Venezuela expresses interest in attracting Indian investment in critical minerals

Visakhapatnam (Andhra Pradesh) [India], November 15 (ANI): Commerce and Industry Minister Piyush Goyal held a bilateral meeting on Saturday with Minister of Ecological Mining Development of Venezuela, Hector Silva, on the sidelines of the 30th CII Partnership Summit held 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, said a statement from India's Ministry of Commerce and Industry.

Minister Goyal emphasized 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.
He added that India would engage with businesses exploring investment prospects in Venezuela.
During the session on "Innovation Amidst Global Shifts: Opportunities in Advanced Materials, Semiconductors and Critical Minerals" at the 30th edition of the CII Partnership Summit, Silva said, "Venezuela is widely known as an oil-producing nation, but the world is yet to recognise the true depth of our mining potential."

He highlighted Venezuela's vast endowment of strategic minerals and invited responsible international partnerships to develop domestic exploration, processing and value-addition.
"Our country possesses 340 million tonnes of nickel, 1.6 billion tonnes of iron ore, 340 million tonnes of bauxite, and over a billion tonnes of coal," he said, adding that certified gold reserves of 2,700 tonnes -- with an additional nearly 5,000 tonnes awaiting certification, underscore Venezuela's scale of opportunity.
He highlighted Government's transformation agenda that places minerals at the centre of economic diversification and appealed for partners who bring technology, expertise and long-term commitment.

The Minister further added that, "With the right collaborations, Venezuela has the potential to become a major global supplier of critical minerals", while also inviting businesses to engage in responsible investment and local value creation.
India and Venezuela have always enjoyed cordial relations. There is a similarity of views on major international, political and economic issues. Besides actively promoting bilateral relations, the two countries cooperate in multilateral forums.
The main items of India's exports are mineral fuels and oils and products of their distillation; bituminous substances, pharmaceutical products, cotton, nuclear reactors, boilers, machinery and mechanical appliances, electrical machinery and equipment; sound recorders and reproducers, television image and sound recorders and reproducers, articles of apparel and clothing accessories and miscellaneous chemical products, India-Venezuela bilateral brief available on MEA website said.
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