India and Bolivia have signed an agreement for the development and industrial use of lithium during the state visit of the President Ram Nath Kovind to Bolivia. Lithium is a prime component used to power electric vehicles and cell phones. India and Bolivia agreed to forge a mutually beneficial partnership to facilitate Bolivian supplies of lithium Carbonate to India. The countries also plan to foster joint ventures for lithium battery/cell production plants in India. This agreement will make Bolivia one of the major provider of metal for India's e- mobility and e-storage needs. Bolivia is known to have one-fourth of the world's lithium reserves. The agreement facilitates mechanisms for the commercialization of Lithium Carbonate and Potassium Chloride produced in Bolivia by Yacimientos de Litio Bolivianos Corporation (YLB Corporation).