Venezuela launches first satellite

Venezuela celebrates its first satellite launch in a bid to boost the country's technological developments and Latin American cooperation.

Venesat-1 Simon Bolivar, was launched on Wednesday from China's Xichang space center, Presna Latina reports.

The country's president Hugo Chavez congratulated Venezuelans on the achievement, calling it a 'vital event for sovereignty.'

The 400-million-dollar project, initiated in 2006, seeks to develop communication technology, telemedicine, distance learning and business cooperation for Venezela and South American states.

Evo Morales, the Bolivian President who also observed the Venesat-1 Simon Bolivar's launch congratulated Chavez on the achievement.

"The business of telecommunications won't be private anymore; it will no longer be for the exploitation of our peoples. Now the satellite will give us that human right," he said