Venezuela Seeks Broader Economic Partnership with India Beyond Oil
Venezuela aims to deepen economic ties with India by expanding collaboration beyond oil to include critical minerals, mining, pharmaceuticals, and the automobile sector. Indian Commerce Minister Piyush Goyal and Venezuelan Minister Hector Silva discussed reactivating the India-Venezuela Joint Committee Mechanism and promoting mutual investments, with India supporting ongoing ONGC operations in Venezuela and exploring new investment opportunities.
Venezuela has expressed a strong desire to enhance economic cooperation with India, aiming to broaden the relationship beyond the traditional oil trade. During a bilateral meeting at the 30th CII Partnership Summit, Indian Commerce Minister Piyush Goyal and Venezuela’s Minister of Ecological Mining Development, Hector Silva, discussed various avenues for collaboration. They emphasized revitalizing the India-Venezuela Joint Committee Mechanism, which has not met in nearly a decade. Venezuela is particularly interested in expanding cooperation in the critical minerals sector and attracting Indian investments across multiple domains, including mining and exploration. ONGC's current operations in Venezuela present opportunities for deeper partnership. Goyal also encouraged Venezuela to adopt the Indian Pharmacopeia to facilitate pharmaceutical trade and highlighted potential collaboration in the automobile industry. Following the relaxation of U.S. sanctions in 2024, India has resumed heavy crude oil imports from Venezuela and is now actively pursuing a broader economic engagement. Venezuelan Vice President Delcy Rodriguez’s recent visit to India during Energy India Week reinforced Caracas’s commitment to strengthening economic links. India has pledged to engage with businesses considering new ventures in Venezuela, aiming to diversify and deepen bilateral trade relations well beyond energy imports.
