The Bolivian government, China's Great Wall Industry Corporation, and the International Telecommunication Union (ITU), have all signed an memorandum of understanding to construct and post a satellite in orbit. During the signing ceremony, Bolivian President Evo Morales said the statement confirms Bolivia would have its own space satellite in three years. This would promote the country's economic, social and technological development.

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 organizations. Follow-up meetings will be held in China in November. The Bolivian delegation traveling to China will discuss issues related to the satellite as well as joint investment programs in various sectors. Meanwhile, the 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 — Bolivia is investing some US$300 million on this project. The satellite will be called Tupac Katari in honor of an indigenous leader of the 18th century in Bolivia who fought for national independence. (Source: ChinaView)