Venezuela and India are strengthening their strategic commercial alliances during a visit to India by Venezuelan Foreign Minister Jorge Arreaza, for the Summit of the International Solar Alliance (ISA).
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Arreaza, who led the delegation, was accompanied by the head of the Ministry of Oil and Mining Popular Power, Vielma Mora, and the Ministry of Foreign Trade and Investment, Manuel Quevedo.
"We evaluated proposals to invest in Venezuela and produce finished goods in alliance with India; we evaluated the promotion (of these goods) and judicial aspects, and the renewal of commerce between the peoples," Mora said.
In a meeting with Suresh Prabhu, India's minister of Commerce and Industry, the Venezuelan delegation presented the contents of the nation's new Law for Foreign Productive Investment, drafted by President Nicolas Maduro.
The law, approved in December 2017 by Venezuela's National Constituent Assembly (ANC), seeks to promote economic development through foreign investment and diversification to lessen reliance on fluctuating oil prices.
The two nations also discussed cooperation in other areas, such as development economics and "the wellbeing of our peoples," Mora said.
Venezuela's Foreign Ministry also confirmed that Quevedo held a meeting with his Indian counterpart, in which they outlined other strategies to strengthen commercial ties between the two nations.
Efforts to strengthen Venezuela's commercial relations with important economic players like India are being made in the context of deepening sanctions imposed by the United States and its allies.