Venezuela wants to broaden its ties with India beyond crude oil.
In a meeting at the 30th CII Partnership Summit in Visakhapatnam, Commerce and Industry Minister Piyush Goyal met with Venezuelan Mining Minister Héctor Silva. The two sides talked about cooperation in mining, critical minerals, pharmaceuticals and the auto sector, and how India could bring new investment to the South‑American country.
Goyal urged the revival of the India‑Venezuela Joint Committee, first set up a decade ago, to give the partnership a clear structure. He also noted that ONGC’s existing projects in Venezuela could open doors for deeper exploration and mining deals.
“The idea of accepting the Indian Pharmacopeia could speed up drug trade,” he said, adding that new road‑and‑auto connections could be part of a broader collaboration.
India has grown its imports of heavy crude from Venezuela, especially after U.S. sanctions were eased in 2024. New trade links could help fill a gap in the country’s energy mix and boost growth in key sectors.
Venezuela’s Vice‑President Delcy Rodríguez, who oversees the oil portfolio, visited India in February during Energy India Week. She met with Petroleum Minister Hardeep Singh Puri and discussed future cooperation.
At the summit, Goyal highlighted India’s strategy for the changing global economy: strengthen two‑way investment, deepen technology cooperation, and build lasting trust. He believes that by working closely with partners like Venezuela, India can help create shared prosperity worldwide.
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