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

India and Saudi Arabia virtually held the first meeting of the ‘India-Saudi Arabia High Level Task Force’ on investments.

Constructive discussions were held on various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, power, telecom, and innovation, among others, according to a statement by the Prime Minister’s Office on Sunday.

The meeting was co-chaired by the PM’s Principal Secretary, P K Mishra, and the Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, it said.

The two sides reviewed the discussions held between the technical teams of the Task Force, and also had a detailed review of the measures aimed at promoting two-way investments in a mutually beneficial manner, the statement said.

During the meeting, the Principal Secretary to the PM reiterated the firm intention of the Government of India to provide active support to Saudi investments of the order of USD 100 billion that were committed during the visit of the Crown Prince and PM 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.

An empowered delegation led by the Secretary of Petroleum will visit Saudi Arabia for follow-up discussions on the mutually beneficial investment in the oil and gas sector. 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 also 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 PM Narendra Modi and Crown Prince and Prime Minister 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 the CEO of Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.