India-Venezuela seek to enhance bilateral cooperation

New Delhi: India and Venezuela have initiated efforts to strengthen bilateral relations. This will involve a boost to increase cooperation in Pharmaceutical industry and educational sectors soon.


Venezuela is an important country in India’s Look East and then Act East Policy. Eastern oil-rich countriesIndia-Venezuela seek to enhance bilateral cooperation are exporting oil to India along with the US and China. India is the third largest oil purchaser on Venezuela’s export list after the US and China. India has been receiving increased number of opportunities to be involved in oil extraction in Venezuela. Nevertheless, efforts are being taken to enhance India-Venezuela bilateral relationship. These efforts mainly involve increasing relations in the oil sector. The Ambassador of Venezuela to India, Augusto Montiel has informed that as a part of the same policy, efforts involved are towards enhancing cooperation in cultural and educational sectors.

He has also informed that meanwhile, a memorandum of understanding has been signed with ‘ISM Dhanbad’ for establishing a ‘Petroleum University’ in India.

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