy, Development of Lithium Reserves

Morales promises to develop iron and lithium industries to help Bolivia export value-added products instead of raw materials.

Published: 23-Jan-2010

LA PAZ, Bolivia, Jan 22 (Reuters) - Bolivian President Evo Morales began his second term on Friday vowing to further tighten state control over South America's poorest economy and develop some of the world's largest lithium reserves.

Morales, an Aymara Indian and Bolivia's first indigenous president, won a sweeping re-election victory in December on the back of broad support from the poor Indian majority.

In a speech to inaugurate his second term, Morales promised to launch state-run paper, cement, dairy and drug companies and develop iron and lithium industries to help Bolivia export value-added products instead of raw materials. (For details, see [ID:nN22234310])

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