India and Venezuela on Thursday agreed to deepen cooperation in the energy sector and explore opportunities in a range of industries, as Prime Minister Narendra Modi held talks with Venezuela's Acting President Delcy Rodriguez during her visit to New Delhi.
The discussions centred on strengthening energy security and expanding economic engagement, with both sides identifying significant potential for collaboration in sectors including mining, pharmaceuticals, agriculture, transport and automobiles.
Briefing reporters after the meeting, Secretary (East) Rudrendra Tandon said Venezuela had emerged as India's third-largest supplier of crude oil this month and that energy cooperation formed a key pillar of the talks.
He said both countries saw strong complementarities in the energy sector, spanning upstream and downstream activities. Venezuela, he noted, views India as a stable and long-term demand partner, providing a strong foundation for a deeper energy partnership.
Beyond oil and gas, the two sides explored avenues for broader economic cooperation. Tandon described Venezuela as a resource-rich country that is showing signs of sustained economic growth and offers considerable opportunities for Indian businesses.
Also read: PM Modi holds talks with Venezuela's Acting President Delcy
"There is huge opportunity not only in the energy sector but also in mining, animal husbandry, transportation, agricultural equipment, automotive sector and pharma," he said.
Discussions also focused on facilitating greater participation by Indian companies in Venezuela and creating new business partnerships across these sectors.
Tandon characterised the engagement as "very businesslike and very substantive", while noting the warmth reflected in the discussions. According to him, the Venezuelan delegation acknowledged India's support over the years and expressed its desire to strengthen long-term ties.
The Ministry of External Affairs said Venezuela regards India as a preferred partner for the future, underlining the growing momentum in bilateral relations.
Earlier in the day, Modi and Rodriguez held wide-ranging talks covering trade, investment, healthcare, automobiles and energy cooperation. They also exchanged views on regional and global developments and reaffirmed their commitment to advancing the interests of the Global South.
MEA spokesperson Randhir Jaiswal said in a post on X that the two leaders reviewed the full spectrum of bilateral relations and explored new avenues for cooperation across multiple sectors.
India and Venezuela reaffirmed their commitment to deepening their partnership and expanding cooperation in areas of mutual interest.
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