The economy has been opened up, and imports liberalised. Venezuelan industry is modernising and coping with the competition arising from globalisation. The nation has a 24 million-strong population. This reflects the confidence of foreign investors in the nation's long-term potential. Dr Reddy's Laboratories, Core Health Care, Aurbindo Pharma and other Indian firms have established operations in Venezuela.
Ayurvedic medicines are also popular in Venezuela.
Companies such as Himalayan Drug Company and Dabur have thriving businesses in the country. In addition, the Venezuelans have woken up to the possibility of sourcing software from India. In the first week of October, a 14-member Venezuelan software delegation visited India for the first time. Some might say Venezuela is too distant, and bring up the language barrier as a drawback. Such barriers are even greater for China, Taiwan and Hong Kong, which do billions of dollars of business in Venezuela.