Trade

(in Million US $)

*: Includes oil exports to India

The main items of India 's exports are pharmaceuticals, chemicals, textiles and engineering products such as scooters, equipment and machinery. Indian pharma industry has already made a mark and number of reputed companies, such as Ranbaxy, Dr. Reddy's Labs, Aurobindo Pharma, Cipla, Core Health Care, Strides Arco Labs, Ipca Laboratories Ltd. are operating in Venezuela .

Three Lines of Credit were extended by EXIM Bank to Venezuelan banks for US $10 million each in 2001, which expired without utilization mainly due to political turmoil and exchange controls since February, 2003. Attempts are being made to start negotiations for another Line of Credit.

Venezuela rated B1 by Export Credit Guarantee Corporation of India (ECGC).

Economic Cooperation

India and Venezuela have been discussing possibilities for India 's participation in the Venezuelan Hydrocarbons sector for some years. A bilateral MoU in late 2000 to provide ONGC Videsh Limited some oil fields for exploration was suspended by the Venezuelan side on account of OPEC oil quotas. In 2005, during President Chavez's visit, OVL has again been offered possibilities of exploration for oil and gas in Venezuela .

Venezuela has expressed interest in cooperation with India for import of relevant technologies and machinery for endogenous development projects in the country such as agro processing. There is also interest in collaboration with India in the health sector; science & technology and areas of infrastructure such as railways.

Indian businesses have been active in Venezuela , particularly in the pharmaceutical sector and some companies are looking at the mineral sector for possible investments. Some Indian IT companies have also been active in Venezuela .