Venezuela is seeking to deepen its cooperation with India in the critical minerals sector, signaling a strategic shift in bilateral economic engagement beyond their traditional oil partnership. This interest was conveyed during a recent meeting between India's Commerce and Industry Minister Piyush Goyal and Venezuela's Minister of Ecological Mining Development, Hector Silva.

During the meeting, the Venezuelan delegation expressed a strong desire to broaden economic collaboration with India, with a particular focus on mining and exploration of critical minerals and attracting Indian investment in these areas. The ministry said that this initiative aims to leverage India's expertise and investment capabilities to develop Venezuela's mineral resources, which could potentially reduce Venezuela's reliance on the oil sector and provide India with access to essential minerals for its growing industries.

Piyush Goyal responded positively to Venezuela's proposal, emphasizing the importance of reactivating the India-Venezuela Joint Committee Mechanism, which has been inactive for a decade. He noted that ONGC's existing operations in Venezuela could serve as a foundation for increased engagement in mineral development.

In addition to critical minerals, Goyal suggested that Venezuela consider adopting the Indian Pharmacopeia to streamline pharmaceutical trade between the two countries. He also pointed out opportunities to boost cooperation in the automobile sector.

To further streamline trade and logistics, the National Industrial Corridor Development Corporation Limited, Logistics Data Services Limited, and the Andhra Pradesh government signed a Memorandum of Understanding (MoU) to digitize the state's logistics ecosystem under the Unified Logistics Interface Platform (ULIP). This initiative aims to create an integrated digital system providing real-time visibility of logistics operations and performance indicators, ultimately improving coordination, operational efficiency, and data-driven decision-making for government and private stakeholders. The platform will offer stakeholders seamless access to real-time information, enhancing coordination, improving efficiency, and supporting informed decision-making across various sectors.