Piyush Goyal meets Venezuela’s mining minister at the CII Summit; the nations plan cooperation in critical minerals, pharma, autos and investments.
India and Venezuela signalled a fresh start in their economic partnership as Commerce and Industry Minister Piyush Goyal met H.E. Hector Silva, Venezuela’s Minister of Ecological Mining Development, on the sidelines of the 30th CII Partnership Summit in Visakhapatnam.
In a warm but strategically focused dialogue, Venezuela conveyed strong interest in expanding ties beyond the traditional oil relationship, expressing readiness to collaborate in critical minerals and welcome new Indian investments into its mining and industrial sectors.
Goyal pushes to revive dormant bilateral mechanism
Goyal called for the reactivation of the India–Venezuela Joint Committee Mechanism, which has been inactive for nearly 10 years. He noted that India’s state-owned ONGC continues to operate in Venezuela, creating a natural foundation for deeper engagement in mining, exploration and resource development.
Expanding Trade: From minerals to medicine and mobility
To diversify the trade basket, Goyal proposed several key initiatives:
- Pharmaceuticals: Encouraging Venezuela to accept the Indian Pharmacopoeia, paving the way for smoother and more affordable pharma exports.
- Automobiles: Highlighting growing opportunities in automobile manufacturing and supply chains.
- Investments: Assuring that India will support businesses exploring new investments in Venezuela.
Meanwhile, Minister Hector Silva welcomed India’s growing interest and reaffirmed Venezuela’s commitment to building a resilient, mutually beneficial economic partnership.
A step toward a broader Latin American footprint
With Venezuela seeking diversification and India eyeing secure access to critical minerals, the meeting showcased a renewed strategic alignment, one that could reshape India’s presence in Latin America and strengthen its global supply chain resilience.
The discussions at Visakhapatnam underscored a simple but powerful message: the India–Venezuela partnership is ready for a new chapter.
Source: PIB
