In a move to strengthen ties, Indian Prime Minister Narendra Modi met with Venezuela’s acting President, Delcy Rodríguez, in New Delhi, focusing on deepening bilateral cooperation. The discussions centered on energy security, critical minerals, pharmaceuticals, and trade as key areas of interest. Rodríguez’s visit, spanning four days, underscores Venezuela’s role as a significant crude oil supplier to India, particularly as India seeks to diversify its energy imports amid global supply chain disruptions.
The talks explored the potential for a long-term energy partnership, with Venezuela expressing interest in India as a stable partner in oil exploration, production, and refining. Venezuela, known for its vast crude oil reserves, sees India as a crucial ally in establishing a sustainable energy collaboration. Additionally, India emphasized the importance of critical minerals such as gold and diamonds, discussing joint exploration and resource development opportunities.
In the realm of pharmaceuticals, both nations delved into expanding collaboration, with India offering its expertise in producing affordable generic medicines and healthcare solutions. This aligns with India’s broader aim of enhancing healthcare access through international cooperation. However, economic discussions also addressed existing challenges, such as India’s concern over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials highlighted that this issue remains a topic of ongoing dialogue.
Following the meetings, Prime Minister Modi emphasized the importance of expanding cooperation across various sectors, including energy, critical minerals, technology, agriculture, and healthcare, highlighting the significance of the India-Venezuela relationship for the Global South. Rodríguez’s agenda in India also features visits to industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, which stands as one of the world’s largest oil refining hubs and a key processor of Venezuelan crude.
This visit marks a pivotal point in the economic engagement between India and Venezuela, as both nations aim to deepen their partnership in energy, trade, and strategic sectors. By focusing on mutual interests and addressing economic concerns, the discussions pave the way for enhanced bilateral cooperation and a stronger alliance on the global stage.