Venezuela Poised To Expand Economic Engagement With India Beyond The Oil Sector, Including Cooperation In Critical Minerals & Investment

New Delhi: Venezuela has expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investment, Commerce Ministry said on Saturday.

Commerce and Industry Minister, Piyush Goyal, held a bilateral meeting with Minister of Ecological Mining Development of Venezuela, Hector Silva, on the sidelines of the 30th CII Partnership Summit held in Visakhapatnam. Goyal emphasised the need to reactivate the India-Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago.

He noted that ONGC’s ongoing operations in Venezuela provide scope for deeper collaboration in mining and exploration. The minister suggested that Venezuela may consider accepting the Indian Pharmacopeia to facilitate pharmaceutical trade and highlighted opportunities to enhance cooperation in the automobile sector. Goyal further stated that India would engage with businesses exploring investment prospects in Venezuela, said the ministry.

India benefited with imports of heavy crude from Venezuela, as the US eased its sanctions against the South American nation in 2024. India has been looking to expand its trade with Venezuela. Venezuela’s Vice President Delcy Rodriguez, who holds the petroleum portfolio, visited India in February during the Energy India Week event. She met Petroleum Minister Hardeep Singh Puri and other officials.

Meanwhile, Piyush Goyal said the world stands to gain by partnering with India as the country strengthens economic linkages that deliver shared prosperity globally. Addressing the Vizag CII Partnership Summit in Visakhapatnam, he said Bharat's approach to navigating the new geo-economic order includes focusing on prosperity through technology, trust through righteousness, and trade through capability. He cited three key recommendations to expand global cooperation -- facilitating two-way investments; strengthening technology cooperation; and building and sustaining trust.

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