India, Venezuela look to broaden economic ties beyond oil

India and Venezuela have signalled a push to expand their economic partnership beyond oil trade, as Union Commerce and Industry Minister Piyush Goyal met Venezuela’s Minister of Ecological Mining Development Hector Silva on the sidelines of the 30^th CII Partnership Summit in Visakhapatnam, Commerce Ministry officials said on Saturday.

Venezuela has emerged as one of India’s largest oil suppliers. India’s main imports from Venezuela are mineral fuels and oils and products of their distillation.

In the meeting with Goyal, the Venezuelan side expressed interest in deeper engagement with critical minerals and sought to attract Indian investment in sectors outside hydrocarbons.

Goyal stressed the need to revive the India–Venezuela Joint Committee Mechanism, which has been inactive for nearly a decade, noting that ONGC’s ongoing operations in Venezuela provide a foundation for wider cooperation in mining and exploration.

According to the Commerce Ministry, Goyal also suggested that Venezuela consider accepting the Indian Pharmacopeia to facilitate smoother pharmaceutical trade and pointed to potential collaboration in the automobile sector.

The Minister added that India would engage with businesses exploring investment opportunities in the Latin American country.