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Indian Embassies in Latin American region have been instructed to assist and help Indian business leaders in promoting trade and business in Venezuela and rest of the Latin America. This was disclosed by the Minister of State for External Affairs, Shri Rao Inderjit Singh while speaking at at the Business Luncheon hosted by CII and FICCI in honour of Mr Hugo Chavez Frias, President of the Bolivarian Republic of Venezuela, here today.
Shri Inderjit Singh said that India recognises Venezuela as a growing economic power of the Latin American region and is keen to improve our trading ties. He said that there are complementarities between the Venezuelan and Indian economies and there is tremendous potential for trade and business. Venezuela’s agenda for diversification of markets for its oil coincides with India’s desire to diversify sourcing of petroleum. He expressed the confidence that the two coutries can achieve new horizons by cooperating in the fields of frontier technologies like biotechnology and space exploration. Indian expertise in Railways can help open up vast stretches of Venezuela to unleash new forces of growth and prosperity. Moreover, the large and fast-growing market of India will offer huge opportunities for Venezuela’s exports in the long term, he added.
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