Venezuela has expressed keen interest in enhancing cooperation with India in critical minerals sector and attract investments, the commerce ministry said on Saturday (November 15, 2025).

It was discussed in a meeting between Commerce and Industry Minister Piyush Goyal and Minister of Ecological Mining Development of Venezuela Hector Silva in Visakhapatnam, Andhra Pradesh.

“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,” it said.

Mr. Goyal emphasised the need to reactivate the India-Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago.

He noted that ONGC’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.

In a separate statement, the Ministry said National Industrial Corridor Development Corporation Limited, Logistics Data Services Limited, and the Andhra Pradesh government signed an MoU to digitize the logistics landscape in Andhra Pradesh by leveraging the Unified Logistics Interface Platform (ULIP).

As part of the initiative, an integrated digital platform will be developed and implemented to provide government and private stakeholders in Andhra Pradesh with real-time visibility into the state’s logistics operations and performance metrics.

The platform aims to enhance coordination, improve efficiency and support informed decision-making across sectors, enabling stakeholders to access real-time information seamlessly.

Venezuela has expressed keen interest in enhancing cooperation with India in critical minerals sector and attract investments, the commerce ministry said on Saturday (November 15, 2025).

It was discussed in a meeting between Commerce and Industry Minister Piyush Goyal and Minister of Ecological Mining Development of Venezuela Hector Silva in Visakhapatnam, Andhra Pradesh.

“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,” it said.

Mr. Goyal emphasised the need to reactivate the India-Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago.

He noted that ONGC’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.

In a separate statement, the Ministry said National Industrial Corridor Development Corporation Limited, Logistics Data Services Limited, and the Andhra Pradesh government signed an MoU to digitize the logistics landscape in Andhra Pradesh by leveraging the Unified Logistics Interface Platform (ULIP).

As part of the initiative, an integrated digital platform will be developed and implemented to provide government and private stakeholders in Andhra Pradesh with real-time visibility into the state’s logistics operations and performance metrics.

The platform aims to enhance coordination, improve efficiency and support informed decision-making across sectors, enabling stakeholders to access real-time information seamlessly.

India will start pilot projects in Venezuela in “priority areas” like agriculture, pharmaceuticals and digital public infrastructure, officials in New Delhi conveyed to Raul Hernandez, Vice-Minister for the Development of Information and Communication Technologies of Venezuela who paid a four-day (September 14-17) visit to India.

“Both sides agreed to carry out pilot projects in the priority areas of Venezuela. Training and capacity building in AI and related areas were also discussed, with Venezuela showing keenness to send its technical personnel for courses in India. Discussions were also held on other bilateral issues of mutual interests like space, pharmaceuticals and tourism, among others,” said an official source about Mr. Hernandez’s visit, which coincided with rising tension between the U.S. and Venezuela after President Trump accused Caracas of sending narcotics into the U.S.

Mr. Hernandez met Secretary (East) P. Kumaran of the Ministry of External Affairs on Tuesday (September 16, 2025) and also met heads of prominent institutions, including the National Institute of Smart Governance (NISG), UIDAI for the AADHAR Digital identity system, NeGD for DigiLocker, and AI BHASHINI. The discussions held in New Delhi coincided with the consultation that Indian ambassador P.K. Ashok Babu held with Venezuela’s Minister of People’s Power for Agriculture and Lands, Julio Leon Heredia where India-Venezuela cooperation in agriculture and livestock sectors were discussed.

According to the Ministry of External Affairs, In 2024-’25, India-Venezuela bilateral trade was around $1.8 billion, with Indian exports at $216 million and imports at $1.6 billion. Pharmaceuticals is the major export commodity, with India catering to almost 40 percent of Venezuela’s annual requirement.

Venezuela, which is a major energy producer, has been importing pharmaceuticals from India to address critical medicine shortages and high costs from western suppliers. MEA’s estimate is that India supplied around $110 million in pharma products to Venezuela during 2024-’25. “India has also been supplying vaccines and essential medicines, on grant, to meet Venezuela’s emergency requirements,” said an official source after Mr. Hernandez’s visit.

Latin America researcher Mikhail Ilevich at the Centre for Scientific and Analytical Information of the Institute of Oriental Studies of the Russian Academy of Sciences in Moscow said the tension between Venezuela and the U.S. played a role in Venezuela reaching out to India at this time.

“In general, it was expected, since these issues for cooperation were discussed during the meeting of Vice President Delcy Rodriguez with the Indian Ambassador Ashok Babu in late August. Of course, testing the waters for strengthening cooperation between Caracas and Delhi is a consequence of the aggressive policy of the United States,” said Mr. Ilevich regarding the visit of Minister Hernandez to India.