India, Venezuela to explore ties in critical minerals, diversify partnership
This story was originally published at 14:35 IST on 15 November 2025
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NEW DELHI – India and Venezuela aim to expand cooperation in critical minerals and explore other areas of collaboration beyond the traditional oil sector, the commerce ministry said in a release Saturday after a meeting between India's Commerce Minister Pyush Goyal and Venezuela's Minister of Ecological Mining Development Hector Silva.
Goyal met Silva Saturday on the sidelines of the Confederation of Indian Industry's Partnership Summit in Visakhapatnam. "During the meeting, the Venezuelan side expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investment," the release said.
Goyal told Silva that Oil and Natural Gas Corp's ongoing operations in Venezuela provide scope for deeper collaboration in mining and exploration. He suggested that Venezuela may consider accepting the Indian Pharmacopeia to facilitate pharmaceutical trade and highlighted opportunities to enhance cooperation in the automobile sector, the release said. He added that India would engage with businesses exploring investment prospects in Venezuela.
India and Venezuela had total bilateral trade of $1.87 billion in 2024-25 (Apr-Mar), which included imports worth $1.65 billion, primarily comprising crude oil imports. India had imported $1.54 billion of crude oil from Venezuela in FY25. End
US$1 = INR 88.74
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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