“With the international partnership and investments, Venezuela can further accelerate exploration and processing of the critical minerals”: H E Mr Héctor José Silva Hernández, Minister of People's Power for Ecological Mining Development of Venezuela
During the session on “Innovation Amidst Global Shifts: Opportunities in Advanced Materials, Semiconductors and Critical Minerals” at the 30th edition of the CII Partnership Summit 2025 in Visakhapatnam, HE Mr Héctor José Silva Hernández, Minister of People’s Power for Ecological Mining Development of Venezuela, said, “Venezuela is widely known as an oil-producing nation, but the world is yet to recognise the true depth of our mining potential.”
HE Silva Hernández highlighted Venezuela’s vast endowment of strategic minerals and invited responsible international partnerships to develop domestic exploration, processing and value-addition. He said, “Our country possesses 340 million tonnes of nickel, 1.6 billion tonnes of iron ore, 340 million tonnes of bauxite, and over a billion tonnes of coal,” he said, adding that certified gold reserves of 2,700 tonnes — with an additional nearly 5,000 tonnes awaiting certification, underscore Venezuela’s scale of opportunity. He highlighted Government’s transformation agenda that places minerals at the centre of economic diversification and appealed for partners who bring technology, expertise and long-term commitment.
The Minister further added that, “with the right collaborations, Venezuela has the potential to become a major global supplier of critical minerals”, while also inviting businesses to engage in responsible investment and local value creation.
H E Mr António Grispos, Secretary of State for Trade, Mozambique in his address highlighted his country’s strategic role as a logistics and resource hub for southern and eastern Africa and recalled centuries-old trading ties with India. He stated, “Mozambique occupies a strategically vital position in East Africa as it is port of entry for more than 6 countries. Much of the region’s critical minerals and natural resources move through Mozambique,” He urged the investors to act and invest in Mozambique. He further highlighted few major gas and infrastructure investments. Emphasizing on deepening local processing and job creation, he said, “We do not want Mozambique to only export raw materials. We want to increase domestic processing so that value addition happens within our borders, creating jobs, skills and prosperity for our people — while ensuring attractive returns for investors”.
Dr Andy G. Sellars, Strategic Development Director, CSA Catapult (UK), in his remarks highlighted the critical role of semiconductors. He said, ““The semiconductor industry underpins nearly every modern sector such as communications, financial transactions, mobility, internet, satellite communications, resilience, security, defence.”
He highlighted the benefit of miniaturization of the semi-conductors while also warning the issue of rising design and verification costs. Stressing on the importance of talent generation, he stated, “The global semiconductor industry is projected to touch 1 trillion dollars by 2030, but at the same time we expect nearly 1 million vacancies for skilled engineers and scientists. Bridging this skills gap is essential for any nation seeking to lead in the semiconductor space.”
Dr Mohan Kankanhalli, Deputy Executive Chair, AI Singapore and Provost’s Chair Professor, NUS, connected AI innovation to supply-chain realities and argued that constraints can spur innovation. He said “disruptions in the supply of semiconductors, advanced materials, or critical minerals are not obstacles, they are prompts for creativity. They are opportunities to develop new architectures, new forms of computation, and a new generation of deeply skilled talent that will define the future of AI”.
Mr Rajiv Memani, President, Confederation of Indian Industry (CII) and Chairman & CEO, EY India was the session moderator. Highlighting the importance of the critical minerals, he said, “Any nation aspiring to be a leader in the digital economy must either possess the capacity to extract and refine these minerals or establish secure and resilient supply chains to procure them”. He suggested that, “government planning for incentives, should consider grants and incentives for advanced material innovations and production and mineral processing, and try and see how stronger partnerships between public and private sector could be nurtured.”