Venezuela seeks more investments from India in petroleum sector

New Delhi: Venezuela is keen on more investments from India in the petroleum sector. This was conveyed to Foreign Minister S.M Krishna by his Venezuelan counterpart at a meeting here on Tuesday.

The statement comes days after reports that Venezuela may appropriate assets, including some in which Indian oil companies have invested in partnership with a Spanish firm.

Meanwhile, to promote trade and investment ties between India and the Community of Latin American and Caribbean States, it was agreed to set up an India-CELAC Business Council and Chief Executive Officers Forum. A joint statement issued after the first meeting of the India-CELAC Troika Foreign Ministers, while expressing satisfaction over the growth of commercial, economic and investments relations between India and the region, said trade at $25 billion in 2012 was “still far below potential.”

The two sides also agreed to set up an energy forum, a science forum and an agriculture expert group to boost ties.

Addressing the media, Krishna said Tuesday’s discussions also explored ways to provide value addition to business activities by direct trading, imparting technology and setting up mutually beneficial partnerships in the manufacturing sector.

“India has offered to share its experiences in e-governance, telemedicine, tele-education with CELAC countries, use of satellite technology to map mineral resources of the region as well as to assist in weather forecasting,” the Minister said.