India, Saudi Arabia hold first meeting of High-Level Working Group on Investment

The high-level task force was constituted pursuant to a decision taken by Prime Minister Modi and the Saudi Crown Prince and Prime Minister in September 2023.

Principal Secretary to Prime Minister reiterated the Government of India’s firm intention to provide active support to Saudi Arabia’s investment of US$ 100 billion

There were constructive discussions on investment opportunities in the public and private sectors in areas such as oil, renewable energy, telecommunications and innovation.

The first meeting of the India-Saudi High-Level Task Force on Investment, co-chaired by the Principal Secretary to the Prime Minister HE Dr PK Mishra and Saudi Minister of Energy His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, was held virtually today.

Both sides reviewed the discussions held between the Task Force’s technical teams.

Constructive discussions took place on various opportunities for bilateral investments in various areas of the public and private sectors, including refining and petrochemical plants, new and renewable energy sources, power, telecommunications and innovation.

The two sides discussed in detail measures to promote bilateral investments in a mutually beneficial manner.

The Principal Secretary to the Prime Minister reiterated the firm intention of the Government of India to extend active support to the investments by Saudi Arabia worth US$ 100 billion that were made during the visit of the Crown Prince and Prime Minister of Saudi Arabia.

Both sides agreed to hold regular consultations between the technical teams of both sides to continue discussions and reach an agreement on specific investments. An authorized delegation led by the Secretary of Petroleum will visit Saudi Arabia for further discussions on mutually beneficial investments in the oil and gas sector. The Saudi side has also been invited to set up an office of the Sovereign Wealth Fund PIF in India.

The Chief Secretary invited the Saudi Energy Minister to India for another round of the Senior Level Task Force meeting.

The High-Level Task Force is a special body aimed at facilitating bilateral investments following a decision taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister His Royal Highness Crown 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 Director General of Niti Aayog, Secretaries of Economic Affairs, Commerce, MEA, DPIIT, Petroleum & Natural Gas and Energy of India.