Visakhapatnam | November 16, 2025:
Union Commerce and Industry Minister Piyush Goyal has urged the reactivation of the India–Venezuela Joint Committee Mechanism, a platform that has remained inactive for nearly a decade, during a bilateral meeting with Venezuela’s Minister of Ecological Mining Development, Hector Silva, at the 30th CII Partnership Summit.
The Venezuelan side conveyed strong interest in expanding economic cooperation with India beyond the traditional oil sector, particularly in critical minerals, mining activities, and initiatives aimed at attracting Indian investment into the country’s evolving industrial sectors.
Goyal highlighted that ONGC’s ongoing operations in Venezuela provide a robust base for broader collaboration in mining and exploration. He also proposed that Venezuela consider recognizing the Indian Pharmacopeia, which would streamline pharmaceutical trade and expand India’s pharma footprint in the Latin American market.
Additional areas of potential cooperation discussed included the automobile sector, with Goyal noting India’s readiness to engage with businesses exploring new opportunities in Venezuela.
The meeting took place on the sidelines of the 30th CII Partnership Summit, held in Visakhapatnam on 14–15 November 2025, which brought together global policymakers, industry leaders, and investors to strengthen international economic linkages.