Venezuela expressed strong interest in deepening its economic engagement with India beyond the traditional oil trade. The country is now looking to collaborate in critical minerals, expand bilateral investments, and strengthen overall economic ties, the Commerce Ministry announced on Saturday.
High-Level Dialogue to Reinforce Cooperation
Commerce and Industry Minister Piyush Goyal held a bilateral meeting with Hector Silva, Venezuela’s Minister of Ecological Mining Development, on the sidelines of the 30th CII Partnership Summit in Visakhapatnam. During the meeting, Goyal stressed the importance of reactivating the India–Venezuela Joint Committee Mechanism, which last convened nearly ten years ago.
He noted that ONGC’s ongoing operations in Venezuela offer significant potential for expanded cooperation in mining and exploration. Goyal also encouraged Venezuela to consider adopting the Indian Pharmacopeia to simplify and boost pharmaceutical trade. Additionally, he highlighted untapped opportunities in the automobile sector, urging both nations to explore mutual benefits. The minister assured that India would engage with businesses evaluating new investment prospects in the South American nation.
Energy Ties Strengthen as Trade Diversifies
India benefited from imports of heavy crude oil from Venezuela after the United States relaxed sanctions on the country in 2024. Building on this momentum, New Delhi has been actively seeking avenues to broaden trade beyond energy. As reported by msn.com, in February, Venezuela’s Vice President Delcy Rodriguez, who also oversees the petroleum portfolio, visited India during Energy India Week. She met Petroleum Minister Hardeep Singh Puri and other senior officials, reinforcing Venezuela’s intent to deepen economic collaboration.
