“India has projects of broadening cooperation with Venezuela”, says India’s External Affairs Minister Mr. Yashwant Sinha (Translation)

Foreign Minister Yashwant Sinha gives details of a future Presidential Trip

Agreements in the fields of hydrocarbons, railroads, science and technology, infrastructure, agriculture, small and medium enterprise and pharmaceuticals are in waiting for prompt signature from the leaders of Venezuela and India, Hugo Chavez and Atal Bihari Vajpayee.

This package of agreements was revealed by the Foreign Minister of India, Mr. Yashwant Sinha, who leads the delegation of that country in the meeting of the G-15.

The Foreign Minister indicated that precisely last Thursday, he had a meeting with President Chavez that lasted more than 80 minutes, during which they worked on the details of a visit of the President to India. The Minister hopes this visit to take place as soon as the elections in India are over in April and May.

In the case of hydrocarbons, the agreement to be signed refers to the participation of technical personnel from India in exploration and exploitation work.

The bilateral commercial exchange has been affected by the currency exchange measures. In 2001, Indian exports to Venezuela were $49 million, while Venezuela’s exports were $4 million. In 2002, the corresponding figures were $33 million and $2 million respectively while in the first semester of 2003 the figures were 15 million and $ 2 million.

With relation to the G-15, Sinha pointed out that what is most important is to relaunch the group and revitalize it.

Democratic advice

When prompted for advice from a very large democracy, such as India’s to a system in crisis as is the case in Venezuela, Sinha explained: "Each country must find its own answers because there is no formula that could be applied to the whole world”. He also pointed out that his country has been able to maintain an average annual growth of 6% for the last 20 years in spite of internal political problems, "because a national consensus on economical policy has been created”.

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