Briefing the media over the talks between Prime Minister Narendra Modi and Venezuela's Acting President Delcy Rodriguez, the Ministry of External Affairs on Thursday hinted at a possible increase in crude oil imports from the South American nation, highlighting the growing strategic importance of the energy partnership.
The MEA Secretary (East) Rudrendra Tandon said beyond oil, the talks focused on boosting trade and investment in sectors such as mining, pharmaceuticals, transportation, agriculture, automotive manufacturing and animal husbandry.
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Tandon said Venezuela has already emerged as India's third-largest crude oil supplier and described the relationship as one of "perfect complementarity", with both sides exploring opportunities to expand cooperation across the upstream and downstream energy sectors.
He added that Venezuela views India as a stable long-term demand partner, providing a strong basis for deeper engagement in the years ahead.
Tandon said both countries see opportunities to expand cooperation across the energy value chain, with Venezuela viewing India as a dependable demand partner for years to come.
He said Indian companies could find substantial opportunities in Venezuela as the resource-rich country moves towards sustained economic growth.
Describing the engagement as "very businesslike and very substantive", the senior diplomat said the Venezuelan delegation acknowledged India's support through difficult as well as favourable periods.
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The MEA said Caracas regards India as a preferred long-term partner.
The Prime Minister Modi and Rodriguez also reviewed the full spectrum of bilateral ties, explored new avenues of cooperation in energy, trade, investment and healthcare, and reaffirmed their commitment to strengthening South-South cooperation and advancing the interests of the Global South.
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