Financial Crime World

Doing Business in Bolivia: Essential Information

Introduction

Bolivia is a country located in western-central South America, with a rich cultural heritage and diverse economy. The UK Government’s “Doing Business in” series provides valuable insights into the opportunities and challenges of doing business in this exciting market.

Labour Laws and Regulations

Labour Rights

  • Guarantees the rights to organise labour and strike
  • Extensive unions, such as COB (Bolivian Workers Centre), play a significant role in shaping labour laws and regulations
  • A new law allows workers to take charge of companies filing for bankruptcy as “social enterprises”

Wage Increases

  • Defined at the beginning of every year
  • Not necessarily linked to productivity gains or inflation
  • Labour costs are among the lowest in the region despite these factors

Bribery and Corruption

  • An offence under UK legislation
  • Bolivia ranks 126th out of 180 countries in Transparency International’s Corruption Perceptions Index 2023
  • Weak rule of law and not fully enforced intellectual property rights contribute to corruption risks

Rule of Law and Intellectual Property

  • Weak rule of law
  • Not fully enforced intellectual property rights
  • Low ranking (131st out of 142) on the World Justice Project’s Rule of Law Index 2023

Security Risks

Terrorism Threat

  • Very low, with Bolivia ranked 89th out of 163 countries in the Global Terrorism Index 2023

Organised Crime

  • A source country for cocaine production
  • A transhipment point for other illicit goods and human trafficking

Supporting UK Exports

The UK Government provides finance or credit insurance to support UK exports to Bolivia through UK Export Finance.

Next Steps

For more information and advice on opportunities for doing business in Bolivia, please contact the British Embassy in La Paz.