Bolivia, China, ITU sign understanding statement for satellite construction

The Bolivian government, China's Great Wall Industry Corporation and the International Telecommunication Union (ITU) signed an understanding statement on Friday to construct and set a satellite in orbit.

During the signing ceremony, Bolivian President Evo Morales said the understanding statement confirmed that Bolivia would have its own space satellite in three years. This would promote the country's economic, social and technological development.

"It is a priority project to contribute to Bolivia's development," Morales declared.

The understanding, previous to a definite agreement expected to be signed in March 2010, was reached after a three-day meeting among the representatives of the three sides. Follow-up meetings would be held in China in November.

The Bolivian delegation traveling to China would not only discuss issues related to the satellite, but also joint investment programs in various sectors.

Meanwhile, President of the Great Wall Industry Corporation, Yin Liming, said his company was committed to fulfilling the agreements.

"We are going to work in coordination with Bolivia to realize the satellite as soon as possible," Yin said.

The launch of the satellite is expected to take place in 36 months, and Bolivia is investing some 300 million U.S. dollars in this project.

The satellite would be called "Tupac Katari" in honor of an indigenous leader of the 18th century in Bolivia who fought for national independence.

Source: Xinhua