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A commercial venture is another name for a business. A company formed with the intent of legally making a profit by offering a good or a service is a commercial activity.
An industrial activity is a type of commercial venture in which the service being offered is large-scale manufacturing or processing. An aluminum plant would be an industrial venture, as would an automobile manufacturer. The primary difference is in scope; but because of legal considerations (the size of the workforce, the impact to the environment, etc.) industries are more closely watched by government agencies, and have more regulations and restrictions they have to follow.
For the same reason, a parcel of land may be zoned for commercial use, but not for industrial; you might be allowed to build a hotel and lodge in a quiet valley by a river, but not set up a fertilizer plant or a tree logging company there.
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