India and Venezuela marked the 60th Anniversary of establishment of diplomatic relations in 2019.
India's import from Venezuela was worth US$6bn in 2018-19.
Venezuela was India’s fifth largest oil supplier in Q1 2019-20.
India is a key supplier of pharmaceutical products to Venezuela.
Indian oil and gas companies are heavily invested in Venezuela.
FDI inflows to India from April 2000-March 2021
Bilateral trade during fiscal 2019-2020
Indians occupied in O&G sector
Concurrent Accreditation The Mission in Venezuela also handles India's bilateral relations with Aruba, "Bonaire, Sint Eustatius and Saba", Curacao, Sint Maarten and Netherlands Antilles
Oil & Gas
Venezuela has the world's largest reserves of crude oil (over 300 billion barrels) and has invited foreign assistance in commercialising the resources.
Venezuela is a major producer and exporter of minerals like bauxite, coal, gold, iron ore, and oil, and the state controls most of the mineral reserves.
Venezuela offers opportunities in power utilities, pharmaceutical products, textile, food processing, heavy engineering, and organic chemicals.
India's Exports and Imports to Venezuela
Source: Department of Commerce
Values in US$ Millions
|3||India’s Total Export||310,338.48||262,291.09||275,852.43||303,526.16||330,078.09|
|8||India’s Total Import||448,033.41||381,007.76||384,357.03||465,580.99||514,078.42|
|13||India’s Total Trade||758,371.89||643,298.84||660,209.46||769,107.15||844,156.51|
|17||India’s Trade Balance||-137,694.93||-118,716.67||-108,504.60||-162,054.83||-184,000.33|
Address: Quinta Tagore
No. 12, Avenida San Carlos, La Floresta
Caracas – Venezuela
Mr. Omar Molina Fereira
Marketing Assistant (local staff)
Mr. Javier Jose Alonzo Silva
Commercial Clerk (local staff)
Carcasses/half-carcasses of bovine animals, fresh/chilled (020110)
Meat of bovine animals, fresh/chilled, boneless (020130)
Meat of bovine animals, frozen, boneless (020230)
Meat of fowls of species Gallus domesticus, not cut in pieces, frozen (020712)
Sugar confectionery other than chewing gum (incl. white chocolate), not con … (170490)agriexchange.apeda.gov.in
Cheese (excl. of 0406.10-0406.40) (040690)
Milk in powder/granules/oth. solid form, unsweetened, fat content by wt. >1 … (040221)
Apples, fresh (080810)
Cane sugar, raw, in solid form, not cont. added flavouring/colouring matter … (170111)
Durum wheat (100110)
Here are the leading sectors of opportunities for foreign investors
ONGC Videsh has been involved in oil and gas exploration.
Reliance Industries has been present in the energy sector.
Sun Pharmaceutical has been supplying to Venezuela
Dr. Reddy's Laboratories have been supplying medicaments.