India, Venezuela Renew Economic Engagement Talks at CII Partnership Summit 2025

During the talks, the Venezuelan side conveyed its strong interest in expanding economic engagement with India beyond traditional oil partnerships.

At the 30th CII Partnership Summit held in Visakhapatnam on 14–15 November 2025, Union Minister of Commerce and Industry Shri Piyush Goyal held a bilateral meeting with H.E. Mr. Hector Silva, Minister of Ecological Mining Development of Venezuela. The meeting signaled renewed momentum in India–Venezuela relations, particularly in trade, mining, energy diversification, and pharmaceutical cooperation.

The discussion marked an important step in reinvigorating a relationship that, while historically anchored in the oil and energy sector, is now poised to expand into new areas of strategic and economic collaboration.

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Venezuela Seeks Broader Economic Ties Beyond Oil

During the talks, the Venezuelan side conveyed its strong interest in expanding economic engagement with India beyond traditional oil partnerships. Venezuela, which holds one of the world’s largest proven oil reserves, has been diversifying its economic outreach and expressed readiness to collaborate with India in:

• Critical minerals exploration and development

• Strategic investments in the mining sector

• Industrial partnerships involving metals and mineral-based manufacturing

• Encouraging Indian businesses to invest in Venezuela’s emerging sectors

This diversification is aligned with Venezuela's broader vision to modernize its mining ecosystem, strengthen global partnerships, and attract high-quality foreign investment.

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India Calls for Revival of Joint Committee Mechanism After a Decade

Shri Piyush Goyal emphasized the need to reactivate the India–Venezuela Joint Committee Mechanism, an institutional platform for structured economic dialogue. The last meeting of this committee was held nearly ten years ago, and its revival is expected to:

• Enable systematic progress on trade and investment issues

• Facilitate new working groups on energy, mining, pharmaceuticals, and automobiles

• Provide a formal forum for addressing regulatory and operational challenges

• Enhance long-term bilateral cooperation through sustained engagement

Reactivating the mechanism would also strengthen communication channels between both governments and their respective business communities.

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Scope for Deeper Collaboration in Mining and Energy

Shri Goyal underlined that ONGC’s existing operations in Venezuela provide a strong foundation for expanding cooperation in:

• Mining and mineral exploration

• Joint ventures involving extraction technologies

• Sustainable mining practices and ecological standards

• Energy-related infrastructure and services

Indian expertise in mining technologies, environmental management, and digital governance can complement Venezuela’s resource potential, establishing a mutually beneficial partnership.

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India Proposes Acceptance of Indian Pharmacopoeia for Pharma Trade

Highlighting the potential of the pharmaceutical sector, Shri Goyal suggested that Venezuela could consider accepting the Indian Pharmacopoeia (IP) as a recognized standard for medicines. This would:

• Simplify regulatory pathways for Indian pharmaceutical exports

• Reduce compliance barriers for Indian companies operating in the Venezuelan market

• Strengthen bilateral health sector cooperation

• Support Venezuela in improving access to high-quality, affordable medicines

The proposal aligns with India’s efforts to expand the global reach of its robust pharmaceutical industry.

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Expanding Cooperation in the Automobile Sector

Another area identified for collaboration was the automobile industry, where Indian firms—known for manufacturing affordable, fuel-efficient vehicles—could explore new opportunities in Venezuela. Areas of mutual interest include:

• Vehicle exports and assembly units in Venezuela

• Electric mobility solutions

• Supply chain partnerships for components and spare parts

• Capacity building and technical training

With Venezuela seeking to modernize its mobility ecosystem, India’s automotive strengths present a strong basis for future engagement.

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India to Encourage Businesses Exploring Investments in Venezuela

Shri Goyal assured that the Indian government would engage closely with domestic companies showing interest in investing in Venezuela. The focus would be on creating opportunities across:

• Mining and minerals

• Pharmaceuticals

• Automobiles

• Technology-enabled industrial services

• Trade in essential commodities

Both sides acknowledged that enhanced private-sector involvement will be key to expanding the economic corridor between the two countries.

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Strengthening a Strategic Partnership for the Future

The meeting between Shri Piyush Goyal and H.E. Hector Silva highlighted a shared commitment to revitalizing India–Venezuela ties through diversified economic cooperation. With renewed interest in mining, pharmaceuticals, automobiles, and investment facilitation, the engagement is expected to pave the way for long-term strategic collaboration.