Venezuela is looking to deepen its economic ties with India, aiming to go beyond just oil. The country wants to explore areas like critical minerals and attract Indian investments. This was discussed when India’s Commerce and Industry Minister, Piyush Goyal, met with Venezuela’s Minister of Ecological Mining Development, Hector Silva, at the 30th CII Partnership Summit in Visakhapatnam.
Goyal highlighted the importance of reviving the India-Venezuela Joint Committee Mechanism, which hasn’t met in a decade. He pointed out that ONGC’s ongoing work in Venezuela opens doors for more collaboration in mining and exploration. Goyal also suggested that Venezuela might benefit from adopting the Indian Pharmacopeia for easier pharmaceutical trade. There’s potential to boost cooperation in the automobile sector as well.
India has been importing heavy crude from Venezuela, especially after the U.S. eased sanctions against the nation in 2024. This has paved the way for increased trade between the two countries. Notably, Venezuela’s Vice President, Delcy Rodriguez, visited India earlier this year, meeting key officials during the Energy India Week event.
Goyal believes that by partnering with India, countries can achieve shared prosperity. At the Vizag Summit, he spoke about India’s strategy in the evolving global economic landscape, emphasizing technology, trust, and trade. He made three key suggestions to strengthen global cooperation: encouraging two-way investments, enhancing technology cooperation, and building lasting trust.
### Insights from Experts
Economists agree that diversifying partnerships can boost economic resilience. Dr. Anjali Sharma, a trade specialist, notes, “Countries that expand their trade networks tend to be better positioned during global economic shifts.” This perspective reinforces the importance of India’s and Venezuela’s efforts to diversify their economic engagements.
### Current Trends
Recent surveys show that businesses are increasingly interested in investing in Venezuela, driven by the country’s rich mineral resources and a more favorable trade environment following relaxed sanctions. This shift reflects a growing recognition of Venezuela’s potential as a key player in the global market.
In conclusion, India and Venezuela’s evolving partnership could lead to impactful opportunities, not just for both nations but for broader global trade.
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India-Venezuela Trade, Critical Minerals Cooperation, Indian Investment in Venezuela, CII Partnership Summit 2025, Piyush Goyal Bilateral Talks
