India-Saudi Arabia Hold First Meeting of High-Level Task Force on Investments

GG News Bureau
New Delhi, 29th July. The first meeting of the India-Saudi Arabia High-Level Task Force on Investments took place on Sunday in a virtual format.

The task force, co-chaired by the Principal Secretary to the Prime Minister of India, Dr. P.K. Mishra, and the Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, was established following a decision by Indian Prime Minister Narendra Modi and the Saudi Crown Prince in September 2023.

During the meeting, both sides reviewed discussions held between the technical teams of the task force. They engaged in constructive talks on various opportunities for bilateral investments in both the public and private sectors, focusing on areas such as refining and petrochemical plants, new and renewable energy, power, telecom, and innovation.

Dr. Mishra reiterated the Government of India’s strong commitment to supporting Saudi investments worth USD 100 billion, as pledged during the Crown Prince’s visit. The meeting included a detailed review of measures to promote two-way investments beneficial to both nations.

Both sides agreed to continue regular consultations between their technical teams to advance discussions and finalize specific investments. An empowered delegation led by the Secretary of Petroleum will visit Saudi Arabia for follow-up discussions on mutually beneficial investments in the oil and gas sector. Additionally, the Saudi side was invited to establish an office of the Sovereign Wealth Fund PIF in India.

Dr. Mishra extended an invitation to the Saudi Energy Minister for the next round of the High-Level Task Force meeting to be held in India.

The High-Level Task Force is a special body aimed at facilitating bilateral investments, following the decision taken by Prime Minister Modi and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter’s state visit to India in September 2023.

It includes senior officials from both nations, such as the CEO of Niti Aayog and Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.