New Delhi, March 15, 2018: Venezuela’s Foreign Minister Jorge Arreaza Montserrat has invited Indian investors to join the country’s new economic agenda which has thrown open its oil and other natural resources for commercial exploitation.
Addressing a business round-table with Indian Industry organized by the Federation of Indian Chambers of Commerce and Industry (FICCI), here on Saturday, Mr. Arreaza said that Venezuela was keen on forging joint ventures with Indian businesses for meeting the requirements of the domestic market and export to third countries.
He said that Venezuela was endowed with strategic metallic and non-metallic minerals, fertile agricultural land and offered great potential for the development of tourism. These, he said, would be of interest to Indian investors.
Participating in the round table discussion,Minister of External Commerce and Foreign Investment Mr. Jose Vielma Mora urged Indian businesses to see at first hand the complementarities between the Indian and the Venezuelan economies and factor in the favourable conditions for investment while drawing up their business plans.
He listed out the country’s plan to diversify and develop its economy through a structured plan for agriculture, tax and tariff exemptions, easy approval of bank credit, offer of cheapest rates for electricity, oil, gas, industrial and drinking water and a qualified and trained workforce.
FICCI President Mr. Rashesh Shah in his remarks, noted that besides the main items of trade between India and Venezuela like pharmaceuticals, chemicals, calcined petroleum coke (CPC), textiles and engineering products such as scooters, equipment,machinery and electrical cables, some reputed Indian pharma companies such as Sun Pharma, Dr. Reddy’s, Glenmark and Claris are operating in Venezuela, providing basic medicines in the country, which are estimated to be as much as 70 per cent.
UNI
