Is Venezuela Seeking to Boost Cooperation in Critical Minerals and Attract Indian Investments?
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Synopsis
Venezuela is keen to strengthen its economic ties with India, focusing on critical minerals and attracting Indian investments. This shift aims to diversify engagement beyond oil, highlighting potential in various sectors, including pharmaceuticals and automobiles.
Key Takeaways
- Venezuela is seeking to diversify its economic ties with India.
- Critical minerals and pharmaceuticals are key focus areas.
- ONGC's operations present opportunities for deeper collaboration.
- Revival of the Joint Committee Mechanism is crucial.
- India's strategy emphasizes technology and trust in trade.
New Delhi, Nov 15 (NationPress) Venezuela has shown a keen interest in broadening its economic collaboration with India, moving beyond just the oil sector to include critical minerals and attracting investment from India, as stated by the Commerce Ministry on Saturday.
The Commerce and Industry Minister, Piyush Goyal, engaged in a bilateral discussion with Hector Silva, the Minister of Ecological Mining Development of Venezuela, during the 30th CII Partnership Summit in Visakhapatnam.
Goyal underscored the importance of reviving the India-Venezuela Joint Committee Mechanism, which has not convened for a decade.
He highlighted that ONGC’s current operations in Venezuela open doors for deeper collaboration in mining and exploration.
The minister proposed that Venezuela might consider adopting the Indian Pharmacopeia to enhance pharmaceutical trade and pointed out the potential for cooperation in the automobile industry.
Goyal also mentioned that India is prepared to engage with businesses seeking investment opportunities in Venezuela, according to the ministry.
With the U.S. easing sanctions against Venezuela in 2024, India has been looking to increase its imports of heavy crude from the nation, aiming to expand trade relations.
Venezuela’s Vice President, Delcy Rodriguez, who oversees the petroleum portfolio, visited India in February during the Energy India Week, where she met with Petroleum Minister Hardeep Singh Puri and other officials.
Piyush Goyal expressed that the world stands to benefit from partnerships with India as the country fortifies economic ties that promote shared global prosperity.
During the Vizag CII Partnership Summit, he articulated that India's strategy for navigating the new geo-economic landscape includes focusing on prosperity via technology, fostering trust through righteousness, and enhancing trade through capabilities. He put forth three significant recommendations for expanding global collaboration: facilitating two-way investments, boosting technology cooperation, and nurturing trust.
Point of View
It is crucial to recognize the significance of Venezuela's outreach to India. Strengthening ties in critical minerals and diversifying trade partnerships can lead to mutual benefits, fostering economic growth while addressing global challenges. It is a vital step towards establishing a more interconnected and prosperous future for both nations.
NationPress
15/11/2025
Frequently Asked Questions
What sectors is Venezuela looking to engage with India?
Venezuela is aiming to expand its economic engagement with India beyond the oil sector, focusing on critical minerals, pharmaceuticals, and automobiles.
What is the significance of the India-Venezuela Joint Committee Mechanism?
The Joint Committee Mechanism serves as a platform for both countries to discuss and implement economic collaborations, which has not met for the last decade.
How has U.S. policy impacted India-Venezuela trade?
The easing of U.S. sanctions on Venezuela in 2024 has allowed India to increase its imports of heavy crude, facilitating a broader trade relationship.
