Venezuela is actively seeking Indian investment to develop its extensive critical minerals sector, aiming to reduce economic dependence on oil. The announcement followed a bilateral meeting between India’s Commerce and Industry Minister, Piyush Goyal, and Venezuela’s Minister of Ecological Mining Development, Hector Silva, on the sidelines of the 30th Confederation of Indian Industry CII Partnership Summit in Visakhapatnam.
According to
ANI, a partner of TV BRICS, Venezuela outlined its significant mineral reserves, including 340 million tonnes of nickel, 1.6 billion tonnes of iron ore, 340 million tonnes of bauxite, over a billion tonnes of coal, and 2,700 tonnes of certified gold, with nearly 5,000 tonnes awaiting certification.
Hector Silva invited long-term partnerships to develop exploration, processing, and value-added production capabilities, positioning Venezuela as a potential major supplier of critical minerals to the global market.
Minister Goyal noted India’s ongoing operations in Venezuela provide a strong foundation for deeper collaboration in mining, advanced materials, and exploration. He also highlighted potential for cooperation in pharmaceuticals, automobiles, and other strategic sectors, while encouraging Indian businesses to explore investment opportunities.
Photo: Oleksii Liskonih /
iStock
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