Venezuela Eyes Deeper Ties with India in Mineral Sector

Venezuela seeks enhanced cooperation with India in the critical minerals sector and aims to attract Indian investments, as discussed in a meeting between ministers from both nations. They also explored expanding economic relations beyond oil, considering cooperation in pharmaceuticals, automobiles, and logistics in Andhra Pradesh.

Venezuela has shown a strong interest in boosting cooperation with India in the critical minerals sector and attracting investments, the commerce ministry reported on Saturday.

The topic was discussed during a meeting between India's Commerce and Industry Minister Piyush Goyal and Venezuela's Minister of Ecological Mining Development, Hector Silva. The Venezuelan delegation expressed a desire to expand economic ties beyond oil, focusing on critical minerals and Indian investments.

Goyal highlighted the need to revive the India-Venezuela Joint Committee Mechanism, which has been dormant for a decade. He also pointed to ONGC's operations in Venezuela as a potential area for further mining collaboration. Additionally, he suggested that Venezuela consider accepting the Indian Pharmacopeia to boost pharmaceutical trade and flagged opportunities in the automobile industry.

Separately, the ministry announced a Memorandum of Understanding signed by National Industrial Corridor Development Corporation Limited, Logistics Data Services Limited, and the Andhra Pradesh government. This agreement aims to digitalize Andhra Pradesh's logistics landscape via the Unified Logistics Interface Platform, providing stakeholders real-time logistics data.

(With inputs from agencies.)