India, Saudi Arabia hold first meeting of High-Level Investment Task Force | Latest India News

India and Saudi Arabia on Sunday discussed various bilateral investment opportunities in various areas of public and private sectors, including refining and petrochemicals, new and renewable energy and power.

The first meeting of the India-Saudi High-Level Task Force on Investment, co-chaired by Principal Secretary to the Prime Minister PK Mishra and Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, held virtually to discuss measures to promote bilateral investment in a mutually beneficial manner.

Both sides reviewed the results of talks held between the task force’s technical teams, the Prime Minister’s Office said in a statement.

As stated in the statement, constructive discussions were held on various opportunities for bilateral investments in various areas of the public and private sectors, including refining and petrochemical plants, new and renewable energy, power, telecommunications and innovation.

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

Mishra reiterated the Indian government’s firm intention to actively support the $100 billion Saudi investments that were made during the visit of the Saudi Crown Prince and Prime Minister.

The two sides agreed to hold regular consultations between the technical teams of both sides to continue talks and reach an agreement on specific investments, the statement said.

An authorised delegation led by the Secretary of Petroleum will visit Saudi Arabia for further talks on mutually beneficial investments in the oil and gas sector, it was informed.

The Saudi side has also been invited to open an office of the Sovereign Wealth Fund PIF in India, the statement said.

The Principal Secretary to the Prime Minister invited the Saudi Energy Minister to India for another round of the High-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 CEO of Niti Aayog, secretaries of Economic Affairs, Commerce, Ministry of External Affairs and Industrial Policy, Ministry of Indian Industry and Technology, Ministry of Petroleum and Natural Gas and Ministry of Energy from India.