India and Venezuela Eye Deeper Economic Ties Beyond Oil During President Delcy Rodríguez's High-Level Delhi Visit

New Delhi: India and Venezuela have agreed to expand their bilateral economic partnership into multiple sectors as Acting President Delcy Rodríguez concluded high-level discussions in the national capital.

Ministry of External Affairs Secretary (East) Rudrendra Tandon highlighted the vast potential for cooperation, describing Venezuela as a large, resource-rich country blessed with talented and hardworking people that is now showing the first signs of moving onto a path of sustained growth.

"The discussions also focused on broadening the economic partnership into other areas," Tandon said. He pointed to significant opportunities not only in the energy sector but also in mining, animal husbandry, transportation, agriculture, equipment manufacturing, the automotive sector, and pharmaceuticals.

Energy cooperation, however, remains a cornerstone of the relationship. Venezuela possesses one of the world's largest oil reserves, while India's rapidly growing economy represents a large and stable long-term consumer of crude oil.

"In the energy sector, we see a perfect complementarity," Tandon noted. He added that Venezuela has already emerged as India's third-largest supplier in spot purchases this month, underlining the growing practical collaboration between the two nations.

The Acting President was accompanied by a large delegation of ministers during her official visit. She held official talks with Prime Minister Narendra Modi, which extended into a working lunch. Union Minister for Petroleum and Natural Gas is scheduled to call on her this evening for further discussions.

The visit is seen as an important step in strengthening bilateral relations between the two countries, leveraging Venezuela’s resource base and India’s growing market and technological capabilities.