India, Venezuela deepen energy and trade ties, Modi stresses Global South role

The two leaders reviewed the full range of bilateral relations and discussed opportunities to expand collaboration in key sectors such as energy, trade, investment, healthcare, and the automotive industry. In a statement shared on social media, Prime Minister Modi noted that their discussions also covered critical minerals, technology, agriculture, and people-to-people connections. He emphasized that Venezuela remains an important partner for India in Latin America and that closer cooperation between the two countries benefits the broader Global South. Both sides reaffirmed their commitment to working together for mutual development.

Speaking to the media after the meeting, Secretary (East) Rudrendra Tandon highlighted Venezuela’s vast oil reserves, among the largest in the world. He said the talks focused heavily on building a long-term energy partnership, particularly as Venezuela’s energy sector undergoes major transformation. According to Tandon, Venezuela views India as a stable and reliable buyer, while India sees strong natural complementarities with Venezuela in the energy domain. He also noted that Venezuela has recently become India’s third-largest supplier of crude oil.

In addition to energy cooperation, the discussions addressed expanding economic ties across several sectors, including mining, animal husbandry, transportation, agricultural equipment, the automotive industry, and pharmaceuticals. The two sides also explored opportunities in critical minerals and the broader mining sector, with a focus on assessing Venezuela’s resource potential.

The leaders exchanged views on regional and global issues of shared interest and reaffirmed their commitment to strengthening bilateral relations and advancing the priorities of the Global South.

As part of the visit, the Venezuelan delegation is scheduled to tour facilities in India’s energy, pharmaceutical, and automotive sectors. The aim is to better understand India’s technological and industrial capabilities and identify new areas for cooperation. India remains a key partner for Venezuela, particularly in energy and investment, with Indian public sector companies having already made substantial investments and expressing interest in further expanding their presence.