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Many countries are increasing their focus on technology and science to become global competitors in the business sector. Bolivia is no exception, as it is considered to be a tech and science hub within South America.
Businesses looking to outsource technological, finance, and science operations should consider looking into what Bolivia has to offer. Below you’ll find a quick overview of Bolivia’s outsourcing potential.
SERVIAP can help with your global expansion needs. Contact us today to learn how you can expand your business with PEO in Bolivia.
Tech Graduates & Workforce
Bolivia has the second-highest education rates in Latin America. The government has worked over the years to expand science and technology education by creating various tech universities. As the demand for top talent increases, more students are drawn to STEM fields.
Many students are interested in STEM fields such as software development and robotics within Bolivia. There is a lot of interest in and explorations of apps, science clubs, and hackathons for science-minded students within the younger crowd.
In addition to increased education and opportunity, the Bolivian government has increased the connectivity of the region. In 2019, Entel installed almost 12,000 miles of fiber optics within Bolivia, covering the entire country in WiFi. Rural communications were also increased from 2G to 4G, increasing internet access across the region.
Key Sectors for Local Activity
The biggest business sector within Bolivia is the technology space. Bolivia is home to more than 20,000 companies that create products or provide services related to technology.
In response, the Bolivian government has worked to increase access to education and business opportunities in this sector for younger people. They aim to promote interest and skill within the industry among young graduates.
Key Sectors for Outsourcing
Bolivia has become an increasingly competent tech hub in the Latin American region. Some sectors could benefit highly by outsourcing to Bolivia:
Mobile Banking and Finance
Bolivia has invested a large amount of money into the digital banking sector. Bolivia has hosted the Digital Bank event for the past three years, a technology event where businesses and innovators discuss mobile banking strategies.
Because Bolivia shares the same time zone as part of the US, it is seen as an increasingly popular location for software development. Programmers and software developers have increased in numbers as many find success living in Bolivia and outsourcing their skills.
The educational opportunities within Bolivia have played a large role in creating an attractive business sector for outsourced businesses.
Spanish is the official language of Bolivia, but English is especially encouraged among IT workers. English is considered key to working with global businesses and international companies, so business professionals often speak and encourage English.
The minimum wage in Bolivia is 2,163 bolivianos per month, which exchanges to roughly $313 USD. Employers must pay overtime, night work, holiday work, and working on Sunday.
Prominent Cities for Business
Bolivia contains many cities that would be ideal locations for outsourced business operations, including:
The largest city in Bolivia, Santa Cruz is known for agricultural exports. Its business claim to fame, however, is being the home of 6BLabs. 6BLabs operates as an incubator for entrepreneurs to build technology products such as apps, fintech, and blockchain in three-month production cycles.
The population of this area is approximately 2.4 million. La Paz is an important site for the country’s administrative, economic and political actions. There are several government agencies and embassies situated in La Paz and many companies and businesses.
This city is one of the fastest-growing urban areas within Bolivia. El Alto is home to a railway line that has helped develop the area into a metropolitan city center. There is also an international airport located in this city.
Bolivia is also home to many smaller, rural communities with a greater focus on agriculture.
The labor participation rate of Bolivia is roughly 75%, with less than 10% reported as unemployed. The turnover and unemployment rates in Bolivia are drastically lower than they are within the United States. Turnover rates are even lower among sectors that require advanced degrees.
Is Bolivia Right for Your Business?
SERVIAP is a leading Professional Employer Organization (PEO) ready to help your business expand operations throughout the Western Hemisphere. PEO is a model of co-employment, where we assume total responsibility for your talent, allowing you to focus on the strategic activities of your organization. Contact us today to learn more about how you can expand your business in Bolivia.