Venezuela India cooperation Deepens Ties in Minerals and Renewable Energy
Venezuela is actively seeking to expand its collaboration with India, shifting its focus beyond the traditional oil sector to the high-growth areas of critical minerals and renewable energy. The South American country is embarking on a strategic mission to diversify its economy by enhancing its natural resource extraction and building its renewable energy capacities, with India emerging as a key potential partner in this endeavor.
This initiative was underscored when Venezuela’s Minister of Ecological Mining Development, Hector Silva, recently met with India’s Commerce and Industry Minister, Piyush Goyal, during the 30th CII Partnership Summit. The goal of these high-level discussions was to strengthen bilateral relations and explore concrete opportunities for cooperation in these pivotal sectors, moving beyond historical energy ties.
The visit highlighted Venezuela’s strategic commitment to leveraging its significant mineral wealth and renewable energy potential to drive economic growth and sustainability. The discussions were specific, targeting collaboration in the exploration and development of lithium, graphite, and other rare-earth elements—essential Raw Materials for modern technologies. On the renewables front, this partnership aligns with Venezuela’s domestic efforts, such as the recent inauguration of the first phase of a solar park in El VigÃa, Mérida. To formalize this renewed engagement, officials called for reactivating the India-Venezuela Joint Committee Mechanism, a framework that has been dormant for a decade.
Both nations explored pathways for sharing technology, knowledge, and investments. For Venezuela, tapping into India’s vast experience is crucial. India has become a global renewable energy powerhouse, having recently surpassed 150 GW of installed capacity, and its approach to international projects, like the India-Sri Lanka solar cooperation, serves as a model for such partnerships. The collaboration could involve joint research, development initiatives, and even establishing local manufacturing capabilities by understanding the Basics of Manufacturing. By strengthening this alliance, Venezuela and India aim to forge a mutually beneficial partnership that champions sustainable development and shared economic prosperity.
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