Archive · 15 Nov 2025
India and Venezuela Explore Critical Minerals Cooperation and Investment
Imagine India and Venezuela are talking about becoming better business partners.
Venezuela wants India to invest in their country, not just in oil, but also in important minerals that are needed for new technologies.
India is interested in this and also wants to sell medicines and cars to Venezuela.
They are thinking about starting their old joint business meetings again after a long time.
India also gets oil from Venezuela, especially since some global restrictions were eased.
India believes that working together globally brings good things for everyone and focuses on technology and trust in business.
Venezuela seeks to expand economic ties with India beyond oil, focusing on critical minerals and attracting investment.
India's Commerce Minister Piyush Goyal met Venezuela's Minister of Ecological Mining Development, Hector Silva, at the CII Partnership Summit in Visakhapatnam.
Discussions included reactivating the India-Venezuela Joint Committee Mechanism, cooperation in mining and exploration (building on ONGC's operations), and facilitating pharmaceutical trade.
India is interested in opportunities in Venezuela's automobile sector and is open to businesses exploring investment prospects.
India benefits from importing heavy crude from Venezuela and aims to expand trade, following the easing of US sanctions.
- Who
- India and Venezuela
- What
- Explored cooperation in critical minerals and attracting Indian investment, alongside discussions on trade and economic ties.
- When
- On Saturday (meeting took place on the sidelines of the 30th CII Partnership Summit)
- Where
- Visakhapatnam, India
- Why
- To expand economic engagement beyond the oil sector and strengthen bilateral cooperation.
India's Approach
Venezuela's Approach
Economic Engagement
India's Approach
India seeks to expand economic engagement beyond oil, focusing on critical minerals, pharmaceuticals, and the automobile sector, and is open to businesses exploring investment in Venezuela.
Venezuela's Approach
Venezuela is interested in attracting Indian investment and cooperating in critical minerals, seeking to expand beyond the oil sector.
- Meeting Participants
- Piyush Goyal (India's Commerce Minister), Hector Silva (Venezuela's Minister of Ecological Mining Development)
- Meeting Context
- 30th CII Partnership Summit in Visakhapatnam
- Key Areas of Discussion
- Critical minerals cooperation, attracting Indian investment, reactivating Joint Committee Mechanism, ONGC operations, pharmaceutical trade, automobile sector, heavy crude imports.
- India's Stance on Global Partnership
- Focus on shared prosperity through technology, trust, and capability; facilitating two-way investments, strengthening technology cooperation, building trust.
- Bilateral Trade Element
- India benefits from imports of heavy crude from Venezuela; expanded trade is sought.
