India, Saudi Arabia hold first High-Level Task Force meeting on investments

India and Saudi Arabia on Sunday discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.

They reviewed measures aimed at promoting two-way investments in a mutually beneficial manner at the first meeting of the India-Saudi Arabia High-Level Task Force on Investments, co-chaired by the Principal Secretary to the Prime Minister PK Mishra and the Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud in the virtual mode.

The two sides reviewed the discussions held between the technical teams of the task force, a statement issued by the Prime Minister's Office here said.

Constructive discussions were held on various opportunities for bilateral investments in diverse areas in the public and private sector, including refining and petrochemical plants, new and renewable energy, power, telecom, innovation, among others, the statement said.

The two sides had a detailed review of the measures aimed at promoting two-way investments in a mutually beneficial manner.

Mishra reiterated the firm intention of the government of India to provide active support to Saudi investments of the order of $ 100 billion that were committed during the visit of the crown prince and prime minister of Saudi Arabia.

The two sides agreed to regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments, the statement said.

An empowered delegation led by Secretary Petroleum will visit Saudi Arabia for follow-up discussions on the mutually beneficial investment in the oil and gas sector, it said

The Saudi side was also invited to set up an office of the Sovereign Wealth Fund PIF in India, the statement said.

The principal secretary to the PM invited the minister of energy of Saudi Arabia to India for the next round of the meeting of the High-Level Task Force.

The High-Level Task Force is a special body to facilitate bilateral investments following the decision taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter's state visit to India in September 2023.

It comprises senior officials from both sides, including CEO Niti Aayog, secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, Power from India.