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India and Saudi Arabia Hold First High-Level Investment Task Force Meeting
New Delhi: On Sunday, India and Saudi Arabia conducted the inaugural meeting of the India-Saudi Arabia High-Level Task Force on Investments. This virtual meeting was co-chaired by the Principal Secretary to the Prime Minister of India, P.K. Mishra, and the Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The discussions centered on identifying and exploring various opportunities for bilateral investments in both the public and private sectors.
The meeting focused on diverse sectors including refining and petrochemical plants, new and renewable energy, power, telecommunications, and innovation. Both sides reviewed the progress made by the technical teams of the task force and discussed measures to promote two-way investments in a mutually beneficial manner, according to a statement from the Prime Minister’s Office.
During the meeting, P.K. Mishra reaffirmed India’s commitment to supporting Saudi investments, emphasizing the Indian government’s dedication to facilitating investments of up to USD 100 billion. This commitment was initially made during the visit of the Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman bin Abdulaziz Al Saud, to India in September 2023.
Constructive discussions were held on potential investment opportunities, with both sides expressing a strong intent to continue collaborating closely. It was agreed that regular consultations between the technical teams from both countries would be essential to advance the discussions and finalize specific investment agreements.
A key highlight of the meeting was the announcement that an empowered delegation led by the Secretary of Petroleum would visit Saudi Arabia for follow-up discussions. These discussions aim to further mutual investments in the oil and gas sector. Additionally, the Saudi side was invited to establish an office of the Sovereign Wealth Fund, Public Investment Fund (PIF), in India to facilitate ongoing investment activities.
The Principal Secretary to the Prime Minister extended an invitation to the Saudi Energy Minister to visit India for the next round of the High-Level Task Force meetings. This invitation underscores the commitment of both nations to maintain a robust dialogue and strengthen their economic ties.
The High-Level Task Force was established following a decision by Indian Prime Minister Narendra Modi and Saudi Crown Prince and Prime Minister, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, during the latter’s state visit to India. This special body aims to facilitate bilateral investments and comprises senior officials from both countries, including the CEO of Niti Aayog, and secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.
The discussions during the first meeting of the High-Level Task Force underscored the strategic importance of the India-Saudi Arabia relationship. By exploring and capitalizing on investment opportunities in key sectors, both nations aim to bolster their economic partnership and drive growth in a mutually beneficial manner.
The meeting concluded with a shared commitment to continue fostering a conducive environment for bilateral investments. This initiative reflects the broader vision of both India and Saudi Arabia to enhance economic cooperation and build a stronger, more resilient partnership for the future.
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.
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