Union Minister of Commerce and Industry, Shri Piyush Goyal, held a bilateral meeting with Minister of Ecological Mining Development of Venezuela, H.E. Mr. Hector Silva, on the sidelines of the 30th CII Partnership Summit held on 14–15 November 2025 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.

Shri 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.

Reactivation of India Venezuela Joint Committee Mechanism to advance critical minerals cooperation and boost bilateral investment opportunities. Reactivation of the India Venezuela Joint Committee Mechanism was proposed to restore a formal bilateral framework; ministers discussed diversifying engagement into critical minerals cooperation, mining and exploration, expanded Indian investment facilitation supported by existing state owned enterprise operations, acceptance of the Indian Pharmacopeia to ease pharmaceutical trade, and increased collaboration in the automobile sector.