Indian Prime Minister, Narendra Modi, held high-level discussions with Venezuela’s acting President Delcy Rodriguez on bilateral cooperation in critical minerals and pharmaceuticals, energy and other areas during his visit to the Indian capital. The talks come at a time when Venezuela has emerged as one of India’s biggest suppliers of crude oil when other sources are under strain due to the global crisis while India looks to diversify its energy portfolio.
The leaders held constructive discussions on enhancing cooperation between both countries in various fields while the energy cooperation was the focal point. Both nations are taking a look to broaden cooperation in upstream and downstream energy and investment avenues in mining, healthcare, transportation and manufacturing, officials said.
Also discussed in the meeting was the repatriation of the oil dividends and the investments made by an Indian-controlled energy company in Venezuela. The issue is said to reflect continuing moves to facilitate the two nations’ economic relationship and tackle unresolved trade issues.
Rodríguez’s visit follows India’s decision to boost its crude imports from Venezuela, as a way to diversify its energy supplies and ensure greater energy security amid recent geopolitical tensions in traditional supply routes. India-Venezuela relations have become more significant in recent months, with Venezuela emerging as India’s biggest oil provider, and have increased in strategic importance.
Mutual interests in the Global South context and a commitment to further developing cooperation in strategic fields of importance for economic growth and investment and sustainable development were also discussed.